If you are purchasing your first home, you may be surprised if your real estate agent asks for contact information for your lender. After all, with a loan approval letter, your real estate agent already knows what houses you qualify for. It makes sense that you would want to keep your financial information private and secure, so you may be hesitant to put your real estate agent in direct contact with your loan officer. However, there are several reasons that you should consider allowing your loan officer and real estate agent to work together directly instead of having the entire closing on your home pass through you.
It Will Be Quicker and Easier to Arrange an Appraisal Time
Once you select a home to purchase, your lender will have to appraise the home to make sure it is worth the amount that they will be lending you. Although you can be present while the appraisal is being conducted, it is not mandatory. If you have a busy schedule, it may be easier for your real estate agent to schedule a time with your lender and their appraiser directly instead of having you call or email back and forth to schedule the appraisal time, especially if you decide not to be there for the appraisal.
If the market is currently busy, arranging an appraisal and waiting for the results can take a significant amount of time, which can delay your closing. Allowing your real estate agent and loan officer to schedule the appraisal without you can help you close faster.
Your Real Estate Agent Will Make Sure Your Loan Officer Completes Required Documents to Close On Schedule
Throughout the buying process, from making a bid to closing on your home, your real estate agent will need several documents from your loan officer. Allowing your real estate agent to contact your loan officer directly helps ensure that your funds are placed in escrow early enough that your deal closes when you plan.
Your Loan Officer Can Ask Your Real Estate Agent Directly for Important Documents
Before your loan officer can release your funds, they need many documents from your real estate agent. For instance, they may need a copy of the deed to the home you will be purchasing or financial information about the housing complex the home is in. These can be shared more quickly if your real estate agent and loan officer are working together.
You Can Reduce Your Stress By Allowing Your Lender and Real Estate Agent to Work On Your Behalf
Part of your real estate agent's job is to make sure that your deal closes on time and with as little stress as possible. Your real estate can advocate on your behalf and make sure that your loan officer is working to make your loan go through on time. If there will be a delay, direct communication can allow your real estate agent enough time to file a time extension so you do not lose the home that you want. This can reduce the amount of stress that you feel when you have to micromanage the entire deal yourself.
All of the reasons that you should put your real estate agent in contact with your loan officer boil down to one important benefit, which is closing the deal on your home on time. This benefits everyone involved, so if your real estate agent asks for permission to contact your loan officer directly, you should not be surprised. Also, since your loan officer is not allowed to share sensitive financial information with your realty service, you do not have to be overly concerned for your privacy.Share