When it comes to mortgages, if you are like me, you are looking for the best price, lowest rate, and shortest travel between two points. There is also one minor detail that you and I may have in common, it's called customer "freaking" service. Looking for the straight line without much in the way of curves, kind of like Calvin Klein before his untimely demise. Nevermind, he is still alive. And if those curves arrive, which is a decent wager in this atmosphere, you probably want someone to stay and inform you every step of the way. Perhaps I'm projecting, but still...
I've been wearing the title of Loan Officer for the better part of eight (going on nine) years now. I've loved it and I've hated it. Still feel both to this day. But what strikes me as the curious sort, why do you chose that entity you choose?
I quote rates on Zillow and firmly believe some of the stuff I'm competing with is a joke. It seems folks want to be baited initially with the 'deal of the day', as much as they detest being switched to 'the reality of it all' by the time the transaction is over. Hey, I could be wrong but I find it highly unlikely (back to back adverbs, love it:) that the person quoting you the costs and profit (low-balling, mind you) cares much on how it turns out... as long as it closes. It's volume driven. It's getting the phones to ring. It's getting the inbox on the email to have more inquiring messages.
While I hate to perpetuate any pessimistic view of the Mortgage Industry, especially in times where that seems status quo, I dare say that some of my predecessors are more John Gotti than they are Jesus Christ. More profit than prophet. Personally, I'd like to be a whole lot more like Jesus. I especially respect his hairline.
If you are shopping for a mortgage, whether it be to buy or refinance a home, don't do it on price alone. Especially not now. Price Warfare in a Service Industry is probably going to mean you are going to get screwed Jenna Jameson style in the end.
While I don't mind porn, it doesn't belong in Real Estate. Shopping service is shopping smart. And you rarely get screwed.
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