Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: What Does $800 Mean to You?

What Does $800 Mean to You?

Is $800 a lot of money to you?  What does $800 mean to you?

Let me back track.  As many of you know, I am in the process of obtaining a mortgage for a new home.  I have asked the builder's lender to match a deal I was given elsewhere as his initial quote was in left field.

He came back and said, "I matched the rate that you were receiving from your broker. My fees were less than $800 higher. I am not seeing how we are not being competitive."

Well, as you can imagine, that didn't go over too well with me.  Here is part of my response:

"You only matched the rate because I sent you 2 outside GFE's, but matching a rate means nothing when you're not matching the costs to obtain the rate.

... $800 is one month of daycare for my daughter.  $800 is 20 months of a swim membership in Austin.  $800 is a 12 YEAR swim membership at a local rec center in Dallas.  $800 is 4 months worth of electric bills, on average.  $800 is 473 gallons of gas which means I could fill my tank up 21 times.  That's a lot of back and forth to visiting my family in Dallas once we move to Austin.  $800 is the amount of all your "lender" fees combined, except the application fee.

How is $800 not that much?  In my book, $800 gets a lot of things paid for day to day.  It might not be that much to you, but we're responsible people who research where we spend our money, and not one of those people that just signs the bottom line because we're told to, without reading what is being put in front of us.  We're those people that you don't see on the local news being foreclosed on because they signed paperwork for a loan they can't afford.  $800 is a lot of money!"

Put into perspective, is $800 a lot of money to you?  How would you spend $800? $800 is also 5 months worth of groceries!!  That's almost half the year!!

As I said in my response to the lender, just because you match a rate, it makes no difference if you're not going to match the fees behind that rate.

Comment balloon 29 commentsDonna Harris • March 02 2009 02:52PM

Comments

I'm not sure what you are upset about.  Every lender can certainly "match" a rate, but the rate is only one facet of the lending process.  What are the closing costs that you, the buyer must absorb?  What is the likelihood that the loan is going to get sold and/or serviced to a third party?  What is the lender's reputation in actually coming to the closing table with money?  Does the lender allow you to use your attorney to represent the bank also at the closing?  If not, then you will pay several hundred dollars for this extra set of eyes going over the documents.

Also, some lenders are better than others at loan commitments.  I have seen numerous examples of the bank locking you in at one rate and approximately two days before closing - write to you to say that the underwriting department found a problem and the interest rate just increased to X%.  What are you to do?  Close at the higher rate and then try to refinance?  Or do you walk away and let the seller keep your earnest money?

Sounds to me like you are focused on the short term benefit, rather than the long term peace of mind.

Posted by Martin Kalisker, Professional Standards & Legal Assistant (Greater Boston Association of REALTORS) over 9 years ago

First let me say that $800 means a lot to me.  but...

Like the author of the above comment, I dont understand why you are so upset. You asked for competitive quotes and you got them. Now,  just choose the one that seems best to you. Be aware however, that the best price is not always the best value. 

Your rant begs the question....How often do you discount your commission when a potential client asks you to compete with the local discount brokerage.

Posted by Ron Parise (LocateHomes.com) over 9 years ago

Martin, I don't understand what you're not understanding.  I plainly said, "...matching a rate means nothing when you're not matching the costs to obtain the rate."  This means that the lender is charging higher fees for the same rate multiple other lenders are quoting.  And to reiterate, I'm talking "lender fees", not outside third party fees. 

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 9 years ago

Ron, No offense, but real estate services are completely different than mortgage rates.  Mortgage rates are published rates, and a mortgage person cannot say, "I'll give you this service for this rate and this service for that rate."  However, with my real estate services, I can do that.  If someone wants to ask me to stoop to the level of a "discount brokerage", I explain to them what services will no longer be part of my marketing.

Mortgage people cannot do that.  They cannot say, "I can't send you to underwriting if you want this rate."  Nor can they say, "I can't close your loan on time if you want this rate."  You're comparing apples to oranges.

I'll reiterate once again from the comment above, "...matching a rate means nothing when you're not matching the costs to obtain the rate." 

