Stories of the week from a mortgage professional…

From the desk of Bryan…

This week was exceptional.

The first scenario was a client who inadvertently entered his contact information into a lead capture form on LendingTree.  After blowing up his email inbox and cell phone, he capitulated and answered one of the calls.  Long story short, he gets through the refinance process and was literally sitting with the closing package in his hands when he called me.  After our conversation I showed him how we would save him $6,200 in fees that the online lender was going to charge, which the client did not fully understand.  We also helped him understand the best strategy for his specific situation which resulted in additional monthly savings of $172 on top of the reduced fees.  Great win for that client – good thing he didn’t sign those docs!

The second scenario was a lot less fortunate.  This client was referred to us too late in their process.  They decided to base their decision on the lowest fee lender and interest rate which, ironically enough, was an online lender as well.  Unfortunately for this client, they had a non-refundable $5,000 earnest money deposit waived by their attorney after receiving a mortgage commitment from the lender.  The mortgage commitment was received after three (yes three!) extensions.

After scheduling the closing the lender asked for an additional extension due to their fees being so out of whack that they had to wait an additional three business days before they could close (thank you financial reform act of 2009).  Well, the seller’s said forget it, cancelled the deal, will not rescind their earnest money, and accepted their only back-up offer still waiting in the background.

Moral of the story – local market professionals can save them a lot of unnecessary stress, not to mention a lot of money!

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