“Best Rate Available” said the Mortgage Broker?
Wednesday, November 1st, 2006There are lenders that will pay you $500 to come take out a loan from them and then you find out that you could have gotten a better loan had you shopped somewhere else and not taken out that California Home Loan from the mortgage broker down the street. If you pay an additional 0.25% in interest over a 15 year basis, did the lender make their $500 back? Of course they did.
You have got to take full responsibility in shopping for your loan. Do not listen to the real estate agent unless he gives you the name of his favorite mortgage broker and the 3 other brokers that the rest of the office deals with. You must make it a habit to not trust anyone until you have 3 or4 offers in the hopper. The fact that an agent found you a great house doesn’t mean he is going to get you a great home loan. Chances are he is not going to do you justice. He may negotiate for the house, but in the end he is going to tell you to buy it at the price he presents. Then you go and accept a mortgage because you are told that it is fair. Fair??? The devil I say and the devil you must say to the “fair” home loan mortgage. Tell them to pound sand. You aren’t going to take the best rate from the real estate agent’s best friend the mortgage broker until you have shopped and compared and looked at the ownership of the lenders giving you bids.
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