07/22/2023
A little rant and truth about "typical" Mortgage Originators:
The difference between ME and many other "mortgage loan originators" is upfront transparency and honesty. I spoke with a borrower last night, 7pm on a Friday evening to be exact. He already had a pre-qualification done with another lender yesterday. That "other" lender ran credit, took the full application and sent the pre-qualification letter to him. Quoted the rate and told him the approximate payment. Great, right?
NO!
The 2 things that "other" lender didn't do:
1. EXPLAIN the loan he qualified for and the mortgage process (first time homebuyer!) 🤯
2. Give the borrower an estimated fee sheet showing all the anticipated fees for the loan, the cost of the rate, basically an estimate of exactly what the loan will COST him.
At 8:00pm last evening, after I "ran" the loan for pre-approval, I took the 10 minutes extra, put together the estimated fee sheet and sent him a screenshot of the top 10 lenders and their rates. FULL TRANSPARENCY!
Let me tell you what a difference this makes and WHY getting that fee sheet is uber important. The "other" lender quoted a rate that had a DISCOUNT COST of $5,746.00 for his loan amount. Since I BROKER to over 100 lenders, I KNOW that the rates that are quoted by other brokers are pretty much in line with mine. The fact that the "other" lender didn't send the fee sheet showing the COST of just the RATE is absolutely infuriating! The borrower had no idea he could potentially be responsible for paying almost $6k more at closing than necessary. Way too many lenders "sell the loan" at the PAYMENT and NOT THE TOTAL COST of the loan. Sure, your payment is lower at a rate that is .75% less than the BEST rate with NO discount cost, but what is the TRUE BENEFIT of a lesser payment? The lower rate at the cost was a $227.00 month "savings" but the COST of the rate ($5,746.00) would take 25 months to recoup. OVER 2 years of payments. AND, the kicker to this story, the buyer was only going to BE in the house he was buying for 2 years. He would NEVER get his money back for buying the rate down.
As a mortgage lender, it is truly the Loan Officers DUTY to the borrower to ask the questions and know the whole big picture for each and every borrower and to truly BE A FUDICIARY. Saddens me to say, but the truth is, most "Loan Officers" nowadays would have to google the meaning of FUDICIARY.
Moral of the story.....you need a mortgage AND you want the truth, transparency and the best possible rate, fees and service(geared to YOUR NEEDS)....you'd do WELL to CALL MICHELE! ;)
🇺🇸I am licensed in all 50 states🇺🇸
