The Lowest Interest Rate

This is a subject that most consumers don’t really think about realistically, because so many people want the “IMPOSSIBLE DEAL”. There is a reason it’s called the impossible deal. An interest rate shopper that is too impatient to give a bank or mortgage broker some important details regarding their credit, lending goals, loan size, employment, etc. is possibly just wasting their time recording in their notes what companies have the best interest rate. The only type of mortgage consultants that will “quote a rate” with those shoppers who say, “I have perfect credit and am putting down 20%, what rate can you get me?”, are those that are not relationship based and are familiar with working with pushy consumers that see them as a rate and not a person of service. These types of lenders have designed their business to deal with a non-personal type of consumer that doesn’t really appreciate the work he does for their best interests. This type of mortgage person is not going to be a consultant. This person will be a super salesman rather than a super servant, because that is the only way a deal can’t be “got” for a rate only focused consumer. DON’T GET ME WRONG, there is nothing wrong with shopping. Just allow the consultant to lead the conversation so that they can get you a real quote rather than someone that is familiar with and depends on impatient shoppers, who will tell you one thing at quote time and another at or just before closing on your home and make you like it. They do this on a daily basis with the other clients that have forced them to “rate quote” w/ limited details. There is too much that a home buyer doesn’t know about “back stage” processes in lending that the salesperson can use to pull the sheet over their eyes, and don’t think that hours and hours of studying internet material on mortgage, or home buying is gonna save you from these non-referral based, non-relationship based, “application takers”. It would be safer for you to talk to those companies and just say, “tell me about your business and what your career goals are, because I need a loan and want to make sure I am working with someone who has the resources and knowledge to make this loan a success for me and my family.” Now you will at least get a feel from lender to lender who you can trust. If you get quotes from 5 companies where 4 rates are all w/in a pretty tight deviation amount from each other and the other is a .25% lower than all the rest, be weary. They can’t do what they say they can no matter how trusting they sound, and no matter what great excuse they give, most of the time.
Get to know your mortgage consultant a little and allow him to get to know you. This way, you build a genuine trust between one another and he/she will want to give you the lowest rate he can, because he knows you’ll appreciate him and possibly refer him to your friends and family.
Next time, Brad