s a Realtor and Buyer’s
Agent, the most visible The Mortgage Brokers & Lenders
part of my job is searching who I know and trust make a habit
for real estate, negotiating the of making promises, and keeping
property, and then contracting them. A bad mortgage broker will
the property. Most people think either choose to make no
that my job ends there. However, commitments to their client, or
if I want to make sure that I make promises that they have no
continue to receive business intentions of keeping.
referrals from my past clients, I Oftentimes, this has to do with
have to make sure that every interest rate – which makes a
aspect of the transaction goes huge difference in a buyer’s
well. monthly payment. Imagine
contracting a home for a certain
Because of this, I have to be price that you were assured would
knowledgeable about every aspect mean a specific monthly payment,
of a real estate transaction: then being told that the price of
contracts, inspections, the home was still the same, but
insurance, title, and most you would pay hundreds more per
importantly, financing. The right month for the home. You wouldn’t
financing can make a successful feel that the transaction went
transaction, and a bad lender can well, and I wouldn’t receive
turn a successful transaction business referrals from you.
into nightmare. I have
long-standing relationships with Good Mortgage Brokers & Lenders
many quality lenders – I’m highly create deadlines for themselves &
selective about who I work with, the transaction, and they keep
and very wary about outside those deadlines. A bad mortgage
lenders that find their way into broker will avoid making any
my clients’ transactions. commitments and will not respect
your closing date. Buyers always that everything is still on track
assume that their lender knows and that nothing is needed of
and respects their closing date. them. Good lenders understand
However, when dealing with this, and they make sure that
unknown lenders, I have seen bad clients hear from them on a
lenders close 2-3 weeks late – regular basis, from first contact
and sometimes not at all. When to closing.
asked why the transaction won’t
close on time, it’s typically There are small differences
“due to underwriting.” This between good & great mortgage
excuse is invariably used because brokers & lenders – lenders who
the buyer & buyer’s agent are not attend closing, go the extra mile
permitted to contact the loan to make sure that their clients
underwriter. understand every detail of the
transaction, etc… While a great
Good Mortgage Brokers & Lenders mortgage broker can help to make
maintain an open line of your transaction great, avoiding
communication and contact their bad lenders will help to make
clients regularly. A bad mortgage sure you’re happy at closing. The
broker will “disappear” for only way to make sure you avoid a
extended periods of time and has bad lender is to use someone who
no set contact schedule. Many has been referred to you and who
times, there is little to no news has an established track record.
to report. However, clients
oftentimes need the reassurance
About the Author:
Eric Bramlett currently manages his Austin Real Estate Guide, his Tulsa Real Estate company’s website, & his San Antonio Real Estate Guide.
Read more articles by:
Eric Bramlett
Article Source: www.iSnare.com 
