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YOU, the borrower, can do whatever you'd like to do. You can take your business anywhere you'd like to take it. You can make whatever demands you want to make.
YOU, the lender, can do whatever you'd like to do. You can charge whatever rate you'd like to chage. You can make whatever demands you want to make.
Only when a borrower and a lender come to terms is ANYONE happy. So, to the guy that will "walk" if his points + spread terms aren't met...go ahead and walk...you can't demand what my profit margin as a lender is going to be. Bad business is worse than no business at all. To the guy that will "boot" you out of his office...go ahead and boot. You can't demand what a customer's acceptable level of expenses are.
The market will bear what the market will bear. If the OP is right, all the lenders will go out of business. If the naysayers are right, they will all live in the Caymans by year's end.
Truth is, reality lies somewhere in the middle. The vast majority of borrowers are willing to pay reasonable commissions and fees for the privilege of owning a home and the vast majority of lenders are willing to accept relatively low profit margins to gain your business.
Pimpy,
You sound like a guy that finds out how something works part of the way, then decides he will share this great knowledge with everyone, because you think you figured it all out and you won. Well I will bet who ever did your loan G'd off on you. He was a good LO he made you feel like you got the best deal and he ran to the bank. If he worked for a company that will fund there own loan then place them with a bank they dont have to tell you nothing about yield spread. You mite not even have known that they closed like that. besides that, they will get correspondence points but you probably dont know what that is, another few gs in there pocket. Unless this guy was a friend of yours or he gets tons of loans from the realtor you used he made money on you.and you smiled and loved him for it . to anyone listening just find a honest guy and you will not get ripped off, dont worry about how people make money.
Last edited by Cornerguy1; 08-27-2007 at 11:47 PM..
Reason: inappropriate language
oops one more thing if you got charged a loan "origination fee" not a brokers fee you definately were dealing with a banker, brokers can't charge origination fees. So you dont know the yield spread and you would never know the corespondent points some LOs dont even know about those. also that banker probably got better ysp's. more volume with a lender= better ysp for that co. But that lo did his job and you were happy so what difference does it make that they made all kinds of money on you and you didnt even know it?
Last edited by Cornerguy1; 08-27-2007 at 11:47 PM..
Reason: off topic
This entire thread was very amusing, and entertained me for some time. However I'm even more confused than I was before. Thanks.
Dont be confused,forget all this stuff. If you go for a mortgage and you get the rate that everyone is getting for whatever your situation is,and your closing costs are the correct % of loan amount for your area that is all you need to care about. The rest is just numbers and where people put them.
Is it just me or does it seem like everyone thats against Pimpys idea is a realtor, real estate agent, broker or such, who stand to lose money if people actually listened to people like Pimpy?
Is it just me or does it seem like everyone thats against Pimpys idea is a realtor, real estate agent, broker or such, who stand to lose money if people actually listened to people like Pimpy?
Some yes, but not everyone. I'm sure you noticed the aggressive nature of the post, ie. flip them the bird... It could have been antagonistic on purpose, or maybe it's just simply how he expresses himself. In any case, a post like that is bound to generate a response. It's quite common throughout any forum for people who have experience in a business to respond, and more so if they don't believe the information to be true.They would also post if they feel the original information was biased and didn't give all pertinent information. They could also be crooks or have very poor experience themselves, yet believe it to be true.
I can't see anyone with any level of intelligence making an assumption that a thread in a forum would have any impact on their income whatsoever. To answer your question indirectly, yes I'm sure people in the business would be concerned if everyone listened to Pimpy. There are crooks out there, but the majority of people are honest. I think it's best left to capitalism, and the competitive market to determine what is fair.
It really comes down to how the reader views the thread. It's all really perception. A person creating a post could feel it's completely unbiased, but it could be viewed completely the opposite.
My main rebuttal in this thread is the lack of overall information. It's not a good plan to try and give people information you're really not qualified to give. Who would you be more likely to listen to when it comes to income tax advice? The guy who works a 40 hour week, and has filed his own tax return, which of course gives him his own experience of which to base his opinions... or would you listen to a trained CPA? Sure, the CPA could be out to rob you... those people exist in every business.
My beef is that it's not fair to others to post information they may actually pay attention to when it's dealing with 100's of thousands of dollars.
Is it just me or does it seem like everyone thats against Pimpys idea is a realtor, real estate agent, broker or such, who stand to lose money if people actually listened to people like Pimpy?
Not to attack you but did you ever think that all those people against pimpy know what they are talking about? They are in the business. Realtors will not lose money where ever someone gets a loan , as long as the house sells they get paid. And if any broker or such is worried about losing money through this forum he is in big trouble. The problem with guys like pimpy is they think they know it all but in reality they dont, so they could actually be hurting someone with this advise. I am a broker and I could care less where people here go I am not advertising, I never said call or pm me, I actually try to help people. I know that mite be hard to believe in this day and age but it is what it is. If know one wants to listen that is there choice but dont ever imply that I or anyone else here are giving info that will hurt someone just to make a buck.
With that I leave you, peace.
Is it just me or does it seem like everyone thats against Pimpys idea is a realtor, real estate agent, broker or such, who stand to lose money if people actually listened to people like Pimpy?
Check out our other posts and I am sure you will see that we give sound straight forward advice and direction.
Or, you could take Pimpy's (name alone should scare you off) advice and have a very difficult time in securing a good loan.
I'm glad that we don't have this issue up here in CANADA..... or do we?
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Wow
This entire thread was very amusing, and entertained me for some time. However I'm even more confused than I was before. Thanks.
