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Is there still a lot of mis-information out there?

By Christopher Ohlsen

Mortgage and Lending with Credit Werx, LLC.

April 21, 2008 08:57 AM

Or is it just me? Is anyone else aware of the fact that mortgage interest rates increased today with just about every lender out there by about .375% - .5% or is it just me?...

I had a gentleman call in today to inquire about financing a portion of a Co-Op that he is purchasing in New York, NY. He's looking at a 30 year term and is looking for a 5.375% (on a Co-Op... Ha!). I told him no, I cannot get that rate today. He told me that the interest rate is the most important thing and that if I can get him a 5.375% rate today that he will go with me.

I sent him an email with 3 options attached, a 30 year (not even close to what he wants), a 20 year (Closer), and a 15 year (closest). He emailed me back saying that my rates are not even close to being the lowest... He also asked me to negotiate to get him a lower rate because he thinks that he should be entitled to what someone quoted him 2 weeks ago...

Sorry, but I am not going to quote rates that don't exist and then deal with the headaches that are sure to follow when the truth comes out.

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Chuck Christensen

Your Financial Coach - Bellingham, WA

Ok, so he is an idiot....tell him those are todays rates and procrastinating is making him loose out. He could wait till rates go up some more. He obviously doesn't understand compound interest and simple interest since he wants to consider a 15 year loan. If he did, he would take the 30 year and make extra payments anytime he wants...or doesn't want...and the APR will show him the differance in paying it off earlier.....he would be better off investing the difference, rather than trying to pay it off early.

Apr 21, 2008 09:14 AM

Christopher Ohlsen

Credit Werx, LLC. - Malone, NY

Chuck - I won't start name calling. It does behoove me however how some people call up, suggest that my profession which by the way I spend hours and hours each week refining, is some kind of a commodity. First they insult your profession and suggest that anyone could do what I do... Just anyone will ensure a smooth process and a seemless closing... And just anyone will keep you informed with regard to every aspect throughout the transaction... Those statements are not true of course which is why I am somewhat annoyed with people like this. One thing that is absolutely true, something that I told this person is that we all have access to the same rates and that he does not qualify for what he is saying he does. That statement is absolutely true.

Apr 21, 2008 03:15 PM

Rosario Lewis

DDR Realty - Newburgh, NY

GRI, SRES - DDR Realty - Orange County, NY

Some people think they can bully their way through life. When things aren't they way they want them to be, they believe if they just push hard enough things will change. Too bad for them. You can't bully an interest rate into anything.

Apr 22, 2008 01:01 AM

Chris You get no respect! We are in a position where other people think we should work for free, and they think they are more deserving because they work a real job...for someone else....You have the right to demand respect. I was told one time that because I sat behind a desk that I wasn't worth much. The guy was an electrician. He asked my why I charged so much. I explained to him that haveing Employees and leasing an office was a big expense. Then he said I wasn't worth that and told me I probable don't make much more than minimum wage anyway. I told him I do make more than him. When he laughed and said he doubted that. I said, "but i am looking at your W2 forms and am absolutely sure", but here, you can have them back and go find someone else to do your loan. Thanks and goodbye...

some people are just clueless....and think everything should be a bargain...

My wife works at a furnature store. She had a customer come in and started complaining about the prices and badmouthing the store...she gave him directions to the Goodwill and value village and told him he could probable find what he is looking for and at the prices that he could afford.......and no she didn't get fired....hehehe

Apr 22, 2008 05:58 AM

Rosario - I know and it is unfortunate.The funny thing is that very often when people try to bully their way into or through anything they usually end up losing in the end and yet they continue their way through life trying to bully people.

Chuck - LoL, I like how you conotated "somone else"... It's true and again this is a funny subject. There is a paper mill in the town that I live in called Georgia Pacific. They are a major employer here and many of the people who work there are quite gruff. I know that there are some good people there but the mentality that you are pointing out is really out in the open for many people who do manual labor. I have been on both sides of the fence though. I worked at GP when I was 18 years old for around a year. I have also worked a couple of other manual labor jobs when I was young. Those kind of jobs may be more physically demanding but this job is much more challenging and enjoyable. Of course it does irk me when people call me and tell me that my professional conduct is irrelevent and that the only thing that matters is rate. That especially bothers me when I am giving them a great rate and they are listening to someone else who is going to give them a 3% in a 6% - 6.5% market.

Apr 22, 2008 07:14 AM

Is there still a lot of mis-information out there?

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Christopher Ohlsen

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