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Old 03-27-2009, 02:55 PM
 
Location: anywhere
1,730 posts, read 4,304,118 times
Reputation: 1867

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Quote:
Originally Posted by ufcrules1 View Post
This is the email this mortgage broker just sent me. Wow.. I didn't realize GFE'S took that long.


"I am sorry but I don’t have the time for a formal GFE right now. Rates are out and outstanding. I can give you 4.65% with no points and 4.375% with one. Total lending charges, section 800 of the GFE will be about $1000, the rest is all title related and will be the same with anyone. Let me know if you would like to proceed?

If that is the sort of email you are getting from your broker you need a new one. First of all if he can't find ten minutes to prepare a few gfe's for you to look at and compare then he is either incompetent, lazy, lying or all of the above. My advice would be a letter to him saying " I am sorry but I do not have time for a lazy broker right now. When you can take ten minutes to concentrate on my loan I will consider staying with your company. If you cannot, than let me know how you would like to proceed."

I am sorry but nothing bugs me more than lazy mortgage brokers. Right now business is so tight he should be kissing your ass and bending over backwards to make you happy.
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Old 03-27-2009, 06:48 PM
 
Location: Castle Hills
1,133 posts, read 2,422,747 times
Reputation: 611
This guy I'm dealing with is not the best broker but he is providing an outstanding rate, so I will put up with him. He just locked in the rate at 4.375 for 30 year fixed with one point. It's a 60 day lock too. The APR is 4.52... does that sound high for the APR? Mortgage lenders please chime in....
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Old 03-27-2009, 08:50 PM
 
Location: San Jose (Willow Glen)
180 posts, read 653,222 times
Reputation: 96
Quote:
Originally Posted by ufcrules1 View Post
This guy I'm dealing with is not the best broker but he is providing an outstanding rate, so I will put up with him. He just locked in the rate at 4.375 for 30 year fixed with one point. It's a 60 day lock too. The APR is 4.52... does that sound high for the APR? Mortgage lenders please chime in....
Get a copy of that rate lock.

That rate is really good. My best lender today at 4.375% is charging me .45%, so he's working for .55% plus the $1k in fees. That's about $2,300.

We shall see if he is able to close it or not though. Good luck.
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Old 03-27-2009, 08:51 PM
 
Location: San Jose (Willow Glen)
180 posts, read 653,222 times
Reputation: 96
Quote:
Originally Posted by Kathleen1971 View Post
If that is the sort of email you are getting from your broker you need a new one. First of all if he can't find ten minutes to prepare a few gfe's for you to look at and compare then he is either incompetent, lazy, lying or all of the above. My advice would be a letter to him saying " I am sorry but I do not have time for a lazy broker right now. When you can take ten minutes to concentrate on my loan I will consider staying with your company. If you cannot, than let me know how you would like to proceed."

I am sorry but nothing bugs me more than lazy mortgage brokers. Right now business is so tight he should be kissing your ass and bending over backwards to make you happy.
totally agreed.
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Old 03-28-2009, 10:15 AM
 
Location: San Jose (Willow Glen)
180 posts, read 653,222 times
Reputation: 96
"once should be careful not to confuse high pressure salesmanship with a sense of urgency. Because the market is so volatile right now, if you are working with someone who you have a pretty good professional relationship with and they inform you that rates are really good right now but have a chance of moving upwards over the next couple of days (they should be able to explain to you why they feel this way based on analysis they have done on technical data, hunches don't cut it) then by creating a sense of urgency they may actually be looking out for your best interests. "

I completely agree with this, but that level of trust has to be built or earned through reputation (referrals, etc..).

I don't know, the guy just had a d-bag vibe to the email.
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Old 03-28-2009, 11:38 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,400,493 times
Reputation: 958
Quote:
Originally Posted by AndrewSoss View Post
"once should be careful not to confuse high pressure salesmanship with a sense of urgency. Because the market is so volatile right now, if you are working with someone who you have a pretty good professional relationship with and they inform you that rates are really good right now but have a chance of moving upwards over the next couple of days (they should be able to explain to you why they feel this way based on analysis they have done on technical data, hunches don't cut it) then by creating a sense of urgency they may actually be looking out for your best interests. "

I completely agree with this, but that level of trust has to be built or earned through reputation (referrals, etc..).

I don't know, the guy just had a d-bag vibe to the email.
I know, and I'm not disagreeing with you. For an LO to just say "Rates are low right now but it's not going to last" without backing it up with any type of explanation of why he feels that way, coupled with the fact that he won't even put a GFE together, is very d-baggy. Just wanted to point out that not all that seems high pressure actually is.
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Old 03-28-2009, 03:56 PM
 
Location: Castle Hills
1,133 posts, read 2,422,747 times
Reputation: 611
Look, the guy is garbage but his fees are low and his rate is 4.375 compared to 4.625 from another company I tried. Nobody is touching this guys rate.

The bank he locked the rate in with is Fifth 3rd bank out of Ohio and I have a copy of the rate lock. It's a 60 day lock as well.
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Old 03-29-2009, 08:19 PM
 
Location: San Jose (Willow Glen)
180 posts, read 653,222 times
Reputation: 96
Quote:
Originally Posted by ufcrules1 View Post
Look, the guy is garbage but his fees are low and his rate is 4.375 compared to 4.625 from another company I tried. Nobody is touching this guys rate.

The bank he locked the rate in with is Fifth 3rd bank out of Ohio and I have a copy of the rate lock. It's a 60 day lock as well.
Best of luck to you...that's a really good rate.
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Old 03-30-2009, 07:41 AM
 
Location: Castle Hills
1,133 posts, read 2,422,747 times
Reputation: 611
Quote:
Originally Posted by AndrewSoss View Post
Best of luck to you...that's a really good rate.
Thanks Andrew. I'm crossing my fingers everything goes smoothly too. I have a copy of the rate lock.
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