“Shopping for a rate is exactly what gets you into this mess.
Until you know what you actually qualify for, you will be fooled by the best liar.”
Have to say that I am in total agreement on this. A person can tell uyou anything you want to hear. Rate is 5% on 30 year fixed are we “closing in the next hour”. No. Okay then we will ahve to see where the creditmarkets are at on that day.
I remember when I worked in Fleet sales that there would be a number of Manufacturers rebates that came up after I ahd signed orders. At that point I had a decision to make I could call the client and inform them of the good luck or pocket the difference.
I had the luxury of working for a company that was focused on the customer so I didn’t catch heat for calling my customer and making them aware of the reduction. I knew that over the long haul that would realize my intention was to build and long and last relationship. If they didn’t recognise my value then I wanted to drop their busienss.
I would think that the mortgage business will present similar oppotunities for a mortgage professional. Many will pocket the difference. The better ones who seek long term business and referrals will inform the borrower and will still make a good living for themselves with repeat business.
