Reputation & the California Mortgage Lender
Reputation & the California Mortgage Lender "The problem is that they over-promise and under-deliver. Most are in competition with the banks, so they lowball the banks with a great rate to get your business. Once the process starts, then they tell the client that they don't qualify for the great rate. That's the typical old 'bait and switch.'" That's a quote from a mortgage broker we know. He was describing one way California mortgage lenders get a poor reputation. A good rule of thumb is: If you come across widely-promoted wonderful deal, the odds are good that you won't qualify. Super-wonderful deals tend to be offered to clients with FICO scores over 800 with high income and low debt. Being told that you don't qualify wouldn't be a bad thing if the broker didn't wait until the last minute to tell you. Nobody likes rude surprises, but in this business, they often happen. If you're sitting at the desk with pen in hand ready for the final signing, you're going to be angry when you hear: "Oh, by the way...." All that time and effort for nothing, and that house you want to buy may slip away if you cancel the deal. We are a California mortgage lender with a reputation to maintain. We promise to be fully up-front with you. There won't be any rude surprises. |
