So you think you are a smart shopper?

By
Services for Real Estate Pros with Auto & Home & Life Insurance throughout North Carolina

I'm well aware that most of us fancy ourselves smart shoppers.  Whether we are buying a car, groceries, looking for the next Gas Station, sorting through bids on our next Home Improvement Estimate, shopping cell phone carriers...etc... we want the best dealWe want it cheap and efficient.

After over 7 years of being in the Mortgage Business and learning from and being trained by folks who have been in the business since Jimmy Carter took office, I've learned two things.  Like any job, this can be frustating as hell, but I absolutely love what I doI've also learned how to shop smart!  I'm only licensed in Pennsylvania and have friends & family outside the confines of where I can lend, they count on me to guide them accordingly.

That written, I want to pass some of my own personal thoughts on how you as a consumer can shop smart to make certain you are getting the best Mortgage for your needs.  I'd ask for a drum roll but realize you have better things to do ... so I'll get to it.

 5 Ways of Shopping Smart For A Mortgage:

-  Begin the conversation with any Mortgage Company/Direct Lender/Bank with the following question, "What's your Interest Rate?"  If the person on the other end quotes you a rate, hang up!  Well, don't hang up ... that's kind of rude, just say thank you and you'll get back in touch with them.  If you are being quoted a rate without them knowing anything about your financial situation, credit score and history, short and long-term goals, they aren't doing their job and won't be doing your situation any justice at all.

-  Education is always key.  While I love to know the what's in what I'm shopping for, I demand to know the why's of what is available and at what price.  Look for a teacher, not a preacher.  If they use the two ears they have and listen, what comes out of their mouth becomes all that more important.  Your goals and desires and needs are on the line, seek out an advocate of those very things.

-  There's another question you should ask, "How do you make your money?"  In any 'sales' occupation, this tends to throw some off if the consumer dares to ask that question of the Professional.  Ask that question though, it's relevant.  If they are doing right by you, they are earning every penny.  The price you will be paying for this service will be worth its weight ten times over on one of the biggest financial transactions you will ever partake in.

-  When narrowing down who you want to make application with, my suggestion is to narrow it down to three entities.  Ask a family member, friend or co-worker to refer you someone they had a good experience with.  Go to the bank you hold your depositories (checking & savings accounts) with.  Finally, do your own leg work by making a few calls and Internet inquiries, you'll want to shop with at least one Mortgage Broker.  Use your gut to get a feel for the guy or gal who just clicks with you and your needs. 

Service & Availability.  This is a huge one!  Answering emails, returning calls, meeting with you at their office, being there every step of the way and beyond your loan closing ... that's probably the person you'll want to deal with.  Having someone to inform you every step of the way and call just to say, "How the heck are you?" is something special & human.  I don't know about you, but I want to go shopping at a place that is special and quite human.  In the end, those folks tend to treat you the exact same.

Don't ever be a Statistic!

 

 

 

Jason Sardi

Mortgage Consultant

First Choice Equity Group Inc.

610-439-2166 ext. 229

Toll Free @ 1-866-262-8720 ext. 229

jsardi@fcegi.com


Licensed with the Pennsylvania Department of Banking

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Tags:
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Rainer
225,598
Diane Bell, Hilton Head Real Estate, Bluffton
Charter 1 Real Estate, Hilton Head, Bluffton, SC - Hilton Head Island, SC

Jason,

You did a great job on this post---thanks for sharing as well as enlightening us.

May 14, 2008 12:42 AM #27
Rainer
51,740
Lori Gilmore
Baird & Warner Real Estate - Joliet, IL
Realtor - Will County Illinois

Jason -- This is a fabulous post.  I love, love, love the morgage guy I work with.  He makes my life sooo much easier because he is upfront, honest, dependable, he answers his phone, he buys drinks. . .oops. . .too much information!

May 14, 2008 01:43 AM #28
Rainer
61,519
n d
Naoma Doriguzzi - Virginia Beach, VA

All great questions... #1 is my pet peeve but yet that is what everyone is trained to ask first when applying for a mortgage.  Another thing I do to help stand out is before I start asking questions about them... I tell them a little about me first. 

May 14, 2008 01:50 AM #29
Rainmaker
236,392
Debbie Summers
Charles Rutenberg Realty - New Smyrna Beach, FL

Jason - great post and information for buyers and agents everywhere.

P.S....  I'm liking the new photo... Jason Sardi in action!

May 14, 2008 04:49 AM #30
Ambassador
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Fran - Thank you kind Sir!

