Mortgage shopping

[1stTimeCaller]

I told the local place today that I was going with Countywide. Countrywide beat them by about 1.5% on the APR and the closing cost difference was negligible.

The mortgage broker lady said that if I brought in Countrywide's good faith estimate she could beat it.

I don't do business that way. That's not right. I told her that I would call her on Monday. I'm not going to tell her what Countrywide's numbers are, I just want to know what the best deal she can give me is.

[Newbomb Turk]

The mortgage broker lady said that if I brought in Countrywide's good faith estimate she could beat it.


:hot:

[usmc-sooner]

I told the local place today that I was going with Countywide. Countrywide beat them by about 1.5% on the APR and the closing cost difference was negligible.

The mortgage broker lady said that if I brought in Countrywide's good faith estimate she could beat it.

I don't do business that way. That's not right. I told her that I would call her on Monday. I'm not going to tell her what Countrywide's numbers are, I just want to know what the best deal she can give me is.

call USAA

[olevetonahill]

Let the lady BEAT it , ya dumas .
Make sure its Fixed tho .

[Rogue]

I don't do business that way. That's not right. I told her that I would call her on Monday. I'm not going to tell her what Countrywide's numbers are, I just want to know what the best deal she can give me is.

It is business. Do you think she'd do the same for you if it was her money?

[olevetonahill]

It is business. Do you think she'd do the same for you if it was her money?
I think hes saying hes to stoopid to try to save money ?:confused:

[1stTimeCaller]

She already tried once and didn't beat them. When I was in her office she said that was the best she could do.

What's changed? She's already lied to me/tried to gouge me once.

Why should I let her see the number she needs to beat so she just barely gets under it when if I make her try really hard she may beat them by .25% or better?

I just don't think it's ethical to show one company another company's numbers.

[Rogue]

I just don't think it's ethical to show one company another company's numbers.

How about this...since the company can change the numbers and the interest rate they are willing to use, but you are the one that is stuck with them for 15, 30, or 60 (if I remember correctly in your case it's 60) years, they are definitely YOUR numbers! And if you don't let her know what to beat, you and your self-imposed ethics may cost yourself some serious jack in the long run.

Why do you hate local small businesses?

[1stTimeCaller]

It's actually a 65 year mortgage but who's counting.

Aren't all ethics self-imposed?

I know for a fact that she will most likely sell my mortgage to Countrywide so why not cut out the middleman?

[OUHOMER]

doesnt matter who they sell it oo, as long as its the cheapest rates. Have your ever bought a car from a dealership with ethics

[JohnnyMack]

I'm a mortgage/insurance whore. To me it's about the bottom line.

[olevetonahill]

A 65 year mortgage HAVE YOU LOST YOUR MOTHER****ING MIND ?
go for 15 and a fixed rate .

[Vaevictis]

A 65 year mortgage HAVE YOU LOST YOUR MOTHER****ING MIND ?
go for 15 and a fixed rate .

Heh, yeah, no kidding. If you're going 65 years, you might as well just rent.

[olevetonahill]

Heh, yeah, no kidding. If you're going 65 years, you might as well just rent.
What I was thinking .

[OUHOMER]

how can they possibly do 65 years? I dont get it. i assume the thought would be for flipping a house in a few short years. but if the market goes down, you would be screwed

[RacerX]

I'm thinking he's pulling your collective legs.

[Frozen Sooner]

She already tried once and didn't beat them. When I was in her office she said that was the best she could do.

What's changed? She's already lied to me/tried to gouge me once.

Why should I let her see the number she needs to beat so she just barely gets under it when if I make her try really hard she may beat them by .25% or better?

I just don't think it's ethical to show one company another company's numbers.

I can give you a couple of reasons why not only is it not unethical for you to do this but that she wasn't trying to gouge you at first.

1. The GFE is provided to you specifically so you CAN shop around on your mortgage. It's supposed to make comparison of the numbers easier for the consumer.

2. Mortgage companies totally expect you to shop around. Trust me-having worked in a commission-based field, I expected my customers to shop around a bit if I hadn't signed their business yet. If you feel like you need to be extra scrupulous, tell your person at Countrywide that you're going to give the local person one more shot-they'll probably tell you to bring the local person's best offer in and they'll try to beat it.

3. It may very well be the case that the best offer the local person could give you at the time was what was initially presented. If you show her the Countrywide deal, she may be able to beat up her underwriter or her office manager to eat some of their normal fees so they can book the deal-but only if you can show her proof that you're getting a better deal elsewhere.

[Jimminy Crimson]

Don't show her the offer just tell her to beat the offer until she gets way below them. If she wants your business, she'll take a loss. :D