One of the situations that really concerns me is when a client informs me upfront he is pre-approved (a necessity to write a contract; not pre-qualified) with XYZ Mortgage Co he/she found on the internet. Most of the time it's a Mortgage Broker from who knows where that I've never heard of.
I immediatley caution my client as to my experience in dealing with little known mortgage co's from the internet. I also will call the mortgage co in question to get a feel as to who i'm dealing with and ask a few specific questions. No matter how evasive the morgage guy may be, I keep pressing.
80% of the time the mortgage co from afar is a complete disaster; charging a higher rate then necessary(implying their credit scores are too low for a better rate), and a creative list of junk fees and points. Getting this information is a challenge, at best. As I'm zeroing in on this morgage person from the internet I'm setting up my client to talk to a local, reputable Mortgage professional.
My clients are always appreciative of my efforts on their behalf as they see the $$$$'s they would be losing, short term and long term, with the internet mortgage co.
In fairness to some of the legitimate internet mortgage people, that are on the up and up; we work well together and it becomes a positive experience. Unfortunately they are "few and far between".
Why is that??
Jim from Virginia Beach
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