Comments on: When Banks Compete, You Lose!! http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/ A repository for some of my writings Tue, 06 Jan 2009 23:51:27 +0000 http://wordpress.org/?v=2.0.5 by: Lois http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-710 Thu, 20 Sep 2007 12:30:40 +0000 http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-710 <strong>Lois...</strong> It is amazing what you come across by chance. I never knew your site existed before today. Its a great place, and I will be back. Bye for now.... Lois…

It is amazing what you come across by chance. I never knew your site existed before today. Its a great place, and I will be back. Bye for now….

]]> by: tomburri http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-269 Mon, 09 Jul 2007 21:14:41 +0000 http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-269 Rhonda, I would be glad to guarantee my fees. The only time I am a little off is when I get surprised by an expensive recording fee or something like that(beyond my control). Thanks for the comment..... and thanks for stopping by Rhonda, I would be glad to guarantee my fees. The only time I am a little off is when I get surprised by an expensive recording fee or something like that(beyond my control).

Thanks for the comment….. and thanks for stopping by

]]> by: Joe Buyer and the Lending Treehouse of Horrors: Part 2 | Rain City Guide | A Seattle Real Estate Blog... http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-268 Mon, 09 Jul 2007 21:08:40 +0000 http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-268 [...] The moral of this story is selecting a mortgage by shopping rates alone can be one of the most expensive (emotionally and financially) mistakes you can make.    It is so important to work with a Mortgage Professional who knows what they’re doing and cares about building long term relationships with their clients vs. a transactional LO, dependent on leads, who is just looking to close their next deal. [...] […] The moral of this story is selecting a mortgage by shopping rates alone can be one of the most expensive (emotionally and financially) mistakes you can make.    It is so important to work with a Mortgage Professional who knows what they’re doing and cares about building long term relationships with their clients vs. a transactional LO, dependent on leads, who is just looking to close their next deal. […]

]]> by: Rhonda Porter http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-267 Mon, 09 Jul 2007 21:03:54 +0000 http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-267 A borrower could always ask their LO to guarantee their closing costs as shown on the GFE. And, they should bring a copy of their GFE with them to their signing appointment to compare to the HUD. A borrower could always ask their LO to guarantee their closing costs as shown on the GFE. And, they should bring a copy of their GFE with them to their signing appointment to compare to the HUD.

]]> by: tomburri http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-75 Sun, 13 May 2007 15:37:36 +0000 http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-75 My point is that you should compare the 800's fees because the broker/lender doesn't control the third party fees. Which you should not give any weight. You just made my point for me.....   My point is that you should compare the 800’s fees because the broker/lender doesn’t control the third party fees. Which you should not give any weight.
You just made my point for me…..

 

]]> by: Gollum http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-73 Sun, 13 May 2007 10:18:26 +0000 http://www.dallasloanguy.com/wordpress/when-banks-compete-you-lose/#comment-73 With reference to your statement: "Compare the ‘Good Faith Estimate’(GFE) for rates and fees. Pay particular to the fees numbered in the 800’s. The other fees are charged by third parties and the lender does not control these costs. Don’t get suckered into a loan with low third party fees to only get surprised later." My comment is that the non-third party fees contained in the GFE can be changed later, even at the closing table. Accordingly, to the extent a prospective mortgagor follows your advice and compares the non-third party fees contained in the GFE (and presumably chooses the broker/banker with the lowest GFE) he or she may end up paying more than if he had gone with one of the higher quotes. The problem is that the most unethical mortgage broker low balls his GFE by the greatest amount. With reference to your statement:

“Compare the ‘Good Faith Estimate’(GFE) for rates and fees. Pay particular to the fees numbered in the 800’s. The other fees are charged by third parties and the lender does not control these costs. Don’t get suckered into a loan with low third party fees to only get surprised later.”

My comment is that the non-third party fees contained in the GFE can be changed later, even at the closing table.

Accordingly, to the extent a prospective mortgagor follows your advice and compares the non-third party fees contained in the GFE (and presumably chooses the broker/banker with the lowest GFE) he or she may end up paying more than if he had gone with one of the higher quotes.

The problem is that the most unethical mortgage broker low balls his GFE by the greatest amount.

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