There’s no easy answer to this question since it depends on a number of factors, including the specific mortgage broker you’re working with and the current market conditions.
First, it’s important to remember that there are banks and credit unions that have mortgage bankers and then there are independent mortgage brokers. In general, banks and credit unions can only sell the products that they, as an institution, have available, and this may be a good loan and rate for your particular situation. However, mortgage brokers can have access to a variety of lenders and can shop around for the best rate possible.
One should also remember that while the rate is very important, responsiveness and customer service are crucial for you to close on your property successfully. If the banker or broker is responsive and informative, that is a good sign that your loan documents will be delivered to the closing on time. Having a responsive professional who can answer your questions in a timely manner is worth a lot in this business. Ultimately, to find the best rate it is important to research and compare rates from multiple mortgage brokers before making a final decision, as some may be more inclined to offer a better rate in order to close on a deal, while others may seek the best rate for themselves. Thus, it is essential to shop around for the best rate.
Pro tip: Once you get pre-approved from one lender, you will have all your information in one place to shop and compare other banks or brokers.
For more information on this or any other real estate topic, get in touch with us at
Often realtors love helping first time buyers because the enthusiasm and the excitement is just very addictive. We’re looking to help them find something that is going to be a real, true home for them but also make sure that they’re educated about what it is that they want, because a lot of people have an idea about their needs and their wants, but there needs list should definitely be less than their wants list.
So, you know, people might think they need a granite counter but that’s something we can change, and more importantly we might be looking at location and how valuable that property will be three to five years down the road – that’s something that people don’t take into account.
It’s great to love the house and want to live in it, but is it going to be worth more money for you five years down the road? I think that’s where a realtor really comes in and helps. The negotiation process is the first thing I do with a first-time home buyer. I sit down with them for an hour and educate and just really make sure they understand the market and how they’re going to be reacting with the market.
When I focus on retail and office, a lot of the time I’m looking at owner-occupied or I’m looking at an investment, so if it’s owner-occupied, there are great loans like the SBA loan, where they can only put 10% down, and as long as they occupy 51% of the property, they are able to buy a property with just 10% down – which is great if you’re looking at it from a retails point of view.
We really focus on maximizing the income of the property and make sure it has a great return on investment as well. We’re always looking at the return on investment and we’re looking at potential with the property, always, and then we’ll keep an eye on property, so that they might be listed too high, but a realtors job is also to really keep an eye on his property – to make sure that an office or retail space that’s been “on” for 3 months – and when that seller really gets ready to sell, then we can move in and make an offer that works for everybody, including the buyer.
The best fit for a real estate professional is someone who feels they have your best interest in mind over the long haul. They’re not looking to make a sale to make a commission, they’re looking to develop a relationship where they can potentially sell that property for you three to five years down the road and that they’re also looking for an investment where you’re going to be feeling confident not only in the house as a home, but in the houses as an investment.
One of the things we do we bring a lot of investment expertise into our residential home buying. We make sure that people understand that they’re getting a good investment as well as a home they love so that’s an important thing.
I think also, you know, they have to feel like the person is “Johnny on the Spot”, so communication is essential to that person – to be communicating in the ways you want them to, with the repetition they want you to. I think that’s really huge and so we’re really good about communication and we utilize all the technology to do that effectively.
With short sales in the most important thing to remember is that you are trying to relieve yourself of this debt, so it’s important for that your realtor to understand that you need to get the proper documents from the bank so that they cannot come after you for that debt after the short sales completed.
It’s also very important also to make sure that you’re treated well by the seller after the sale is completed and so that’s something we really focus on.