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 9 years ago

Hi Donna,

I would surely agree that $800 feels like much more these days with the economy the way it is...

Posted by Michael A. Caruso (Surterre Properties) over 9 years ago

I have to agree with Ron's comment "that the best price is not always the best value". This is so true on a multitude of levels. And yes, eight hundred dollars sounds great! 

Posted by Joanne Tarantino, CRS, Realtor (Berkshire Hathaway HomeServices Knight & Gardner Realty) over 9 years ago

Donna...  hhhhmmm  I will also have to agree with Ron's comment and Joanne agreeing with Ron. You stated this.... "Mortgage rates are published rates, and a mortgage person cannot say, "I'll give you this service for this rate and this service for that rate."

Okay, question... published by whom?  So many publish rates, from site to site. How can you tell which is publishing the correct rates? And as mentioned, you asked someone to match and they did the best they could. If they can't match to your satisfaction, then yes, why are you getting so upset about. Do you not have full trust and faith in who gave you the first GFE? Why break someone's _______ like that?  Just curious. Mortgages are not like real estate. But it still costs for my services and yes, I can put a price on my services. Why?  Because you will get excellent communication, education, professionalism, and no bait ans switch..

Lastly, when you push people to drop their costs, you are begging them to lie to you. Besides, rates change daily. So if I were to give you one GFE today, there is a 99% chance that it would change tomorrow. So question to you... are you going back to all parties daily, for new updates, every day?  And yes, the best price is not always the best value. I preach this often. I guess I am missing the whole point to this, because from reading this, it appears you aren't shopping correctly, yet you are demanding for matched costs. Again, these change daily. Maybe what they are giving you now is "the real" price than what was given to you last week, because rates have gotten worse 3 out of 5 days in the last week. Just my humble opinion of 16 years in the mortgage business.  PS... one last question. I thought you had 1 or 2 preferred lenders?   What happened to them?  Going to strangers for the best price is usually the worst mistake. I wrote about this...

Are you begging me to lie to you???

Jeff Belonger

Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) over 9 years ago

Back to the original question... What does $800 mean to you?  Its a lot of things.  car insurance for most of the year.  One round trip airline ticket to Hawaii with a couple of nights stay. A years pass to SeaWorld for the whole family of 6 plus ice cream.  $800 is not chump change to me or most other people.  I think fees should be questioned.  If one doesn't ask then when do you know if it is too much?

Posted by South Austin Real Estate Blog (Sky Realty South Austin) over 9 years ago

$800 yields me exactly 32 boxes of 25ct diapers from Sam's wharehouse.

$800 = 88.88 trips to Luby's if I order the same thing everytime!

My favorite wine 66.66 cases!

Whew!

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) over 9 years ago

hey Donna it also gives me X amount of leads from ... oh, never mind! ;)

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) over 9 years ago

Apparently I'm stuttering...

Michael, Yes, it does, but in every market, $800 is still a lot.

Joanne, Thank you.

Jeff, I'm not getting him to drop his costs. The lender fees are intact. He's trying to tell me that I have to pay so many points in order to get the rate that I know doesn't cost that many points.  Yes, I have "preferred lenders" and did you not see the part that says I gave this other lender both of those GFEs?  And do you really think I would not get the quotes on the same day.  I don't like how you always belittle people and throw your 16 years of "experience" into your answers when that means very little to educated people.  The BUILDER's lender is begging for my business, so what is wrong with asking him to match the rate and FEES of my preferred lenders? If they want my business that badly, they'll do it.  I don't need them to do my loan, but the builder rather them do it.  If it's to make themselves happy, they should gladly charge the same as my preferred lenders or the builder's lender will not get my business... 

Gail, THANK YOU for staying on topic!! A trip to Hawaii would be nice.  I have a voucher for hotel accomodations if you were planning a trip anytime soon.  That would get your costs down. Let me know!

