Why on earth would your real estate agent ask you to get a second pre-approval if you’ve already been pre-approved?
I can tell you exactly why.
I am frequently asked by real estate agents to verify that buyers are qualified after they have already been pre-approved by certain lenders. More specifically, from lenders who are:
1. from very large financial institutions (where you will get stuck in a call center if you need an update on your loan)
2. out-of-area online lenders with whom no one in our local market is familiar.
The reason for this is your real estate agent wants your loan to close on time with as little stress as possible, and the best way to make that happen is by working with local people who are in the same time zone as your real estate agent and the house you’re buying, who know the local customs and requirements, and who can be reached face-to-face if there is a problem or complication that arises.
The best real estate agents have trusted, local lenders that they work with, and they will encourage you to work with them also. Not because it matters to them where you get your loan, but because they want to ensure that your purchase transaction will be as smooth as possible.
Buying a house is an intensely personal experience. Don’t you want to know your lender?
More Questions?
But First, Get Pre-Approved 