Mortgage Shoppers: My Experience with a Pro! Part 2

This is Part 2 of a post continued from Cash is King!

Heading into a situation like this I knew I had to be on my game. I had to be open honest and prove I wasn’t hiding anything. (now I do this all the time but in this instance I had to be more intentional to relay that message)

He called me at 10am on Thursday before the holiday weekend (4th of July). He requested a Good Faith Estimate (GFE) for 3 different scenarios. He wanted No Points, 1 Point and 2 Points loans and the 30-year fixed interest rates that go along with them.

Easy enough, I did my homework and quoted him the best I found after looking at 6 lenders or so.

(Note: I am a broker so I work with about 20 different banks to get the best rate, term and broker service I can find for my clients)

I sent my Mortgage Shopper 3 different GFE’s for him to evaluate.

Didn’t think too much of it at this point because my take on price shopping is “I don’t compete for my loans!” For me it comes down to Service, advice and a comprehensive financial plan of attack! If you nickel and dime your lender you normally end up with a bad loan or bad service or both.

So my mindset was “Here you go and let me know what you think.”

Now it is important that you know the whole story, this gentleman had a specific period of time to close his loan and he disclosed to me his time line. I took it upon myself to provide him with my timeline to close his loan, something that no other lender did!

Timelines on purchases have become the HOT BUTTON for Realtors because they are normally dealing with financial institutions looking to move REO homes. (homes that have gone through foreclosure.)

THE KEY TO IT ALL: Knowing how important timelines were to both the client and the Realtor, disclosing that information up front not only set me apart from the other lenders he was talking to but the clients ability to communicate and his understanding of the loan product and process made it easy for Mr. Pro Mortgage Shopper to choose me to do his loan!

It is important to note that the client did in fact have better offers but in the end none of the other offers gave him a timeline to follow.

The client chose to buy down his rate with 2 points and we are able to close his loan in 10 business days from Monday!

Look for my next article: Shopping the Internet for the Best Mortgage Rates! You get just that, Rates!