Why Loan Originators and Realtors are Important When Buying a Home

There are so many benefits to having online home buying resources – such as websites that list all homes for sale and online calculators that determine the loan amount you’re likely to get approved for – to aid our home buying process. However, being able to work with real, trusted experts in this process is more important than ever. Here’s why. 

Common problems with mortgage-only websites

You’ve probably heard about websites that offer you a mortgage approval in just minutes whenever and wherever you may be. While they sound very convenient, there are common problems home buyers experience when they choose not to work with a trusted bank and its professionals, such as:

• Misleading information. A downfall of the internet is that not all information you find on it is accurate. Be aware that nationwide home selling websites do not always have accurate information about home values, land values and which homes are on the market. When you’re looking for information related to major purchasing decisions, like a home, it’s important you can trust your source.
• Inaccurate approvals. Given that your home is one of the most expensive purchases you’ll ever make, understanding the financials involved in the process is important. The information you get back from mortgage-only sites is only as good as the information you put in. This often leads to inaccurate approvals. This may result in a delayed closing process or losing the home you really want because your approval isn’t sufficient for the cost of the mortgage you need.
• Scams. If you’re on a website that’s offering quick and easy mortgages, incredible rates and everything that sounds too good to be true, it probably is.

Benefits of working with a trusted bank and loan originator

Working with a bank and mortgage loan originator you trust comes with a number of benefits, including:

• Relationships. Working with your bank’s mortgage team gives you the ability to meet and discuss questions and concerns about your financial situation and how that will impact your home buying process. The relationship you build here will also give you someone to reach out to down the road for a refinance or other relevant home equity products, like home equity loans and home equity lines of credit, when you’re ready for them.
• Mortgage products and resources. Mortgages aren’t a one-size-fits-all product, so when we work with home buyers, we like to show them at least three loan options. We can discuss which one best fits their situation and provide information and access to local grants and down payment assistance programs.
• Accuracy. Your bank is the best source for finding accurate rates and fees involved with the mortgage you choose. Your loan originator will help you understand what information you’ll need to gather in order to receive an accurate approval for your mortgage.
• Expertise. The mortgage team at your bank will help you understand the steps in the mortgage process, the do’s and don’ts once you’ve applied for a mortgage, ensure a timely closing and guide you through a smooth transaction.

Benefits of working with Realtors®

Speaking of working with professionals, I always recommend home buyers work with a Realtor®. There are a myriad of ways a professional realtor – someone who is licensed by the National Association of Realtors® – will enhance your search for the perfect new home. Some include:

• Representation. Realtors represent you throughout the home buying process and put your best interests first.
• Credibility. As a professional licensed in real estate, Realtors commit to a code of ethics, have passed the necessary exams and have the resources to help you where needed.
• Expertise. Realtors live and breathe buying and selling homes, so they know how to best present your offer, negotiate prices, navigate the inspection process and successfully close on your new home.
• Community. When you work with a Realtor based in the area you’re looking for a home, the Realtor will be familiar with the local community and can share information about zoning, school districts, neighborhoods, builders and more.

Learn about the role we can play in your home buying journey by contacting us below!