Greg, Why are you getting the 25ct of diapers?  The huge boxes from diapers.com is so much cheaper.  They accept regular coupons, and you don't have to pay TAX or shipping!!  Taxes themselves add up a lot with 2 1/2 years in diapers per child!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 9 years ago

I wanna play... I do want to clarify one thing and can show you rate sheets to prove it.  NOT every lender offers the same rate for the same fees.  For example,  I can quote you a PAR rate from Countrywide (no discount and no yield spread) and it might be 5% and I can quote you another lender's PAR rate (no discount and no yield spread) and it might by 5.125%

There is very much a difference on rates when you are talking to a broker.  Honestly, not sure how a banker works, Im not one so I'll hold my comments to myself.  But for sure, I could quote you a PAR rate and fee from one lender and it can be totally different with another lender. On top of that, I do agree that you can negotiate yourself out of good service.  Sure, afterwards you can place a complaint, but when it comes to closing the loan you want it to be right the first time.

If they are close on fees (even not exact), go a step further and judge them based on performance, professionalism, and perhaps check some references if you would like.  Although $800 is a lot of money, its not much if I can do without the heartache.  Now, if you can find the person with Great service and still save yourself the $800 there is nothing wrong with that.  But you wont find that person just because you haggled the price.

And just so I can stay on the original discussion which is 'whats $800 worth to me?'...  160 coffees from Starbucks.... 17 months of gym membership... 7.5 seasons of basketball for my son... 20 horse lessons for my daughter

$800 could go a long way.

Now to go back to my point...for $800 you will have a lot of LOs lie to you just so you use them for your service, which you may not be happy with.  Remember $800 is a lot to them also.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

It's costing them more than $800 in bad publicity by just having your write this post. All you have to do is go public, name them and wham - business will drop like a rock for them.  Money is money and $800 does not make them competitive.  $20 is ridiculous but not $800.

Posted by Lyn Sims, Schaumburg IL Real Estate (RE/MAX Suburban) over 9 years ago

In today's world, $800 is a ton of money.  Lenders need to be aware that they shouldn't try to be greedy.

Posted by David Slavin, CDPE, ABR, SRES Keller Williams Premier (Keller Williams Premier) over 9 years ago

Well to Answer the quesstion: 800 bucks gets me  4 trips to Target for groceries at 200 bucks per trip, remember i have a large family, 800 bucks gets my two cars paid for one month, it gets me 4 months worth of leads, and best of all it gets my XBOX subscription paid for for 16 years!!!!!

By the way I see your point and also the clarity of it and I believe you make a great point!

Posted by Jesse Vasquez, "APPROVED” (Graystone Mortgage LLC) over 9 years ago

Well Donna,

I've been practicing real estate for almost one thousand, eight hundred.. j/k

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) over 9 years ago

Donna,

John C above is right on target and the rate can and will cost you differently with a different lender. My question for you is how much is the builder kicking into the deal for you to use his lender? Is this just that lender's way of telling you "if you want the builder to pay $X of your closing costs, this is what we charge"?

Regarding the rate quote, each deal has so many variables anymore that a lender often must charge differing rates on what may seem like similar deals. Heck, one point on a credit score can mean .5% in interest or more!

Bottom line is the $800 is a healthy sum for both parties. Try to save it, but don't be penny wise and pound foolish.

Gerry Suarez, Jr.

Your FHA Loan Pro!

Posted by Gerry Suarez Jr., Expert Home Loan Advisor (Mortgage Financial Group, Inc.) over 9 years ago

Donna, if a lender doesn't think $800 is much money he obviously is making a lot more money than rest of us. $800 is significant moolah in my book. You tell him Donna.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 9 years ago

Yes, it is some moolah....$800. is my mortgage payment for the month minus the escrow account.

...just because you match a rate, it makes no difference if you're not going to match the fees behind that rate. (this is totally correct) Being the educated people you are I know that you and your husband will choose the best mortgage company for your new home.

Wow, Donna your new home will be done soon...we just moved into March!

