Many of my clients often tell me that when it was time to refinance , they just assumed they should go with their existing servicer. They believe that since they are already with that lender they will receive special treatment and pricing, but that is not always the case. When you call your existing lender you are being channeled through their normal retail lending operation. Big lenders love this because so few companies actually service mortgages , so when a refinance boom comes in they have a leg up in getting the business. Their rates and costs are no different from any other lender and you will not receive special underwriting criteria. More than likely you will be put through their assembly line loan process which can take months to complete because these institutions are so large. So, what should you do?
It’s obvious, call me ! Whether your refinancing or purchasing I have the most competitive rates and costs in the market regardless of who your current lender is. I will give you better pricing, better service and you will actually get to work with someone who is knowledgeable and values your business. You are not just another cog in the corporate wheel. Usually big corporations price out it’s small competitors, but not in the mortgage industry. We small guys, usually have a price advantage because our small businesses are more streamlined and efficient.
Moral of the story, when you need a mortgage, shop around. Don’t just call your existing lender because they have a fancy term for a refinance , like the 123 program or the quick and easy. These are just marketing terms designed to give you a different perception than the actual reality of mortgage lending.
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