The Lying Game

So yesterday we get a call from an individual who was referred by a past client. They were already working with another broker, but were encouraged to call us to double check what they were being told. This is a great borrower in every aspect.

The Lies:

• The other lenders rate quote was not that good. They said it was because their DTI was too high (lie #1) and their credit score was not high enough (lie #2). Plus, they were charging 1 point (1% of the loan amount).

The Truth:

• Your DTI does NOT have any affect at all on your interest rate.
• In this particular case, the borrowers credit score was actually helping their rate, not hurting it.

The Conclusion:

1. We were able to get her a rate that was .375% lower than the other broker, and do it with no points at all.
2. This borrower stated they thought they could trust this guy because he worked with people in their particular industry. Let us assure you of this, no matter who people work with they can still be a bunch of yahoos. Check them out! Ask for references; then call them.
3. Lenders will make up anything to get you to believe what they say. Why? Because they think you are a bunch of idiots and will not know any better. Unfortunately, it is often because you do not know where to turn to check what they are saying vs. reality.

This is why we are here...email us with any questions or scenarios you have. We will happily help educate you on your situation to ensure you are doing something that will actually be good for you, and not just screw you. As a referral based company, actually doing your loan is way down the line. If we take care of you, help you understand the process and point you in the best direction, then you will refer us whether or not we do your loan. There is no doubt, however, that our process is so far superior to others it really is not comparable. But advocating for you is our priority; your loan is secondary (nice, but still secondary).