Go direct to a bank – you will not be represented

Purchasing a home will probably be the single largest financial transaction of your adult life.

Timing is one consideration.  Finding a Realtor who will guide you through the process of finding the property and then completing the paperwork, negotiating your offer and removing all the contingencies is another.  Finally, you must consider how you will finance your new purchase

Only gets more complicated when you add a mortgage to the mix.

Thankfully, the real estate industry recognized that unrepresented buyers were a potential liability.  You see, not too long ago all agents including buying agents were subagents of the listing agent.  This is important, as the agent working with the buyer actually owes fiduciary duties to the seller, not the buyer they brought to the listing.

It was confusing to say the least for buyers and subagents, too.  It seemed like they were working for the buyer but they were legally restrained from doing so.

The situation has now been corrected with the advent of buyer agency.  You can contract for direct representation or choose to go it alone.  Either way, it’s your choice as a consumer.  As a consumer, choices are good.

Are you represented when you go to get your mortgage?

If you go direct to a lender for your mortgage, let’s say a large bank, you are once again not represented.  You will be be dealing with an agent of the lending institution, more than likely salaried personnel who have nothing to gain by obtaining what you desire.  They are working for the benefit of their employer, not for the benefit of you, the borrower.

You have to ask yourself, do you want to negotiate directly with a lender or would you prefer someone to act as your intermediary, someone who will advise you regarding the latest intricacies of the industry?  As a mortgage broker I will actually seek out the best mortgage for your particular situation, a professional who is required to disclose everything to you.

Once again, the choice is there for you, the consumer to make.  Choose wisely.


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