Buyer Told To Stop Rate Shopping After Meeting With Their Agent's "Partner Lender" episode artwork

EPISODE · May 5, 2023 · 21 MIN

Buyer Told To Stop Rate Shopping After Meeting With Their Agent's "Partner Lender"

from Real Estate Called Out · host Wendy, Founder of Selling Later

This isn't the first time we have heard a story like this, and likely won't be the last.  This homebuyer was already pre-approved but when chatting with their agent, they were told they should shop around and then were given the contact information for this agent's "partner lender."  Three days later, the buyer mentioned to their agent and the "partner lender" that they have another rate and if the lender could match it.  The agent freaks out and tells them to stop shopping around (even though she told them to do so three days prior).  We want to know why after meeting with her partner lender is the buyer supposed to stop shopping around.  Chelle Prunkel joins us again to dissect this story and also discuss...How long you can shop for ratesThe Consumer Financial Protection Bureau's warning on online rate shoppingRocket Mortgage and their "not rocket mortgage" websiteRocket Homes Agents being told to not steer their clients away from Rocket Mortgage productsHow to compare rates between lenders and what to look forHow "Partner Lenders" can pay for your agent's advertisingWhy you should be concerned if your agent only recommends one lenderGot a question?Support the showState laws and regulations may vary.Have a story you would like to share with other sellers or buyers?Hit us up here.

This isn't the first time we have heard a story like this, and likely won't be the last. This homebuyer was already pre-approved but when chatting with their agent, they were told they should shop around and then were given the contact information for this agent's "partner lender." Three days later, the buyer mentioned to their agent and the "partner lender" that they have another rate and if the lender could match it. The agent freaks out and tells them to sto...

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Buyer Told To Stop Rate Shopping After Meeting With Their Agent's "Partner Lender"

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This episode is 21 minutes long.

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This episode was published on May 5, 2023.

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This isn't the first time we have heard a story like this, and likely won't be the last.  This homebuyer was already pre-approved but when chatting with their agent, they were told they should shop around and then were given the contact information...

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