San Diego - Agent and Lender relationship

[Andrea M.]

Hi, We are looking to buy a home in San Diego where we currently live.  It is a seller's market (like most parts of the country) and the agents we are vetting have all emphasized how important it is that the agent and lender have a good relationship. The agents have referred us to the lenders they use, however we are still rate shopping and want to minimize closing costs in addition to getting a great rate. These agent-referred lenders are not the least expensive, in fact some of their fees are the highest we've seen.  

Thoughts on lenders who are remote/out of state with better rates vs local brokers with higher fees, and how that may effect the buying process? 

Thanks

[Dan H.]

We use a higher cost mortgage broker who has provided good service.  I tried to use a lower cost option once and at the 11th hour (after having all documentation for weeks) indicated they could not get us the loan they quoted.

Beware of low cost options. 

Our higher cost mortgage broker was able to get us the loan, but rates had increased.  

He is now on our forever team because getting the loan is critical but also because of the extra service he has provided us.  

Here are service that our mortgage provide has provided or offered that is above expectations:

• He has always gotten us the loan.  This might not be above expectations, but I cannot emphasize the importance of this enough.  Especially after you get a late failure to secure the loan from another lender.
• He has provided us free comp service.  All we do is put in the address and we get an valuation, comps, etc.
• He has provided us free skip trace service.  
• He has offered to be escrow so we can go under contract on the weekend.
• He has provided provided contact to obtain free preliminary title checks on properties we were bidding on at auction.

I do not expect that he provides everyone these extra benefits.  We have financed somewhere around 20 loans with him, so he treats us well.

Sometimes you get what you pay for.  Sometimes it takes a while to fully realize the value that a good mortgage broker provides.

Good luck