As I sit in the office tonight wondering if any other mortgage banker is still working at 5:30 on a Friday night the phone rings. A pleasant lady on the other end says "hello, I am calling for Lewis". I said this was me. She told me she was referred to my company by her good friends but she went with another local company that claimed to have the best rates in town, no closing fees, you guys know the story.
I have recieved these calls many times before but this one was different. My propects sweat voice turned to a quiver and she almost broke down on the phone. I felt her holding back her tears while she appologized to me. She was at the end of her rope. Apparently the other mortgage company had been working on her file a long time. I mean a long, long time.... I mean since March! I asked her why she was getting so upset and she said her loan officer told her she could no longer qualify for a 5.25% fixed rate 30 year loa
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I am getting good at playing psychiatrist lately so I ask a few questions, certain she is seconds away from losing her house. This lady was soo upset....... I asked what her credit score was and she said over 800..... I asked if she was self employed and sure enough she has been a W 2 employee at the same job 10 years.... I asked about assets? yep 75K in a TSP...... Value was not an issue as when she purchased two years ago she put over 20% down. I told her something had to be wrong...... By the way, the mortgage shop she had been working with for months has a pretty strong name in the area, i knew there had to be a catch.......
I took the loan app, pulled her credit, recieved the Retirement statement, W 2's and paystubs by fax and had an appraiser run comps. Pulled a caivers, assigned an FHA case number and walla.......... house gets appraised Saturday and loan got uploaded tonight....... appraisal will be done Monday.....
Want to know the problem with the deal? The broker shop is not FHA approved and it is a 95% cash out deal and Fannie / Freddie don't play that no more........ That's it! End of story..... I locked her rate at a smoking 30 year fixed rate and this bad boy is gonna close next week..... the loan had been with the other lender since March!!!!!!!!!!! Closing this deal will give me more enjoyment than any fee I could ever make....
PEOPLE!!!!!!!!! LISTEN UP!!!!! Stop with the lowest rate lender always gets the deal...... it never works out that way.... Get High Quality Advice when you are dealing with a mortgage transaction.......
Maryland FHA Expert
Lewis Poretz - Open Mortgage - USDA LOANS - FHA LOANS - VA LOANS
Seed Newsvine
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Wise words! Wish more would take your advice. Those so called deals are not deals but time wasters and cost the consumers more money then they can afford.