Is it better to use a Mortgage Broker or a Realtor when your a first time home buyer?
Mortage broker will be able tell if you can purchase a home and how much you can spend for a home. They call it prequalifing. A realator will be able to show what is available for sale. You may have many brokers—OK Each fighting to get the commision for selling a home. Take all the time you need to buy that special life time purchase. Before you buy a home that needs fixing. Please look at new homes. Most cases they are less than the used fixer up… I have purchased two new homes and I will buy new before I drop $10,000 for repairs. Painting–carpet—drapes—smelly odor that can’t be found. –used appiances — HW heater– dish washer—refrig—stove .. clogged pipes… Buy a new house and get all new stuff — buy new furniture… I would rather spend money on NEW stuff than OLD and used….. ..
Here is a tip that can make your process go smooth. Get with the broker first, have him refer a realtor to you after he has pre-approved you. The reason why is and this is unfortunate, most realtors not currently on the brokers friendly lists will try to pull their own broker into the deal and this causes problems for both sides. When a Broker and Realtor are currently working together on this transaction the situation runs well for all parties. I have seen countless times a realtor not familiar with a particular broker will go in, set a closing date and never speak to the broker about it. In reality, the deal gets pushed back, contracts have to be extended and then who do they blame? The broker. He is the one with the money, not the realtor, they are selling a house. Trust me on this one.
