As you may have been reading by this time, rates have really shot up in the last three weeks. And they shot up fast.
We just got a referral from a affiliate of ours. The gentlemen called to ask us to watch rates because he was refinancing his house with another Broker. Well, come to find out, that when he got to closing the Broker had not locked his rate and tried to slide past the gentlemen a .5% higher rate. We never cease to be amazed at how other lenders treat people.
We, admittedly, had a similar situation in that we had a borrowers lock expire and were not able to get it extended before rates went absolutely bazzerk on us. But here is the difference, that borrower of ours still to this day has no clue that we went from making money to owing the lender money. We literally paid to do that loan for them. But our borrower is thrilled because the process, in her eyes, was perfect. She will refer us the rest of her life. That is all we care about. We would so much rather pay to do a loan and have our borrowers rave about us than the alternative. We are not perfect, and would never claim to be. But a major difference is, when things to go wrong (whether we have control over it or not) how do we handle it? Is it in our best interest or yours? We can tell you this, we will always do whatever we can possibly do for the best interest of you. That is what makes us Premier.
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