can a real estate broker lend money for a home
I the years that I have been in the real estate business...I have not known my Real Estate Brokers to loan money. However, my office does have a lender that works with us and will work with you in qualifying for a mortgage. My lender also fills me in on the latest programs out there. And I can say that there are loans out there now for $100 down to buy your next home:)
Real estate brokers are capable and allowed to lend you money. Same goes with anyone who has the money to lend. But if I were you, choose bank arrangements. It is safer and with greater flexibility.
Normally they do not, it would have to be a personal loan. Normally you borrow from a mortgage broker.
I would question the ethics of any realtor who was willing to lend you money to purchase a home that he/she is getting paid a commission on. From a mortgage lender/regulator's standpoint, i would view this as a kickback.
This is not typical at all. Most mortgage loans on houses are made by banks that offer such mortgages. There are also 'mortgage brokers' which open storefronts, and in theory, act in the best interest of the borrower. They have contacts throughout the mortgage banking industry, shop around for the best deals, and then connect the borrower with the bank. A real estate broker on the other hand simply brings together the buyer of a home with the seller, and charges a commission for the service. They do not lend money. In fact my experience with them is that they want to check out your credentials before dealing with you so that they don't waste their time and effort on broke people who can't pay to play.
