Nothing is more frustrating as a mortgage loan consultant than competing with someone who is obviously being dishonest with their potential borrowers. I cannot imagine sleeping at night, if I knew that I was lying through my teeth when speaking to customers. Today, I was reminded of this when I potentially lost a deal I had been working on for a few weeks because I was told my costs and rates did not compare favorably with that of another lender. While I am not here to tell you that all companies offer the same rates and costs, I am here to tell you that no one can offer 5.25% right now with 0 points and that every bank or broker is making money off your purchase or refinance. More than a handful of borrowers have come back to me after they thought they were getting a better deal elsewhere that I told them was too good to be true. Remember a lender or broker can quote you any rate they want to get you to call them back. All they have to do when the time actually comes to lock the rate is tell you the market went up. Also, they can make the GFE (good faith estimate) appear to have the lowest closing costs in town and then wait until the day of closing to add on the 2 points (2 percent of the loan amount)to your funds needed to close. Remember this is just an estimate. So as a realtor or a borrower, what would you rather have? A. a person who is honest upfront, but does not appear to be offering a deal that blows your sox off or B. A person who tells you exactly what you want to hear until its closing time and you really have no way to backout without tremendous headaches and anger from all parties involved. Please do not be the "sucker" who gets the old "bait and switch" on closing day. Choose a trustworthy lender that you know is being truthful in business and honest in general.
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