We talked in a recent video about the difference between Big Banks and your local, friendly Mortgage Broker. These Big Banks are going to ramp up their marketing efforts to retain you as clients as the HARP Revisions take place March 17th.
Here are a few things for you to be prepared for as they solicit you or if you call them:
- On-Hold Time can be excruciating – One of our clients waited over an hour
- Interest Rates with the Banks are substantially higher than what we are offering
- Big Banks claim with them, “The Process will be EASY“
Moral of the story is that there are only a few scenarios where your current mortgage company may be the right choice. Give us a call or forward this to others you know are interested in refinancing. We can get you answers accurately and quickly.
Posts tagged MORTGAGE BROKER
Big Banks VS Mortgage Brokers 2
Big Banks VS Mortgage Brokers
We have got a lot of calls recently from customers trying to get a lower rate through the banks they pay their mortgage to, and frustration is setting in. We find that most people call their current lender first because they do not know who else to call. Then they get the idea that they deserve special treatment as a result of their established payment history, thus making the process quick and painless.
Their current lender also piles it on, implying that because they have their current mortgage, the entire process will be easy. They claim there is limited documentation and the appraisal will not be required.
But this simply is not the case. Maybe this was true back when the Big Banks kept the mortgages on their books, but now everyone sells them to Fannie Mae or Freddie Mac so we all play by the same rules.
The striking part is the gap between our rates and the big banks has never been greater. Simply put, the banks are charging higher rates simply because they can.
Eventually, there is some point in the process that expectations set by their current lender to not get met and the troubles begin.
Most people are calling us because past clients have done a wonderful job in referring and we greatly appreciate that. You will continue to hear these stories from friends and family because the rates are so low. So call us to get the truth quickly as it could take forever with your current mortgage company. We are here to help!
Michigan Realtor Survey Reaction
TAKE SURVEY NOW
We recently conducted a survey for realtors that focused on the current real estate conditions here in Michigan. Here are some of our findings:
- 44% of Realtors believe consumer confidence is the biggest challenge Real Estate professionals face here in Michigan.
- 44% also state that it takes 3 offers before their buyers get an offer accepted.
- The Majority of Realtors reported that 50% of their business this year are Buyers.
- Pre-Qualification was stated 50% of the time as the most important time to speak with a Lender.
While those responses were in line with our expectations, the following results brought one word to mind… REALLY?
- The #1 Reason offers do not get accepted is multiple offers or competition – Our recent experiences seem to indicate the appraisal to be a more common issue.
- Nearly half of all Realtors surveyed responded that they refer ONLY 1 out of 4 clients to a Lender – If realtors are only referring 25% of their clientele to a Lender, does that imply the other 75% start the process pre-qualified?
- Realtors stated the most important benefit of referring a mortgage lender is to receive Truthful status updates during the process – We would have thought knowing your client is truly qualified for the homes they are being shown would be most important.
- Only 25% of Realtors state they participate in a conference call with their buyer and the lender – We are curious if it is 25% actually have the opportunity to participated in conference calls or the majority of Realtors see no benefit in such communication.
If you disagree with our findings or believe this to be an inaccurate representation of your experiences, please take the opportunity to take our survey by clicking the TAKE SURVEY NOW link below the video. You can also see more detailed results of the survey HERE.
***Your feedback is priceless to us as it helps our staff stay focused on the items that matter most to you: the Realtor, and most important, our referral partners.***
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