I’ve held this opinion for a long time, and if anything, it’s become more relevant: I don’t think it’s in a buyer’s best interest to use the same person to originate their mortgage and sell them their home. With the rise of mega real estate teams offering “one-stop” service — agent, lender, sometimes even title — this dual-role setup has only become more common since I first wrote about it. My opinion hasn’t changed. [Read more…]
Mortgage Originators Should Originate Mortgages — Not Sell Real Estate Too
January 5, 2011 by 2 Comments
Picking your next mortgage by rate shopping? You might as well be playing Liar’s Poker.
October 23, 2007 by 8 Comments
Rate shopping to select who will be assisting you with your next mortgage is similar to playing “liars poker”. The Loan Originator who is the most successful at bluffing wins. The fact is, unless you’re locking in the rate at the moment you’re shopping, you don’t have that rate. It’s a rate quote–that’s all. Mortgage rates change throughout the day. They are based on mortgage-backed securities: bonds. Some lenders I work with offer “live pricing” and others issue rate sheets; sometimes we can have several rate sheets offered by a lender during one day.
