Bob Kieber
Special to the Daily

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October 26, 2012
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Financial Facts: Interview prior to committing to mortgage and real estate professionals

Every day I get a phone call from someone who is only interested in knowing what is the lowest mortgage interest rate that is available to them today. The question of experience, knowledge of the mortgage industry, or ability to get the job done very seldom comes up. Potential clients never ask for a reference or if I have been in the mortgage business for more than a week.

The same thing occurs when it comes to real estate agents. I spoke with an agent friend the other day and she was also amazed how most potential buyers and sellers never ask about how much experience the agent has. In fact, she told me that if the client were considering selling their home, the only question asked is how much advertising the agent would provide the sellers property.

So if you are looking to buy or sell real estate here in the High Country, or anywhere, I strongly suggest that you interview real estate agent and mortgage brokers prior to committing to one particular person. The reason is simple why I suggest this action. Not all real estate agents and mortgage brokers are created equal.

As an example, some mortgage brokers represent one or two investors. Let me tell you from experience, one or two investors give the potential borrower a very limited number of programs. Each investor may have one or two unique niche programs, but those programs may not meet your needs. Also, the experience of the mortgage professional is important. Ask about the experience they have working with borrowers with similar incomes and credit history.

The same goes for real estate agents. Interview them and ask questions about their experience in working with buyers and sellers with similar needs and wants. If the real estate agent only works with people wanting to sell homes, not buy them, and you are a buyer, go to another agent. You want the most qualified person available to you.

Another item to determine prior to committing to one particular professional is their involvement in the entire process. If the mortgage broker just works with you during the application process and then you are expected to ask all questions of the assistant, you need to determine if that is acceptable to you. The same goes for real estate agents. Ask yourself if after the initial appointment with the agent are you okay with an assistant handling your affairs.

Keep in mind that the purchase of a new home just may be the biggest investment that you ever make. Be sure that you are aware of the services the professional will provide you and know in advance who you will be calling if you have questions. Also, remember that the mortgage broker and real estate agent work for you. If you are not happy with their performance, fire them. Why should they profit when you are unhappy. After all, the mortgage broker and real estate agent are there to work on your behalf. If they are not performing, get rid of them now and find someone who will perform.

For answers to your mortgage

related questions call Bob Kieber at (970) 453-4700 or email him at rkieber@centennialbanking.com. Bob is a local mortgage lender with Centennial Bank. He has 30-plus years of professional experience in real estate, finance and investments, and is a longtime resident of the High Country. Member FDIC, Equal Housing Lender. NMLS Bank #401640 Broker #289610. For tax benefit information please consult with a professional tax advisor. The opinions expressed are those of the individual, and do not necessarily reflect those of Centennial Bank.


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The Summit Daily Updated Oct 26, 2012 11:46PM Published Oct 26, 2012 11:44PM Copyright 2012 The Summit Daily. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.