Posts

5 Misleading Rate Quote Tricks!

We recently had a borrower come to us with a ridiculously low rate quote for a “no cost” loan from one of America’s largest mortgage banks. The borrower insisted it was legitimate and asked us to match it, so we asked to see the other lender’s Loan Estimate or “LE.” And sure enough – there […]Read More

7 Dangers From Falling for “Rate Quotes”

Our borrowers come to us constantly with rate quotes from other lenders, and that is all well and good because our rates are very low and we love competition! What is not good though is that those quotes are often misleading or inaccurate, or they can’t be honored at all. And worst of all from […]Read More

Factors That Affect A Borrower’s Rate

Borrowers often come to us after getting misleading rate quotes from large banks or online lenders. This is because the loan officers sometimes quote rates before obtaining all of the necessary information. There are many factors that affect a borrower’s interest rate. This is why it is impossible for us to just quote a rate […]Read More

“Rate Quotes” Are Worthless Prior to Getting In Contract; Misleading

We recently lost a borrower to another lender after spending an enormous amount of time educating her (this happens in our industry, and we will be fine). The borrower was steered to the other lender by a Realtor. The other lender told our borrower that he had lower rates. There are two issues with this: […]Read More