Does A Realtor Go With The Buyer To The Mortgage Broker ...

Q: My question is: is it typical for a buyer to have their Realtor accompany them to the mortgage broker? Our Realtor is currently our landlord, and my concern is that if he knows our financial situation he will raise our rent exorbitantly. So I would just like a bit of piece of mind knowing that this is not unusual to have him come to the mortgage broker. Thank You!
?Jamie, Lemoyne, PA

A: OK, if it looks like a duck, smells like a duck and walks like a duck, it?s probably a duck. RUN, don?t walk, away from this situation. Your REALTOR does not HAVE to be with you when you go for your mortgage appointment. The fact that he is your landlord also is very disturbing to me. Have you established a relationship with your REALTOR. They should have presented you with a form that states their level of representation. If they are NOT representing you, they are most likely representing themselves as landlord and as such any financial information of yours is OFF LIMITS. Also, make sure your mortgage company rep knows that also. Now, if you have entered into a contract for sale with the REALTOR as the seller, technically they are allowed to receive updates from the mortgage company as to the status of your loan but that is IT. They do now have the right to know your income, assets, or liabilities or any other details about your personal finances other than the fact you are able to pre-qualiify for a mortgage.
Lou Sansevero is a Realtor? with Atchley International Realty in Lakewood Ranch, FL.

A: Sometimes the Realtor does go with the buyer, so they can ask questions about the loan and what that lender is looking for in terms of the home qualifying and buyer budget.

If you don?t want want your agent to go, then tell them no. Be aware that at some point they will need to see your pre-approval letter for submitting an offer.
Teri Andrews Murch is a Realtor? with Lyon Real Estate in Auburn, CA.

A: Your loan is your business, not the Realtor?s. The only thing your Realtor needs to know is that you are qualified to buy the house that you are interested in. He only needs confirmation from your lender that you are qualified. He does not need to know the details of your financial situation. If he insists on being at the meeting against your wishes, find another Realtor.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.

A: No it is not typical. Usually an agent/broker gives the referral and steps out of the way and waits for the mortgage broker to provide him with the pre-approval letter.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.

A: I don?t know how things happen in your area but here in Oregon I do not typically go to the lender with or for my client. As you mention, financial information is to be held in the highest of confidentiality?so I would prefer my clients handle that end on their own. Now, having said that, I have also helped clients that have short sales going on?in those situations, we have information for all of their financial records?but I handle it all in the highest of confidentiality!
Lana Lavenbarg is a Realtor? with RE/MAX Ideal Brokers, Inc. in Grants Pass, OR.

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