MortgagesUndressed

This is about a different kind of limit, limit on how many times you will go through the application process; usually one time. Actually this was a mortgage division of a large out of state bank.

I was in training, the office would advertise real low rates for Sunday, that meant they had to put the rate in on Wednesday. People would call 5 days after we picked a rate, on Monday. We were instructed to take the application over the phone submit for approval and not talk rates if possible.

By Monday the rates had gone up, so we had to sell the new rate if we did talk rates.
The application questions and length of time on the phone, the thoroughness we went through wore the customer out. Forget the rate, they were ours.

I did this one time and refused to do it again.

The principle here applies to you however, you probably will tire of the process. So don’t go into the application process until you are sure of your lender decision. That is one reason we exist, to help educate you. We want you to pick the right lender, preferably one referred by an agent. We want you to be familiar with all parts of the process through the things we teach and the stories we tell.

Too many companies and loan officers know too many tricks to get you into a higher rate. A higher rate gives them more profit. The lenders we want you to find are those in for the long haul, who value the repeat business from the agent that referred you, that values you as a source of referrals and repeat business. As strange as it may seem, this is not the way some operate.

So todays lesson: don’t go into an application unless you are certain this is the lender. Larry Cragun