Lisa - Wow, that's means a bunch coming from one of the more prolific Localism Bloggers on here.  I appreciate that!

Paul - Right on!  You too!!

Mike - I saw that video and thought it was perfect for the subject matter of the post.

Lisa - So very true....

Larry - Perhaps I'll do some legwork and come out with that post as well:-)

Lane - Sorry man, I'll get your synapses firing one of these days again.

William - 'Cousel' Key word my friend ... maybe never more relevant than the times we are in now.

Brad - You're hired ... again!  This time, I'm hiring you as my Agent:-)  Thanks!!

Sandra - One loan at a time.  Actually, back in the day I wrote a post on that.  I probably will again soon....

Dano - Ok, I promise to write a post addressing such down the road.

Susan - Probably a bit of both:-)

Diane - No, stop!  Ask my Mother how much I like shopping.

Diane Bell - Thank you very much for stopping by.

Lori - Buying drinks?  Is that a RESPA violation;-)

Naoma - That's not a bad idea either.

Debbie - Yup, Jason Sardi taking on Corporate America;-))

May 14, 2008 11:55 AM #31
Rainmaker
337,584
Thesa Chambers
Fred Real Estate Group - Bend, OR
Principal Broker - Licensed in Oregon

Love the new photo - maybe it is not so new.... I have been away more than here - great adivice

May 14, 2008 03:05 PM #32
Rainer
48,039
Jolynne Photography, Creative Wedding Photography, Family Portraits, Bar Mitzvahs
Jolynne Photography - Hemet, CA
Bat Mitzvahs, Senior Pictures, Event Photography

That first step is awesome.

Hang UP!

People don't get that when they rate shop they're just asking to work with the best liar, not the pro that will really come through for them.

The best way to shop isn't to ask for rate but references.

Great stuff, Mortgageson.

May 14, 2008 05:21 PM #33
Ambassador
534,540
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Thesa - About a year old, I need to take another with a camera other than my phone.

Joey - References are a biggie!  Mucho Grazie Master Asterbaum!

May 15, 2008 01:40 AM #34
Rainer
168,035
Matthew J Blum - (retired from the business)
Palm Beach Gardens, FL

Jason, AWESOME!!!!!!! Great post.  You really gave some great advice my friend

May 15, 2008 03:59 AM #35
Anonymous
Melissa

Fantastic! I almost got fired for my blog on rate shoppers....yours was sooooo much nicer...almost poetic.  If you ever need a job in Charleston, SC give me a jinggle. We actually don't have rate shoppers here. LOL!!!

May 15, 2008 04:01 AM #36
Ambassador
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Matt - Thank you my friend.  Have a great weekend!!!

Melissa - I would love to see that blog, lol.  Thank you for the very kind words.

May 15, 2008 04:34 AM #37
Rainer
209,246
Marc Grossman
Marc It Sold! - Longwood, FL
GRI, Greater Orlando Real Estate Broker

Jason,  Excellent info the buyers and helping them along with the loan process.  Now, at least, they know someplace to start and what to ask for. 

May 15, 2008 08:28 AM #38
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Grossman - I hope this helps, I think this provides a nice reference point in shopping for a mortgage in any market.

May 15, 2008 09:48 AM #39
Ambassador
557,268
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Sardi...

I didn't think you wanted me to comment on your local stuff :)

Correct me if I'm wrong.

TLW...ROAR!

May 15, 2008 12:03 PM #40
Ambassador
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

TLW -  Your comments, opinions, suggestions, snide remarks, & general presence is always welcome:-)

May 15, 2008 12:08 PM #41
Rainmaker
299,243
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Hi Jason- I know that I wish you were licensed here......in California. This Post is almost as good as calling you; not quite, but almost :) :)

May 15, 2008 01:36 PM #42
Ambassador
557,268
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Sardi...

Albeit it rude...I think they should hang up :)

TLW...ROAR!

May 15, 2008 11:03 PM #43
Rainmaker
4,432,726
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good post. The first question they ask is, " What are the rates? " and some dishonest people mention low rates to get them in to sign papers .

May 16, 2008 12:51 AM #44
Ambassador
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Kathy - Thank you very much!  In due time ...

TLW - Beware of a phone call soliciting you to refinance a property:-)

Gita - That's the nature of the beast, sad but true.

May 16, 2008 05:27 AM #45
Rainer
19,620
Alan Burwell
McHugh Realtors - Sequim, WA

Jason,   THANK YOU!  A short list of what to do in looking for a lender.   This post is a keeper.

May 21, 2008 06:28 AM #46
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