Avoid this mistake when buying a home!
Home Buying First Steps
Hey, if you're thinking about buying a home in the near future, then avoid this mistake in order to save from missing out on thousands of dollars, or maybe just from having your offer completely rejected. It's really easy. Here it is.
Don't just work with your big bank. So the deal is this. Let's say you are with Bank of America or your checking accounts with USAA, or Navy Fed, or Wells Fargo, something like that. The reality is most listing agents hate working with these big banks. So if you are pre-approved with one of these and you're like, "Oh, I'm just going to get a loan because they already have all my info." The reality is agents don't like to work with them because they're big, they're bureaucratic.
I compare it to calling Comcast or Verizon for tech support. Nobody wants to do that. So if you're trying to get a loan through one of these big banks, it's kind of a disaster a lot of times for the agents. So if the seller is getting 3, 4, 5 plus offers and you have an offer from one of these big banks and the other people have a pre-approval from a nice local lender... And let's say the terms are about the same. They're going to look at yours and be like, "No. No, I don't. I don't want to work with those guys." So you might even be rejected. Before you even have a chance, you might be rejected. That's number one.
Number two is it's not uncommon for a lot of the local lenders to have better interest rates than some of these big banks. So you also might be wasting thousands of dollars of fees because you didn't get that lower rate. So my recommendation is pick a great agent, ask them who their go-to lenders are. Talk to them and use one of those people. It'll make the process smoother. You'll probably save lots of money and then the agent can vouch for the lender that you chose versus just using one of these big banks that we can't vouch for, which means your offer wouldn't be as strong.
Hope that makes sense. If you need a good lender, we have several that we work with. Drop a comment below, happy to recommend a few different people and I hope that helps. I wish you the best in your home buying journey. I'm Brendan Spear with Caprika Realty. Have a great day.
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