Why Your Real Estate Agent Is Not Your Mortgage Guy

Patriot Nation, I'm going to tell you something that might ruffle a few feathers. But I'm going to say it anyway because it's the truth. Your real estate agent is not your mortgage guy. And if you're using your real estate agent's preferred lender without doing your own homework, you might be leaving money on the table. Now, don't get me wrong. I work with real estate agents every single day. I love real estate agents. I am one. But here's the thing. Just because your agent recommends a lender doesn't mean that lender is the best fit for you. So, today we're going to talk about why you need to shop around for your mortgage and why it matters. So, as always, let's kick off this rodeo right now. Hi folks, I'm Kevin Fagan, the mortgage patriot on your side, nestled here in the Hill Country above San Antonio, Texas, showing all you proud Texans and all you great folks all around the country another great one. So, let me tell you why this topic is important to me. Because I've seen it too many times. A buyer goes under contract. The agent says, hey, use my lender. And the buyer says, okay, because they trust their agent. And then they get to closing and they realize they paid a higher interest rate than they should have. Or they paid more in closing costs than they needed to. Or they got stuck with a loan program that wasn't the best fit for their situation. And that makes me crazy because it's avoidable. You just have to do a little homework. Now, let me be clear about something. A lot of agents have great lender recommendations. And some of those lenders are fantastic. But here's the problem. You don't know that until you compare. And here's what I mean. When you get pre-approved with one lender, that's one set of numbers. That's one interest rate, one set of closing costs, one set of fees. But if you don't get pre-approved with a second or third lender, you have no idea whether that first lender gave you the best deal. It's like buying a car and only going to one dealership. You might have gotten a great deal. But you don't know because you didn't check. And when we're talking about a $300,000 loan, even a quarter of a percentage point difference in your interest rate can mean tens of thousands of dollars over the life of the loan. So, this is not small potatoes. Now, here's the other thing. Not all lenders are created equal. Some lenders are great with first-time buyers. Some are great with VA loans. Some are great with jumbo loans. Some are great with renovation loans. You need to find the lender that specializes in the type of loan you need. Because if you go to a lender who primarily does conventional loans and you need a VA loan, they might be able to do it, but they might not know all the nuances of the VA program that could save you money. So, it's important to find the right fit. Now, here's what I would suggest. When you're getting ready to buy a home, talk to at least two or three lenders. Get pre-approved with each one. Compare their rates, their fees, their closing costs, and their communication style. Because here's the other thing. Communication matters. You're going to be working with this lender for 30 to 45 days. If they don't return your calls, if they don't answer your questions, if they're not proactive about keeping you informed, that's going to be a stressful experience. So, find a lender that you're comfortable with, that you trust, and that's giving you a competitive deal. I'm the mortgage patriot, Kevin Fagan, on your side. Make it a great one. END OF TRANSCRIPT