Financing in Houston>Question Details

Trulia Houst…, Other/Just Looking in Houston, TX

Can an agent help their client negotiate with a mortgage lender?

Asked by Trulia Houston, Houston, TX Thu Mar 14, 2013

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Are you referring to a loan modification? Anyone can help someone with a loan mod as long as they are not collecting a fee for it. The problem is that if the Agent is expecting to be paid, they had better be licensed and follow the very strict laws pertaining to loan modification services.

If you are referring to a borrower negotiating terms of a mortgage origination then I'll tell you that terms are non-negotiable and anyone who does is breaking the law. When you apply you should be getting the best available rates for the programs you are interested in. You cannot be steered to higher priced mortgages and you cannot be offered a discount. There is nothing to negotiate.
0 votes Thank Flag Link Fri Mar 15, 2013
2 votes Thank Flag Link Tue Jun 4, 2013
It depends. In most cases agents have their 3-4 preferred lenders that they refer, close several loans with a month, and have a proven track record of efficiently closing loans. Personally, lenders and inspectors are the two vendors that I am the most picky about in terms of referrals and I consistently edit the list. Since I work with and refer these lenders on a consistent basis, they do offer credits towards closing costs or shave of the interest rate when they can. It is always a good idea to get a Good Faith Estimate (GFE) from multiple lenders in order to compare the various fees and interest rate. Some may be higher on lender fees but lower on the interest rate or vice versa.

When comparing multiple lenders, I would let the other lenders know you are comparing them to other lenders in order to ensure you are getting their most competitive rates.

Don't hesitate to call or email me if you have any further questions about the lending process from a Realtors perspective, general questions about buying a home, or see a home online that you would like to view in person.

Hope this helps!

Jenny S. Becker
Cell: (832) 594-1265
0 votes Thank Flag Link Wed Apr 10, 2013
Yes. Some realtors actually understand enough about the loan process and how rates and fees work that they can be quite useful.

The good lenders won't likely negotiate though..... Not enough profit built in.... And we are precluded by law in giving one client a better deal than the next client.

There are some out there though, that don't really care about the law and will likely negotiate.

You can also negotiate your realtors fees. They are not precluded by law in giving you a special deal!!!! THAT is where the money is going to be saved.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
0 votes Thank Flag Link Fri Mar 15, 2013

You bet they can. Most buyers should get a review of closing cost (used to be good faith estimate, but they can't get those until a contract is signed) from each lender and compare with the help of their Realtor.

If they see difference between the closing cost (offers), go back to the lenders and see if something can be done about a fee here, a cost there, etc. The client will need to speak to the lender, but the Realtor can give advise.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes Thank Flag Link Thu Mar 14, 2013
The best thing for the client is to find a company like ours, who specialize in negotiating with lenders. Give us a call at 281-528-0829. Coast 2 Coast Property Solutions has been negotiating short sales and lien releases since 2006.

Ken McNeill
Coast 2 Coast Property Solutions
P: 281-528-0829
0 votes Thank Flag Link Thu Mar 14, 2013
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