Investors of All Sizes Need Big-Minded Brokers and Smart Lending Options
- Mortgage rates and terms are not decided by drawing numbers from a hat, but it can sometimes seem like that. Perhaps the greatest benefit to working with a qualified Edgewater Real Estate Agent such as Maggie Finegan is their knowledge and communication with the lenders. Lenders control many parts of the real estate transaction. They can seriously restrict a borrowers pool of choices, and that is sometimes unfair. Most recommend applying a few principle strategies to maximizing the punch of buying power, and seeing fairer terms with greater possibilities. Investors need to be especially aware of lenders goals, and how they do business.
The House the Broker Built
The broker of choice is the tool for building the best lender relationships. Lenders sometimes get bothered when investors use multiple sources. For example, a lender may offer a fantastic rate because they are confident (or they have been assured) the investor will continue working with them. There is no obligation to do so. Sometimes, it is the job of the broker to keep the lenders satisfied. An investor should be working with multiple lenders. It allows for flexibility, especially when one lender decides to tighten up for the season. If one lender raises their rate terms, the investor can refinance with another entity that they have built a relationship with. The moral of the story is that a broker facilitates these transactions andsustains these relationships so the investor can focus on finding the deals
Lenders are willing to negotiate and work with people they trust and know. An independent investor may have a hard time receiving favorable rates when they come in on their own terms. The reason is that they want to add to the network. They want to build collaborative relationships with other firms, especially real estate brokers. An investor that is unconnected is seen as a little risky. Also, lenders do not expect them to return often, which discourage them from offering highly competitive rates. They know they can have a bigger relationship working through a brokerage that supplies steady contacts.
The broker is there to stroke the ego of the lenders, but also to keep everyone satisfied with the current investment portfolio and plan. Investors cannot be so single-minded. They must think big and they must think smart. Rely on Move With Maggie to find great investment opportunities. Find reliable lenders that want long-term relationships, and not one-off deals.