Posted by Teresa Harris, Denver . Lake Norman . Charlotte (Lake Real Estate, LLC) over 9 years ago

John, But that's the point of going to broker.  As a broker you have all the programs in front of you and you get to quote the lowest and best program to the buyer.  And just to put things into perspective for you, as I like you and respect your opinion, the lender who is trying to pull the shades over my eyes is charging a 1/4 point higher in rate and is also charging over 1/2 point more in "discount points" for that rate.  He's trying to make his money on both ends, and when I called him on it, he matched the rate, but not the points/fees. So, originally, we weren't talking about an $800.  We were talking about upwards of $2k difference.  He changed his story when he found out from the sales rep that I was a Realtor...

Lyn, Yeah, but then I look like a fool for building my house with them...

David, Exactly!

Jesse, How often is that trip for groceries?  Is that once a week?  I only shop once a month as I hate shopping...

Greg, That's some math you were working on!

Gerry, Actually, I had it written into my contract that we could use any lender we chose and still keep all incentives.  The sales rep even wants us to use an outside lender, but the company wants us to use them because they won't make us sit in underwriting for 3 weeks like some of the other lenders are doing right now. They did email this evening and say they would eat the $800, but now that just makes me have to go back to the other lenders and see if rates changed today in order to get a clear picture of what he's offering... he's lied before, why wouldn't he do it again?

Gary, No joke!! He can buy the fence I'm going to need to buy after closing, or I'll have to leave the dog in Dallas, which I don't mind, but my husband would. LOL!

Teresa, That's your mortgage payment?  WOW! I want your loan amount on this house!  And, no, it won't be done soon... we got a new builder today, and he wants to take a breather for another week until we meet with him on friday.  We lost last week, and now we lost this week... it'll be another 6 weeks at least with an original close date at the end of January!!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 9 years ago

My trip to the grocers is about once a week! I buy 7 gallons of milk a week!! so bring those 800 buck here! Negotiate all you need to! 800 is 800 damn it!! : -)))))

Posted by Jesse Vasquez, "APPROVED” (Graystone Mortgage LLC) over 9 years ago

I'll take the $800!  Thats a lot of gas for my car too!

Posted by James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes, When Looking to Buy or Sell - Make the Right Move (Real Living | At Home) over 9 years ago

Donna,

You're right.  $800 bucks is a lot of money. And i see where you are frustrated, believe me.  But hear me out on something...and trust me, it feels more natural for me to publicly defend the Octuplet’s mom than it does to defend a builder's lender, but there are some things here that I want to point out...

First of all, there is no "published" rate.  We get rate sheets with a matrix of rates and yields, and those vary greatly from one lender to the next. Today i saw several lenders that were paying a rebate at 5% and some that were charging over a point in cost.  So suffice to say, rates from one lender to the next vary greatly.  And most of your banks work this way as well except they just call their rebates SRP instead of YSP and, by law, they don’t have to disclose it unlike brokers. But regardless of that, as loan officers we have to decide what we are going to charge for our services, and we do this based on the net profit we will make on the wholesale cost or premium of a given rate, plus what we charge in fees or less what we may credit to the borrower.  And 99% of the time, fees like underwriting and processing don't go to the originators because, well, we have to pay the underwriters and processors too.  (FYI I know you didn't imply that, but many realtors assume that loan officers just pocket those fees and that's not true any more than it's true that realtors pocket the home inspection fee). 

Every time I give a rate quote, not only am I searching for the best rate, but i'm also searching for the path of least resistance in many respects.  I have to be extremely mindful of underwriting turnaround times, lock extension and renegotiation policies, arbitrary lender underwriting guidelines as well as hard-nosed underwriters that lack common sense, the customer service with regards to underwriting, closing and funding and also the lender's fees since those also vary. For example, just the fact that you may want to close in under 30 days means i would have to cross several lenders off the list because underwriting times are taking over a month now with many lenders.  

So it's possible that the builder’s loan officer is giving you the best deal that he has with what the lenders that he has to work with and their respective abilities to get your loan closed on time.  And that’s important.  Say for example you went with a broker who gave you a great deal but sent your loan to a company that is taking 25 days in underwriting?  How much would the builder charge you for every day you don’t close on time?  I’m guessing that your $800 bucks would probably evaporate in a week or so.

