the thing about private lenders is that you need to do your due diligence before signing up with them.
i love meeting clients who have mortgages at these private lenders. they always want to GTFO because of various reasons. Some of the things i've heard are :
-requesting a mortgage statement costs money
-renewing your money costs money
-hidden fee's left and right
-hard to get help with just a telephone vs. physical branches of big 5 banks
Quote:
Originally Posted by dhari
I work at one of the big 5 as a mortgage advisor. We have the ability to undercut those brokers. If you can, get them to play against each other.
|
yea big 5 do have the ability to undercut, but do you really want to...? it sets a bad precedent for future business. you help 1 client match a private lender rate, and then any future dealings with the client / referrals they're going to use the same tactic, and if you don't match... it leaves a bad taste
i always tell them our rates are higher for a reason. you get what you pay for.