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Are You Shopping For Your Mortgage?
January 22nd, 2014 5:58 PM by BILL WILBANKS
If you are refinancing a mortgage, most customers in my experience do a reasonable amount of shopping around. They do it on their own because they want to what..."get a good deal". And they should.
In my over 30 years experience in the industry, most customers that enter into a home purchase transaction rarely do much if any shopping around. They generally are "referred" by their Realtor® to someone that associate has a history working with, inside or outside their office, which is not unreasonable or their builder on new construction, to their in-house mortgage company if you expect the "special" incentives they want to sweeten the deal with to do so.
Either of these scenarios is normal with one short coming that all too often results in these cases where the buyer(s) are so focused on
making the deal
on the home price and package that more often than not the financing package is way down the "To Do" list most of the time. So far down the list in fact buyers today are
shopping for their mortgage. This is CRAZY and the same folks that will spend hours on their computer to make that online gadget purchase at the right price and shipping cost or airline ticket reservation two months ahead of departure to save $100...won't shop for one of the biggest ticket cost items in their life, their next mortgage.
It's because the typical mortgage loan officer knows this that they know they don't have to offer you their best out the door pricing and costs because they got a very good referral from their source. You were referred by someone else involved in the deal that you have established some rapport with to a loan officer they recommend and they
"need you to make application".
You must apply within 5 days or so by contract, right? Sound familiar? So most folks don't make any effort to shop beyond that. That's why most of the time you'll end up with a rate that's 1/8 to 1/4 percent higher than what you probably have gotten if you made a few calls on your own. That's a lot of money over time and unnecessary if you took control of your own wallet by calling around. You just paid the loan officer and the mortgage company they work for 1 to 1.5 points each, either in higher rate, points or a combination. Bet you spend more time buying a car.
Well, I've told you what you should expect.
Now are you going to actually shop for the mortgage? I hope so for both of us. You'll probably save serious money and I'll get a serious chance at earning your business with my lower pricing and over three decades of customer service in Florida. It's so easy to prove it to yourself. What are you waiting on? Include me in your shopping list today.
Posted by BILL WILBANKS on January 22nd, 2014 5:58 PM
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