Many real estate companies have a list of preferred lenders.
They encourage their agents to provide their clients with the names of these lenders to handle the financing of their purchase.
What the buyer does not know is that in some circumstances there is a business agreement between the lender and real estate company creating this preferred status; this status may not have anything to do with the lender’s ability to obtain the best rate and low costs for the buyer, rather, this status could be based on an agreement whereby the real estate company will profit off of the loan.
The lender may pay an advertising fee to the real estate company and in exchange be given preferential status, or there is a separate joint venture between the real estate company and the lender allowing the real estate company to share profits.
Be careful if you have been given the name of a preferred lender; the preference may not be based on the performance and reputation of the lender, rather it may be based on additional
profits to the real estate company.
Counsel Mortgage does not have any business agreements with real estate companies. We are purely in this business for the benefit of you, the borrower, to help you get the best deal.
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Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2017 Counsel Mortgage Group®, LLC.