It’s Not About The Rate

Print Friendly, PDF & Email
Print Friendly, PDF & Email

The Internet is great for buying a lot of things, especially simple to understand products. A book is a book. Mortgages are not simple products. It is not a commodity based on a rate. My clients who have headed down that online mortgage path will be the first to agree.
An excerpt form email I receive yesterday. The names were changed.
So in shopping for rates I filled an application at “Big Online Mortgage” . All companies gave me their rates and what they can and cannot offer, and were respectable, except for X Loans! Not only did the guy call me 3 times in one day and send me countless emails, but he was:
1- Pushy. I honestly felt if I go with them I will get pushed around.
2- Gave me a rate of 6.25% after 1 point discount (Your Recommended Guy gave me 6.25%, no points)
3- Trashed Your Recommended Company when I told him I am going with them. Saying something about them being fraud and will not be able to close. If it wasn’t for the strong recommendation I probably would have believed it.
4- Condescending. He just called today and I told him politely thank you but I decided to go with Your Recommended Company, he went on telling me how come I wasted both of our times!!! and he even was like ‘feel free to pay $2000 more for your closing’. Though in reality, his closing would have come $5,000 more, especially with the point.

As a realtor, I work with many mortgage companies and their respective representatives. When I recommend one to my client, it is because I have deemed them to be reputable, fair, honest, provide good customer service and offer a competitive product. There are good realtors. There are good mortgage people. There are bad apples that have the public looking at us like we are cigarette salesmen.

Don’t get smoked. If you trust your realtor, trust your realtor’s recommendations.

Hoboken Condos 2007
2 Bed One Bath
Available 51
Under Contract 20
Sold in the past year 145
Information deemed reliable but not guaranteed

Speak Your Mind