Estimated Interest Rate Seem to Good to Be True? It Just Might Be.

I encourage people to avoid focusing on a lender’s estimate of the interest rate their note will bear. This is because the quoted rate means essentially nothing whatsoever until after it has been locked. Until then, some lenders can (and will) quote people just about anything to get them under their spell.

I also believe it is important for borrowers to work with a lender that is local, available and licensed, in addition to having the time and patience to walk the customer through every step of the process.

In our case, we like to under-promise and over-perform. In the final analysis, if all another lender has to offer is a small break on fees, and the promise of a lower rate, borrowers can only hope that lender will deliver at closing, and all too often it doesn’t happen.

We want as much business as we can get, but we can’t and won’t go about getting it like other lenders do. We have to go about it the right way.