Price Is What You Pay, Value Is What You Get

Mortgage and Lending with Branch Manager at FBC Mortgage, LLC NMLS#469258

This has been coming up more and more as of late. Everyday I receive calls from potential homeowner's and they are "shopping rates". The first thing they ask me is what are your rates, how do I even answer that not knowing anything about their situation, such as credit score, income, debt ratio, assets etc. Sure I can tell them what the lowest best case scenrio rate is, but who knows if they qualify for it. Borrowers will shop around and around trying to find the lowest rate and in most cases it is maybe a .125% difference. This is where my question comes in, what ever happened to paying a little more for great service and a smooth transaction? Remember the old saying you get what you pay for? I have actually had borrowers go to another large bank (which will remain nameless) over .125% lower rate which is about $9.00 per month in savings, then in 2 weeks they are calling me saying that they dropped the ball and need help? There is also an agent involved in this who keeps allowing this to happen. I myself would rather pay a little more for something knowing I am going to get more benefits, or better service. I believe this all starts with their Realtor, if you can give names on who you suggest for lending, you can also give names on who you do not. When I get a referral, I jump on it and start the process asap! Our borrowers have to know if they qualify or not. I had one yesterday where the borrower was Pre-Approved" with that same nameless lender, she goes out and gets a contract and guess what.....big surprise! Now they say they cannot get her qualified? You can imagine the emotions that borrower is going through. This is a classic case of inexperienced loan originators who are not taking the time to do a proper pre-approval, but guess what......they have a really low rate! The rate does not matter if they cannot get your loan funded! I am now tasked at picking up the pieces on that deal and trying to make it work. This happens everyday all over, I can bet our Active Rainers have plenty of war stories like this. How do we stop this? at the end of the day it gives our industry a bad name. Lets have our teams in place and give our clients a great experience. Below is a video which is what we all need to remember, lets get back to the basics and take care of business.



Thank you,

Patrick Chicklinski




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Patrick Chicklinski

918-946-4218, NMLS # 469258
Buying or Building a New Home