This post is more of a way to vent than anything. I spoke with two different people in the past week that were in need of loan. They both came to me with the same question because they had been referred to me. "What is the best loan for me". I looked into what they were both currently about to get themselves into and what do you think I found? They were both about to get into Negam loans. I asked them if they knew how these loans worked and they said well yes, uhhh, I think so.
I then sat each of them down and explained how the loan worked. They were both in shock. I then proceeded to look into what would be the best option for them. One of them actually didn't need a loan at all and after advising him, he will be able to get his finances in order and be comfortable.
The other couple, I went over their financial situation and with the loan they will be getting, they will save 1500.00 a month, not have to refinance all of their homes and definitely not have money added on to the mortgage because they are making a minimum payment.
I get so angry with these people pushing Negam loans and not being responsible enough to explain it to the client. Guess thats the difference in a Loan Officer and a Mortgage Consultant.
Mark Marchand
Your Mortgage Consultant For Life
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