No. of Recommendations: 5
Hi Ali,

Countrywide is quoting me much better rates than we were hearing from our mortgage broker, and they're also making the process a lot easier for us. I called my loan officer and very politely let him know that I want to see his most competitive rates tomorrow. He knows that if he can't meet or beat them, that I will go with Countrywide.

I won't defend your loan officer, BUT remember what value rate quotes have prior to your being able to lock;

Zero, Zilch, and None!

As long as you choose based on verbal quotes, you're most likely to be choosing the best liar.

What you'll actually end in rates and terms up with will depend on the integrity factors of who you deal with.

I do feel bad, as he's worked with us a lot and in the end has come around to doing a pretty decent job (I wasn't thrilled with him at first, but he's gotten better)... but I still want us to get the best rates. No matter what I will write him a letter to thank him for working with us... possibly even send him a gift of some sort... (I know he really wouldn't care about that, but it's the least we could do) but then there is a part of me that wants to just go with him because he does work well with our agent, and I've heard all the fuss people like TrudyPhool have gone through with Countrywide not closing on time.

I was the one with the privilege of dealing with TrudyPhool's Countrywide mess, and I can tell you they are a hit-and-miss problem... with the negative only happening maybe 10% of the time (but NEVER when there's no time concerns, like an easy refi... go figure.)

If you really appreciate your loan officer's work and how he's serviced you, let him know what you're being quoted by CW, and go with him right up to the time to lock. You *DO* deserve the best you can get, BUT I would bet he can (and will want to) be the one to give that best rate to you. It's funny how, when it comes time to lock, a lot of those incredible verbal quotes get hemming and hawing from the quoters... they're counting on you to come in beyond the point of no return.

You'll want to get your title work and appraisal done prior to getting submitted to underwriting, and you'll want to get through final underwriting before you lock, *IF* you want the best rates and terms... so count on the up front costs.

IF you decide, at the point of lock, that you want to change ships, you'll probably have an appraisal and title re-type fee to put under the license nember of the new originator... so count on that being around $150... but that wouldn't matter if the rate and terms are truly better on the other side. You could even negotiate the other side to pay them in order to have you switch, if that's what you end up wanting to do.

My bet, however, is your broker will end up being your hero. I could be wrong, but I doubt it... let's watch and see?!?!?!!

but I feel bad for having used someone's services and in the end not going with him just because the rates he's quoted me so far... and the fees... are nowhere near what Countrywide says they can do. Our real estate set us up with this guy, but he agrees that we should go with whoever will give us the lowest rates and best terms. He's used Countrywide for his own mortgage, and we have a friend who has, and they've both been happy with them.

Just remember that talk is cheap, and rate quotes prior to lock are liar's poker.

Have you checked client references of the CW loan officer?

Another plus is that Countrywide won't sell our loan, while our mortgage broker definitely will.

Wrong! Wanna know how fast CW will sell your loan to Fannie Mae? You're head'll spin! Did the CW rep tell you they wouldn't? Big BIG red flag... ALL A-paper loans are immediately sold to the secondary markets, or else the lenders are bankrupt... period.

If your loan will NOT be sold, that tells me your actually in the subprime range... in which case I would virtually GUARANTEE your broker will prevail, because CW simply isn't a great subprime lender (in my opinion.)

Thanks for listening. I'll see how this all turns out tomorrow when I get the latest rates from our broker. I don't want to do wrong by him... I want to be straight with him... but I also want us to get the best deal possible.

You don't have to lose anything in benefits in the process... just let him know what to match or beat when your ready to lock. That's the most any competitive broker could ever ask. I would never ask a borrower to pay me more than they could lock somewhere else... because of this I've had many borrowers take the other offer, and end up disappointed with their results and end up sending ME all their referrals (when they didn't even use ME for their deal!!!)

Sure, *I* could play that liars' poker, but it's a loser's game. Better to try to explain why not to play, and only have the high integrity clients choose me.

Maybe I'm reading to much valor into your broker-guy... but if he came from trusted references, and he's taken care of you, give him last shot when it counts... at time of lock.

Dave Donhoff
Loan Locker
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