You can use whoever you want. I expect that you want the best service and the best rate so shop around, look at the agents suggestion, but ultimately it is your decision who to use. Check out some companies have a guarantee to be the lowest cost or they will give you $$. I would be happy to direct you to that lender as a comparision.
It can't hurt, however to consult a mortgage broker to see what kind of rates he may be able to secure for you.
On the other hand, there are advantages to working with one entity in the whole deal, just as bundling of services by cable an phone companies do these days. There may be incentives that will go above and beyond to spur the sale. Just ask and see if there are any issues using another Mortgage co.
As stated below, you can use any lender you want to. It is sometimes customary for an agent to recommend you getting a pre-approval through their in-house lender just so the agent is confident that you are a strong buyer. Even if you obtain a pre-approval from an in-house lender through a realtor, you are still free to use whatever bank, credit union, etc. you want to close the deal. At times, buyers were issued pre-approvals that weren't worth the paper they were written on and the agent would later find out (once contracts were signed, attorney review concluded and inspections done) that the buyer couldn't afford to buy anything so normally an agent will trust their in-house and ask that you speak to that loan officer.
If a bank is a REO property (bank owned) - its also customary for a buyer to get approved through the bank that owns the house but again, its just a precaution to make sure you are a strong buyer and your approval is solid. You can close with any bank you choose.
No one can force you to use someone you don't want to when buying a house -- whether it be the bank, the inspector and sometimes even the agent.
I see your location says Washington, DC but you posted the question in Parsippany, New Jersey. If you're looking to purchase a home here in Parsippany, New Jersey or surrounding areas, please feel free to contact me directly.
Gina Chirico, Sales Associate
973-575-6353 ext 17 office
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
You absolutely are free to go with whomver you chose for financing!
I would suggest you check one or two alternative sources to compare rates, points (if any) etc.
It's a major choice and you should shop around a little bit. Contact me if you want any suggestions
Best of luck,
You are absolutely free to choose your own lender. You can set the stage of expectations of the various team members to communicate openly and regularly, which will make for a better end result
I have worked with a buyer's lender when they have been difficult and the transaction suffered. I have also worked with a buyer's lender and had all go very well.
You can use anyone you feel will serve you the best.
The seller may ask you to pre-qualify with their lender, but you are not required to use them.
This is especially true with bank-owned homes.
It's a great idea to use your credit union since you have a relationship with them.
Hope this helped you and you are in your new home very soon!
Best of luck to you.........
In fact you should shop a few mortgage brokers as well and request a Good Faith Estimate so you can compare rates, fees and terms.
A home is the biggest purchase of your life, so make sure you are choosing the best terms.
Best of Luck! =)