Seriously – Why Would Anyone Get a Mortgage From a Bank?

by Snets ~ May 12th, 2011. Filed under: Blog.

This is a topic I have been really pondering lately.  Shops like mine used to get a much larger percentage of the business than we do now.  Why – because the banks have done the best job they can in marginalizing us.  Today for instance for best credit we are offering a 30 year fixed rate – with a 30 day guarantee for 4.5% and zero points.  Of the Big 3 (or should I say the Bloated 3 or the Bailed out 3 or – well you get the point).  The closest rate to ours was Chase – and they were 4.625% with almost a full flipping point besides.  Plus they take twice as long to process and (and pay attention to this one) – you have to deal with a Loan officer, a processor, a closer, a funder etc. etc. – with brokers you deal with a single person typically from start to finish.  Recently we completed a transaction for a lady who works for the evil empire – Bank of America – she came to us because, our rates were better than what she could get internally (how is that winning at blackjack online even possible).  The transaction was atypical because the day after the application was taken, she went on a business trip to Singapore for 2 weeks.  Now, this is a very type A lady and wanted a lot of feedback on how things were going.  Bottom line, she was calling me at all hours – once at 3AM – we answered every call.  I have had folks tell me they can’t get their bank LO’s during office hours let alone the wee hours.  So I offer you the point again – why would anyone wanting a Florida mortgage not at least investigate what a shop like mine would offer.  Remember that little Oriental guy that was all over the TV touting real estate scams – he used to scream – What are you Stupid?  Well I’m not that crass, I’ll just say – do yourselves a favor – spend 5 minutes on the phone with us – we will answer.

Well – I have more on this subject but I will continue tomorrow.  In the event you are looking for a Florida mortgage – give us a call (even at 3AM) Can’t hurt!

Leave a Reply

You must be logged in to post a comment.