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| *Loan,banking and credit>>>mortgage loan |
(mortgage question) Would you pay a slightly higher rate to be able to meet your loan officer face to face.? |
For the application and or closing, is it worth it to you (the borrower) for your purchase or refinance to meet with your Loan Officer face to face, if it slightly increased your mortgage rate ... for instance from a rate of 7.00 to a rate of 7.125 ? No No. Money is money and there is no after sales service on money. Check the REPO track record of the lender. If they are more lenient or understanding then thats maybe worth a point or two. No. The main question that needs to be asked is why do you insist on meeting face to face? The mortgage lending industry, and even the financial industry as a whole is moving towards a direct calling... Now A days with communication and technology where it is, it is much easier to talk on the phone, use good friends like Fed-Ex, and UPS,. and obviously the internet for email... It costs much more money to drive to speak with someone, or to drive to hand deliver documents, etc. Now there is nothing wrong with simply wanting to meet a loan officer to see who you are trusting your biggest asset with, but is it worth paying more money??? NO!! I actually advise anyone reading this to deal with someone who only works over the phone... Not only will the rate be lower, the costs are much lower as well.. For instance, i work with a nationwide mortgage lender.. I can sit in my office overseeing the chicago skyline, and speak to my clients in Florida, Arizona, California, etc. I use UPS, and phone and email for correspondence.. This cuts out thousanda of dollars in overhead, and allows us to instead of jus thelp borrowers in Chicago, be able to work across the USA!! Now that we have a larger market, and save thousands in office fee's, lobby area'd in every city and every state i work in, Loan officers and managers for those offices, processors for those offices,etc, we can pass the savings from talking with you "over the phone" on to you in the loan..(less fee's, etc.) There is no reason that with the resources you have at your fingertips, you cant be absolutely sure about who to trust with your mortgage.. You can go to the better business bureau to see a company's standing.. You can check with the state's department of real estate to find out if your "particular loan officer" is LICENSED!! (a big key in a moral and ethical loan officer) I would definitly tell you though that you do not need to see a loan officer face to face.. As long as they are a credible company, and a licensed loan originator, they will take care of you.. If you are not satisfied with being overcharged, and want to work with someone who is ethical, feel free to give me a call.. My name is Jason Fry, i work for Providential Bancorp, a nationwide mortgage lender. Feel free to call me at 312-264-6448, or email me at jasonf@providential.com good luck to you! Jason Fry Licensed loan originator Providential Bancorp 312-264-6448 www.providential.com www.bbb.org (better business bureau, search Providential Bancorp) Honestly, I've sold loans for about 5 years now, and have only met a handful of my borrowers face-to-face. Here's what I would do. Compute how much you'd save over say 7 years (lifetime of the average loan) by taking the 7% instead of the 1/8 more. (If the loan is 100K, you'd save $1,512.) Now, think about how much it's worth to meet the guy. If it weighs out in your mind, go for it. Otherwise, buy a flat screen or something....or see what I can offer you. jskerrett@ffbcorp.com 5 years real estate and mortgage loan experience |
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