Hi all,

My wife is in the midst of buying a property from an agent and the current status is waiting for loan submission. We agreed to deal with the agent for all matters for ease of tasks and communication.

However, prior to the loan submission, we received a call from a guy claiming to be a 'mortgage banker' and seems that he deals with all banks and will help to submit the loan, after receiving all the information and documents from our agent.

1) I thought normally the agents will submit the docs directly to bankers - where did this mortgage banker came in suddenly? how they will earn their fee or commission?

2) As of now, I suppose we will be 'tied' to the agent's lawyer. But once loan has been approved, can I change to some other lawyer? I've read some topics here that suggest NOT TO USE agent's or seller's lawyer due to some issues. (though I'm okay with the agent's lawyer as long as he/she won't overcharge or work like a snail)

Thanks.

1) Sales agent or REN job is to connect buyer and the seller. Middleman. Applying bank loan is out of their scope of work. Yes they may assist but the correct person is the mortage specialist. You may choose to engage with the mortage specialist or deal direct with bankers of respective banks. Normally got T&C so better check. Nothing is free in this world.

2) I guess is agency lawfirm partner you mean. The agency lawyer is not the seller lawyer. They just recommend to you the lawyer to engage with but is up to you take use or choose another. No obligation to use the agency recommended lawfirm. You will need 2 lawyer. 1 is for the S&P another is for the bank. May or may not be the same lawyer. Is totally up to you. But in lelong cases for example, we will definitely stick with the same lawfirm appoint to perform both works coz to hasten the process. Time is money.