Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Asking the Right Questions
I had a lady come into my office who needed to refinance her home due to a divorce.  She had already started a loan with another mortgage company.  However, she recinded her loan when she received the final package prior to closing. (Remember, because of the HERA/HOEPA act, clients now must receive a final TIL before closing, and if the APR changes by 1/8 or more, the client has to wait 6 business days(Saturdays count) before closing.
The reason she recinded:  The mortgage professional assumed that the client wanted the lowest rate possible since she had just completed her divorce, so he charged her discount points, origination points, and put her in a 5/1 ARM(adjustable rate mortgage).
After asking the borrower several questions, what she really wanted was a fixed rate mortgage and the lowest possible fees. Thus, her interest rate was 1/4 of a point higher than I could have gotten her, but the payment was still affordable for her and the costs were considerably less, thus allowing her balance to not go up so much from her existing loan balance.
Does this sound familiar?  How many times do customers get themselves into these type of situations because the professional ... more

__________________________________________________
Are you on The Rain? Grow Your Network!