“Interest
Rate and Loan Program Myth”
When
the client’s, friend’s, cousin’s,
sister says they "can get them a better rate
or 
loan program without knowing anything about the
borrower's situation" I say:
"I
can understand how that offer can be of interest
(no pun intended), but let
me ask you a question:
Did
she pull your credit report, ask you the loan purpose,
calculate the percent of how much you want to borrow,
determine if the income is verifiable, determine
your debt load, and ask you about the property type?
Probably not.....Anyone can quote a rate or loan
program off the top of their head - they might even
sound more appealing....., of course, assuming you
fit into the parameters of the program that would
provide you that quoted rate. But do you fit the
parameters? There is nothing worse than to get quoted
a particular rate/loan program, apply for a mortgage
with a particular company, and then once you have
applied, find out you DO NOT qualify for the rate
or program you were quoted (known as bait and switch).
I will NOT quote you a rate and program until you
have applied and I have sufficient information to
quote you a real rate and program. You will then
end up with the best rate and program based on your
needs and qualifications."
Interest
rates and loan programs are based on many factors.
DO NOT be fooled and taken in by unscrupulous mortgage
personnel who quote rates and loan programs before
knowing your credit history and other factors.
To do so will place you in a Bait and Switch
situation.
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2003-2007 Brown Lending Group, Inc. All Rights Reserved.
