Realtors and consumers alike - when you are shopping for a mortgage or if you have a client looking for a mortgage, make sure you know that in today's market - if it sounds too good to be true it is!!!
Due to the "credit crunch" and the tightening of guidelines - the selection of mortgage products is pretty standard no matter who you are talking to. Products are relatively easy to group right now into either Conforming (Fannie/Freddie), FHA (Govt), Jumbo, and then of course your "Hard Money". With that being said - pricing is relatively close as well. If you come across a deal where the rate being offered or discussed is more than .25% different in rate with the same fee structure or less than other deals pay very close attention to the details and get it in writing.
I say this as I have had more and more clients come back to me lately very upset. I had given them a quote which I felt was very competitive only to lose it to an offer that I could not even come close to. After discussing it with the client, airing my concerns over the offer, and even telling them that if they felt it was valid go get it - the clients are coming back burned. They are finding out that either the loan officer lied, didn't know about certain adjustments, or had truly made a mistake. No matter how they got to the pricing - it wasted time and money for the client.
Know at Magellan Mortgage "a promise is a promise!" We take extra time to know your true situation and understand your credit file so that all pricing adjustments are correctly taken into account upfront. We are at every closing to ensure no issues and to guarantee no surprises.
Thank you and take care!
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