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Hiring 2 or 3 Mortgage Brokers to compete

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Vegas247
Established Contributor

Re: Hiring 2 or 3 Mortgage Brokers to compete


@DallasLoanGuy wrote:

How are you going to explain the inquiries?

 

1. it is a scumbag thing to do to a loan officer

2. the 2nd and/or 3rd guy isnt going to compete anyway unless you commit fraud and lie about the other credit pulls

 

 


Lol DallasLoanGuy, you sound bitter. It was a question because i wanted to know how to get the best deal. Using the word scumbag sounds to me like people have and done this to you and you don't like it because just like a car shopper goes to another car dealership to check if they can beat a price the 1st dealership quoted on the exact same new car, the car salesman gets mad and doesn't liked to be shopped. I thank the others members though for letting me know mortgage brokers cost more in general, because they basically are a middle man.

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Message 11 of 14
Lemmus
Established Contributor

Re: Hiring 2 or 3 Mortgage Brokers to compete


@DallasLoanGuy wrote:

How are you going to explain the inquiries?

 

1. it is a scumbag thing to do to a loan officer

2. the 2nd and/or 3rd guy isnt going to compete anyway unless you commit fraud and lie about the other credit pulls

 

 


...you're certainly entitled to your point of view DLG but imnsho, you're a bit more than biased and ...bottom line ...simply wrong.

 

...mortgage lenders are competitors whether they like it or not ...some actually compete for the buyer's business, others apparently expect manna from heaven ...I've dealt with examples of each in my current home hunt ...some actually know what they're doing, some are incompetent (imnsho), some just paper pushers working quantity over quality

 

...I've dealt with 4 different lenders during the past 3 months ...three still have current approvals open for a loan ...and each was told up front that I was working with other lenders and what it would take to win my business ...no lies and certainly no fraud (on my part at least) ...if that makes me a scumbag in your eyes, que sera, sera ...its my money

 

...last time I bought a home I was the sucker ...I got locked into a "scumbag" Chase LO and never went elsewhere because I simply didn't kow enough to do so ...he lied to me so many times it was ridiculous ...and bottom line, I got the shaft from him ...that was many years ago but he burnt me so bad it still rankles 

 

...if a mortgage lender doesn't want my business they can simply refuse it (no one has so far) ...or they can offer high fees and/or non-competitive rates (there are huge differences) ...or they can demonstrate they don't know what they're doing  ...or they can be slower than molasses in winter in responding to my questions ...or they can do what most other successful businessmen do ...earn my business.

 

..."explain" the inquiries? ...to whom? ...the LOs? ...they already know I'm working with other lenders and will use only one of them to close ...what is there to "explain" other than its a mortgage loan inquiry? 

 

...why would you think I'm a scumbag for expecting you to compete for my business? ...every other successful business does, why not you? 


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Message 12 of 14
Lemmus
Established Contributor

Re: Hiring 2 or 3 Mortgage Brokers to compete

...I almost never disagree with SO10 in this forum (because she's usually rightSmiley LOL) but this is one instance where I think she has over generalised 

 

...I don't believe its always (or even usually) true that mortgage brokers "cost more in general" ...my experience is just the opposite ...they have a large number of resources to match with your needs ...if best rates/lowest fees are your bottom line, they can get you there in most cases ...if you have "special needs" (and most do) they can find a match for you ...if you want best service or closing costs help, they can usually find a fit ...yes, they are "middle" men but thats often exactly what a buyer really needs

 

...my only real con with mortgage brokers is that they don't hold/service your loan after closing ...weigh that against the pros mentioned above and decide what works best for you ...mortgage brokers exist to fill a real need in the market, in many cases they can offer the buyer the best loan for their specific needs ...hth


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Message 13 of 14
Vegas247
Established Contributor

Re: Hiring 2 or 3 Mortgage Brokers to compete


@Lemmus wrote:

@DallasLoanGuy wrote:

How are you going to explain the inquiries?

 

1. it is a scumbag thing to do to a loan officer

2. the 2nd and/or 3rd guy isnt going to compete anyway unless you commit fraud and lie about the other credit pulls

 

 


...you're certainly entitled to your point of view DLG but imnsho, you're a bit more than biased and ...bottom line ...simply wrong.

 

...mortgage lenders are competitors whether they like it or not ...some actually compete for the buyer's business, others apparently expect manna from heaven ...I've dealt with examples of each in my current home hunt ...some actually know what they're doing, some are incompetent (imnsho), some just paper pushers working quantity over quality

 

...I've dealt with 4 different lenders during the past 3 months ...three still have current approvals open for a loan ...and each was told up front that I was working with other lenders and what it would take to win my business ...no lies and certainly no fraud (on my part at least) ...if that makes me a scumbag in your eyes, que sera, sera ...its my money

 

...last time I bought a home I was the sucker ...I got locked into a "scumbag" Chase LO and never went elsewhere because I simply didn't kow enough to do so ...he lied to me so many times it was ridiculous ...and bottom line, I got the shaft from him ...that was many years ago but he burnt me so bad it still rankles 

 

...if a mortgage lender doesn't want my business they can simply refuse it (no one has so far) ...or they can offer high fees and/or non-competitive rates (there are huge differences) ...or they can demonstrate they don't know what they're doing  ...or they can be slower than molasses in winter in responding to my questions ...or they can do what most other successful businessmen do ...earn my business.

 

..."explain" the inquiries? ...to whom? ...the LOs? ...they already know I'm working with other lenders and will use only one of them to close ...what is there to "explain" other than its a mortgage loan inquiry? 

 

...why would you think I'm a scumbag for expecting you to compete for my business? ...every other successful business does, why not you? 


Well said Lemmus...........  "its my money"

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Message 14 of 14
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