Buying a home is full of surprises and unexpected challenges that can complicate the process, from title difficulties to radon gas or mold discovery.

Thankfully, your lender and real estate agent are here to help you. Together, they make the process of  buying a home as smooth as possible. Here is how their unique relationship benefits you:

mortgage fraudEliminates Abusive Lending Practices

Passed in 1974, the Real Estate Settlement Act (RESPA) ensures that there can be no transactional benefit between real estate agents and loan officers. This helps eliminate abusive practices like unearned fees, kickbacks, and mortgage fraud.

Reputable agents and lenders will abide by these regulations and help keep each other in check. This does good for not only their professional reputations but your financial well-being.

Promotes Effective Communication Between All Parties

Without precise communication between all parties, misunderstandings can occur, resulting in unforeseen fees and even delayed closing. If you are a unique buyer like a boomerang buyer, your real estate agent should advocate for you. A good lender-agent relationship helps ensure that your needs are met, and all necessary documents are submitted.

Promotes Smooth Closing

Complications during the purchase can delay closing, leading to fees and frustration. A good relationship between your lender and real estate agent will promote a smooth closing. They will also work together to help you through the reading and understanding of your closing disclosure, which should be  presented to you at least three days before closing.

If you have any questions, they will be more than happy to help. If a cost is not what you expected it to be or does not line up with your loan estimate, your agent will help you review it and determine why.

Choose Your Lender & Agents Carefully

Take the time to choose the right lender and agent for you and your needs. Always get referrals and read reviews, as well as checking their credentials.

Are you purchasing or selling a rural property? The experts at the Eric Merchant team are your top choice for property in Missouri.

Need Help Purchasing Or Selling A Property?

Trust The Experts At The Eric Merchant Team!