Mortgage Tips, Tricks & Secrets

In My Mortgage Opinion:

I just read an article over at one of my favorite blogs: (WeeklyDig)

My comment below can probably be understood without reading the article, so read on and then go check out the WeeklyDig article if you need to get the point.

 === Here’s what I said ===

The Boston Herald comment about “no one held a gun to the heads of those people now crying the blues … They loved the no documentation requirement to receive a mortgage. They should have paid attention better in high school. They signed on the line and it is no ones fault but their own” — is more true than you know.

As an ex mortgage exec I know first hand that borrowers call brokers with one thing in mind (just one) - and it’s the lowest interest rate. << Period.

Mrs. Redrick I’m sure was no different. (She) Wanted a cash out refinance and figured the lowest rate was the best way to go.

Do you think she forced the broker to give her a 1 year ARM by shopping his original loan quote to death? [sure as hell shootin she did partner]

She probably called him 8 times saying she was getting a lower rate from another broker.

If he (the broker) wanted to make any money he HAD to give her the lowest no closing cost refinance loan rate or lose her business.

Well she got it and the wholesale lenders provided the product to do so.

The mortgage broker gives the borrower what they want, and risks losing business if he tries to give the borrower (or educate the borrower) on what they need. (read that again).

It’s a classic example of “Stupid Home Owner” syndrome. Let’s get educated people.

Here’s how to get started on a Refinance Plan.

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[tag]no closing cost refinance loan[/tag]
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the best refinance plan

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