Jess asked:
I would like to keep my personal financial details private but want him to still get my business. Perhaps I could have him handle the contract only.
I would like to keep my personal financial details private but want him to still get my business. Perhaps I could have him handle the contract only.
No, normally the broker has only the right to the information you give him. If you give your information to the lender or mortgage broker, your real estate broker should not get that information.
your agent shouldn’t have any of your personal financial inforamtion. Only the mortgage company, and they are NOT allowed to share this information with the agents, seller/buyer, etc.
Your agent will only have access to information you choose to share with him. He will probably recommend that you get pre-qualified or pre-approved for a loan, and he will want to know that figure. But he doesn’t need to know how much you earn, what your debts are, how much you have in savings, etc.
The person you go to for the mortgage will ask for, and will need, all that financial information. But that won’t be shared with your agent.
Depend if they are helping you with the loan, and the type of loan. They will run your credit and it will show how much debt you have also if you’re doing a full doc loan you will need to show proof of income and assets. If he is only doing the real estate transaction no, he will not see any of that
Depends upon the state. Most do not allow the information to be shared.
A pet peeve of mine: Some Realtors will not show you a property until they have pulled your credit report. This was more common when the market was hot, but there are still a few out there that want to pull the credit. There is no reason for this. If a Realtor tells you this, run. As you are running, turn around and call the Realtor every name you can think of, and make it very clear that you are walking out the door because of this unethical practice. Loudly. So everyone else around can hear.
Showing you properties is not a credit decision, so the credit report is not required.
When you talk to your loan officer, put it in writing that you do not want your financial information shared with the Realtor. One way to safeguard this is to choose your own loan origination company rather than using the person your Realtor tells you to use. Go to your bank or credit union, get pre-approved, and then control the relationship between you and the loan officer.
Don’t treat purchasing the home and arranging the financing as one interlocked transaction. Treat it as two different transactions.
It’s like buying shoes and socks. They work together, but most people purchase them individually.
They don’t need to know all your information. There are a few things they NEED to know to be able to help you.
1 – Do you qualify for a loan?
2 – How much house can you buy – actually, they just need to know What is the price range you want, and do you qualify for at least that much?
3 – Will you want the seller to cover some of your closing expenses or will you be paying your own from sources the lender accepts.
4 – When can you be ready to close?
A Realtor does not have to pull your credit to show you houses – but if you find a Realtor who will show you houses without first knowing if you qualify to buy a house, turn and run away from that idiot. If he’s that stupid about his own financial livelihood, just imagine how much he can injure yours by advising you on the largest transaction you will ever make.