Strong relationships with Ethical Lenders

As someone with personal ongoing experience in the Kansas City marketplace as both a Kansas City Realtor and Lender, this recent article distributed to the news media by McClatchy-Tribune Information Services suggests that buyers and sellers look to Realtors who have forged strong relationships with ethical lenders.

"Realtors take their responsibilities quite seriously and can provide valuable insight to the home buyer for just about every aspect of the transaction. Each home purchase has things that make it distinctive from any other home purchase. There are physical differences in each home as well as variations in the way the home has been kept. But the most dramatic difference brought to each home sale is the buyer's qualification for financing."

The article outlines the Three "R's" of a good mortgage lender as "Responsive, reliable and resourceful."

"The responsive lender asks a lot of questions and clarifies the customer's answers until they reach a concert of agreement. Only then can an appropriate loan be structured."

Reliability is equated with integrity, as all parties to the transaction need to feel secure that the lender will deliver as promised.

Because the real estate transaction is dynamic, many surprises can occur. For example, inspections turn up hidden defects, or there are problems with the buyer's income or liabilities, or the appraisal does not pass underwriting. The resourceful lender needs to know how to evaluate and explain these situations, and has alternate sources for financing that will provide the same rates and terms.

The article concludes: "Once you have found a Realtor you trust, it's usually safe to reference his list of financing referrals to find a mortgage provider who knows and operates according to the three ‘R's' of home finance."

Since we are the professional, we should share our past experiences of using ethical lenders. In my opinion, it is also necessary to share ALL (the good and the bad) information.

Ty Simmons