I Am Not A Cat - I Am A Frog
In mortgage lending you hear I am an honest low cost lender. Or you hear all sorts of claims and buzz words. They imply “I wear the low cost hat”. I am not a cat I am a frog. You can trust me.
The truth isn’t in the hat you wear, it is in the paperwork. What you are really comes out eventually.
You the borrower must be responsible to see past the disguise. Take every precaution you can.
I write this with a little bit of fury in my mind. A few months ago I referred a follower to a trusted loan officer I knew in another state. The loan officer called me and said she was amazed, that she couldn’t match the offer of a local competitor. So our friend went with the loan officer in the frog hat.
A few months have gone by and this member of this faithful 25 has some money to reduce the mortgage balance. This time she took my advice and gave the loan officer I recommended a full interview.
Guess, what? The Cat, maybe I should say rat, that had the great rates sold our client an ARM. Now we see why the rate was unmatchable. An adjustable rate vs a 30 year fixed is not a comparison. It is a different product.
Guess what else, you the client are responsible to read what you sign. There is more than one cat to blame here. Larry Cragun.
Now you have me so confused. I thought you were a spider. Perhaps you are having an identity crisis?
Larry, that’s one of the reasons I prefer to work with known mortgage people. I can be assured that they have explained to my clients the specifics of the program they are choosing and also given examples of the worst case scenarios!
the best solution possible bonnie, thanks
A frequent lurker who doesn’t post much…but I couldn’t help myself. Could that picture be any cuter? You’ve hit the Minnesota tri-fecta today.
thanks lisa
[…] And Larry Cragun’s “I am not a Cat, I’m a Frog.” This apparently led to Athol’s photo choice. […]