You are right on the money. This might have well been coffee room chatter because both broker, and alex were wasting time. Without a credit check there is no way of knowing what type of loan program you were eligible for. Additionally why would you waste time even talking to a mortgage guy about a 1 million dollar home if you know in advance that this is not something you could afford. I tend to think buyers are better off taking a moment and spending 1 hour on the internet and going through a couple of realistic calculations on what might be affordable. From there it is fairly simple to ask about a couple of programs and a decent professional should be able to provide you with an idea as to whether something is feasible. Stupid questions like what are your interest rates or points or payments are fairly meaningless until a credit check is run. Anyone can tell you a best case scenario but it is credit and underwriting that will determine final eligibility. Anyone asking these type of premature questions are inviting unscroupulous practices and bait and switch tactics.
