May 31 2007
Being a Mortgage Professional means always providing sound mortgage advice
We received a telephone inquiry from a prospective client in the Tampa Bay area about an hour ago. I took the call and apparently this client wanted to refinance his 30Yr fixed rate VA home loan of 5.50% to consolidate his small 2nd mortgage and consumer debts. He had been with a mortgage company for over 3 weeks as they dragged out the approval process.
Fortunately for this client, he found BeechTree Mortgage and was going to get some sound advice. I asked the homeowners why would he give up his already low rate of 5.5% (rates are higher today), roll-in the VA Funding Fee, and roll in closing costs and a new escrow account? He should consider a small simple 30Yr fixed rate 2nd mortgage.
He asked me why the other mortgage loan officer didn’t offer that as an option. Well, it’s either because the Loan Officer isn’t experienced enough to show other options available or simply wants to earn more. Obviously there is less profit on an extremely smaller 2nd mortgage. In both scenarios the homeowner’s best interest is put aside.
But who are we representing in this thinning mortgage industry? It’s the people who entrust us to provide the best sound advice we have to offer as Mortgage Professionals. If the person you are talking to isn’t asking enough questions to get a bigger picture of where you, the homeowner, are and what you plan to accomplish ; then hang up and keep looking. We are out here and eager to help. For mortgage advice, call anytime and ask for Stephen Thaggard or visit our web site at www.beechtreemortgage.com.