Ironically, I had a conversation with a client with whom I closed a loan for about 10 months ago that led to this post. The irony is that Jo-Anne Smith proposed that I write something about honesty and the mortgage business. If you believe in the popular press...The Media, honesty and mortgage people go together about as well together as Peanut Butter & Tomato Sandwiches if you aren't pregnant. But there is some semblance of truth in it all, I hate that. Today, I made a phone call that belittled what I do for a living. I am a Mortgage Broker in Allentown, Pennsylvania. My name is Jason Sardi. Now that I've fulfilled my SEO quota for the month, let's be real! I'll start.
10 months ago I made a mortgage to a young dame in a lease w/option to buy transaction. I was crystal 'freaking' clear when we closed the loan, wait at least a year with ontime Mortgage Payments and I'll get you a more appealing rate and deal. I worked about a year and half before to get her to the point to even get her into being a homeowner. Guess what? I followed up with her ever month and a half and when I called her today, the kitty litter had hit the fan in her life.
It seems somebody called her and promised the world, only to give her a bad case of reality in the end. If any living being promises me the world, I pounce on their existence. Nobody can offer what they don't own and I haven't met somebody who owns this green earth. Nobody, and I do mean nobody owns that, to my knowledge. They 'convinced' her that she could refinance out of a higher rate loan into a lower rate and she could get a little cash to boot. You'd have to talk to this lady to understand that she isn't the easiest person to deal with, she talks at the speed of R2D2 on a heavy dose of speed. I've closed loans for people who make $500,000+ a year and less than $50,000....she was one of the latter. They convinced her, shocking, I know, that they could give her a great rate and close fast. Now, she's behind on her mortgage and what they told her is bullsh&^T.
Her credit was ravaged with inquiries, I won't name the company, and I asked her a pretty basic question. "Why didn't you call me? Why, after I left messages and sent you a few market updates via mail, didn't you reach out...just to make sure?" Her answer, "They had better news and things to say than you."
I laugh, I cry, I so want to inquire...so I did. I asked a question I often ask in that situation, "So, how'd that work out for you?" It didn't, her credit is shot. She even bought a new car and that payment was about $100.00 less than her mortgage payment. Smart move, my dear. You should listen to me, I actually know what I'm talking about.
The guy she was dealing with was fired. The firm never followed up. In the end, she had a horrible experience. My conclusion is relatively simple. Shame on her for believing the hype, for not coming to me, I told her exactly that. Mortgages and Money aren't rocket science people! The next time you see the chance to buy a home for $150,000 with a $450.00 principle and interest payment, run very fast and call me....
The next time somebody promises you the world, make sure they are indeed...God!
Comments(43)