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People still don't know how to get a mortgage!

Nuts People still do not know how to get a mortgage loan! I get a little frustrated sometimes because I have been doing this for 10 years now and nothing changes. People still think you are supposed to sit down and call like 5-10 lenders and ask them what their rate is...

THIS IS FOR CONSUMERS....

THEY ARE ALL THE SAME!!!

Now you might save an eighth of a point if you shop HARD... GRRRR, but how do you know you saved any money at all? By the time you call the 4th lender, the 1st lender's rate has changed!! I have to laugh right now to stop myself from crying.

How do you find an Attorney, Doctor, Dentist, CPA, Financial Planner, etc...

Go pick up the phone right now and call 5 of each of the professionals listed above and tell them, "I need your rates please?" I bet you several would hang up on you. You shop for new shoes, you shop at the mall, you shop to kill time with your girl friends.... you don't shop for a highly qualified professional that is going to operate on you, drill a hole in your mouth, make your retirement plans, deal with the IRS or LEND YOU $350,000! Sorry to vent so much but this is cathartic!!

If you want the right mortgage financing with a good rate, ASK around to people you know and trust that own homes! Go with the one that got the best referral, and let the guy/gal do their job and help you. In the current market, rate shopping is like asking for bottled water while your hair is on fire!

Olan Carder
www.charlottemortgageonline.com

Posted by Olan Carder on 07/23/2008 05:24 PM

Comments (3)

rate shopping

Post is included in group: North Carolina Real Estate
Post is included in group: Mortgages
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3 Comments on People still don't know how to get a mortgage!

It sure is amazing how a teeny bit of interest rate can influence the decision on the largest debt in a household. Quality counts. Great post!

07/23/2008 05:32 PM

by Mark Organek - Tempe Gilbert Mesa Chandler REALTOR (RE/MAX Alliance)

Hi Olan

Yes, I know how frustrating that can be. As an agent I work with 3 really good mortgage people and I explain to my clients, it's not all about the rate, it's about service and thier commitiment to their clients to help them obtain the best mortgage that meets their criteria.

Thanks

Rich

07/23/2008 05:41 PM

by Rich Ferretti (Southern Winds Realty-Mint Hill North Carolina)

I don'w want anyone to get me wrong, rates matter. Our rates are published in the Charlotte Observer every week! (and they Rock!)

The problem is the process people use to try and play lenders off each other, thinking they will win and save money. In reality, they appeal to the worst among us and often get bamboozled. When you advertise to lenders that you are a rate shopper... lenders tend to give you the BEST CASE scenario to get you in the door. Once you are 2 days from closing things tend to change.

07/23/2008 05:45 PM

by Olan Carder (Myers Park Mortgage)

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