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Bruce's quantum rule of Mortgage Lending!

I just got home and was checking AR to see whats up! I was reading some of the horror stories in the various mortgage blogs and thought I would share my number one rule of Mortgage Lending from a Realtor's, Loan Officer's, Buyer's, and Seller's perspective.

You are going to have to help me though.

Draw an equalateral trainge
Label one angel Good
Label one angel Cheap
Label one angel Safe

Now pick two because you cannot have all three. Any one that tries to tell you that you can is blowing smoke. Please if you are a consumer get a Good Faith Estimate from every lender you talk to. If you are a Realtor, please don't tell me "well Joe Loan Shark down the road can do it for a quarter less" You came to me for my expertise and my ability. I will committ to giving you the best deal I can. The important thing for ALL concerned is to get the deal done.

Posted by Bruce Bourgault, Vice President, Mpro on 07/03/2007 07:58 PM

Comments (13)

mortgage lendin, rules, 100 financing, va loans, fha loans, hawaii, honolulu

13 Comments on Bruce's quantum rule of Mortgage Lending!

JUL

2007

So true. I have suggested obtaining GFE's for years and am always amazed at how few people actually ask for one before they make their decision. The more research done early on, the better the decisions that are made. All we can do is keep plugging and doing the best we can.

Thanks Phillip-- How very true and how it irks me when the consumer gets suckered in by some Shmo. Have a great 4th

Just make sure you take the day and enjoy the holiday. We'll start again on Thursday.

Ah er um -- I do have a loan app at 8 in the AM but we are going to have a pinic dinner on the beach and watch the fireworks. You to Philip

Great advice Bruce.. Here in Florida it is the law that we must provide a GFE within three days of application of the client....I advice every client that applies with me of this law so that if they do shop they are aware of their rights.

Wow, very wise stuff Bruce. I will take Good & Safe myself. any day of the week. Cheap is nice, however it often times turns out expensive in some way.

Marie -- It is the law of the land that we must provide a GFE within 3 days. I encourage any one who is shpping me to get a GFE to make a true comparison and if somebody is sand bagging them at least they willo have that initial GFE to use for clout.

Jason-- You are so correct -- You can drive a Yugo and have to repair and replace every couple of years or you can drive a Mercedes and replace it every 150-20 years!

Both have a great 4th

JUL

2007

Bruce-I have never worked with another loan officer in Hawaii that is as good and prompt as you with the GFE. I agrree with Jason.....good and safe anyday over CHEAP! Thanks for more great info from the lending side of the house. Happy 4th back to you!

Bruce,
No truer words have ever been spoken (written in this case). I go with the Good and Safe every time--won't most people IF they understand? I think so.

This is so true in real estate too! You usually won't get price, terms and time all in one lump. Usually it's 2 of the 3. Thanks for sharing!

David -Cynthia-Christina -- We all go with Good and Safe and that is why I am such a proponent of VA loans BUT I'll bet each of you have had an esperience where a LO tried to talk a VA eligible buyer into doing a 100% conventional because it was an easier loan for the LO to do! All have a great day today.

JUL

2007

i always tell tjhem to get GFEs and compare apples to apples

Dominick -- It is so important to do a GFE. Itr amazes me how few lenders do this. Aloha

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