Well, I have this great stretch of land for sale over yonder that you can turn-around and sell for extreme profits. Speaking of which, I have this great e-book that you can download for $5.95 and it will pave the path to riches beyond your wildest dreams. Or, we can just deal with reality.
I'm not sure about others here, but I'm darn sure about myself. I don't work for a Non-Profit Organization, I don't have that luxury. In fact, we strive to actually profit off of the services we provide and time we put in at my respective firm. Yeah, I know, crazy concept.
The statement has been posed before, "I want the lowest rate and no fees, what can you do for me?" Well, I can inform & educate you to the best of my ability, but if you want a loan for free, call somebody else.
It's probably been discussed, debated, denounced, dissected and displayed how we make money on my side of the business...Financing To Buy or Refinance A Home. If you've missed it, let me clue you in on how we try to pay our bills.
As a Mortgage Broker here in Pennsylvania, I make money two ways. Either I charge a fee on the Good Faith Estimate I provide you, which itemizes all costs of the transaction and/or I get paid by the investor to charge a certain rate. It turns out that what I make tends to be a % of whatever loan amount I'm financing. Sometimes, that's 2% to my firm, sometimes 4%, sometimes it's only 1% or a flat fee. Everything in commission based services is negotiable, but my time is not. It's the only thing I have going for me in this great big world. I've been granted time....just not sure how much. I'm not the cheapest around and I will never, ever, strive to be that. I'm not the most expensive, I'm darn sure not to strive to be that either. What is my time worth? As much as yours I guess. I work hard, I work smart. You probably work hard and smart as well, we should be paid accordingly.
I don't blame consumers for the often mentioned question of No Point/Lowest Rate Mortgages. Well, I don't blame them alone. I want the best deal as well in whatever transaction I enter. It's what they've been taught. Is it the smartest question they can ask, heck no. As a matter of fact, when I field the phone call and that is the question, I know it is typically not the 'Smart' consumer who starts with that question. Typically, it is just the opposite. Yet, that's what they've been taught. 1, 2, 3, Jump! Pavlovian dogs to a sometimes distorted way of borrowing money to buy or refinance their home.
My Point Mr. & Mrs. Consumer is simply this. Not only ask the why's you have the right to know, ask the how's as well. Let us educate your wants, fulfill your needs, & understand the process thru & thru. Do I have the lowest rate, yeah, sometimes I indeed do. Do I have the lowest fees, nope, but I'm fair and full of disclosure. Surprises should be saved for Birthdays.