Short of physically breaking into the office of the builder's lender and looking over his shoulder to see which rate sheet he's looking at, i have no way of knowing exactly how much profit he is making.  And neither do you, especially if he is a banker because he legally does not have to disclose the money he might be making on the back end.  But I’d be willing to bet that some of those fees are almost certainly going directly to the lender as true discount to buy down the rate.  Whatever is left over is what they are making as profit.  Is that more profit than your other lenders are making?  Who knows.  But you can't assume that he is adding $800 onto the exact same wholesale price as the other lenders because you don’t know if he is working with the same lenders.  There are dozens, if not over a hundred, wholesale lenders in the U.S. and I seriously doubt that there is one lender or broker that is signed up to do business with every single one of them. Just as I am sure that Best Buy doesn't carry every single brand of electronics despite the fact that they are the largest retailer of electronics in the U.S.

I do agree that he used a poor choice of words in his response to you, but he may truly be giving you the best deal that he can with the lenders that he has to work with.  But I will say this.  In general, I've found that most builders are less competitive simply because they don't have nearly as many wholesale lender relationships as a typical broker who has to compete for business.  After all, up until January 16th of this year builders had absolutely no incentive to be competitive.  Why be competitive when you can simply refuse to negotiate on closing costs or the sales price of a home if the buyer won't use your lender?  If I had that kind of arrangement, I probably wouldn't have bothered to sign up with more than a few lenders because it's very difficult to keep up with dozens of rate sheets, arbitrary guidelines, proprietary systems, underwriting turn times, passwords and personnel.    

Now regarding service, I do disagree with some of your comments, specifically where you said “a mortgage person cannot say, ‘I'll give you this service for this rate and this service for that rate. Mortgage people cannot do that.  They cannot say, ‘I can't send you to underwriting if you want this rate.’  Nor can they say, ‘I can't close your loan on time if you want this rate.’”  Actually they can to a degree.  I remember turning someone down several months ago because they wanted a certain rate that was only available through a lender whose underwriting turn time exceeded the time in which we had to close the deal (a short sale, I might add, which is the mother of all deals that you don’t want to close late).  Long story short, I offered them a higher rate with a lender that I knew would turn over the approval in 24 hours and could get documents out in three days.  They refused and went with someone else who did not close by the contract date, and they ended up losing the house (and all their earnest and inspection money too). 

That has happened to me several times over the years in some form or fashion, and I’ve never regretted passing on those deals.  I also can’t tell you how many times a client has forwarded me multiple good faith estimates and asked me to beat the best deal, and then I stopped and actually took the time to convince them that I needed  to pre-qualify them only to discover they didn’t even qualify for a loan at all!  That’s happened more times than you can imagine.  Lenders not getting deals closed are becoming more of an issue in this market.  You just wrote a blog about how a listing of yours had five deals that fell through because of financing issues.  I wonder how many of those borrowers were jumping for joy about the “great deal” they found up until the day when lender dropped it on them that they weren’t getting the loan after all.  I wonder how many of those issues could have been detected up front instead of three weeks later when the loan went to underwriting and possibly even resolved by an experienced lender but instead were ignored by a rate salesman that’s never taken the time to actually sit down and read a ridiculously boring book of mortgage program guidelines.  I also wonder how many of them were victims of guideline changes that the experienced loan officers knew were coming down the pike but the “salesmen” were unaware of because they were too busy pricing 30 rate sheets to take the time to read the news about the coming changes. 

You get what you pay for.  Those guys are worth what they are charging for their “service”.  In those situations, what does the rate matter if the deal is never going to happen?  The value of good service is just as important in a lender as it is in a realtor.  Ask anyone who has had their loan denied the day before closing.

Again, I realize that your specific situation is different, but I had to point this out for the sake of the greater argument about service in the mortgage industry.  Compromising service for the best price is something that many people never learn until they learn it the hard way.  

Good luck with your deal. 

Posted by John Jones (Briggs Freeman Sotheby's International Realty) over 9 years ago

Donna...  John above made some of the same points as me, which you didn't address. You made a comment in your blog that you saw published rates. And I asked you where. I do bring up 16 years in this business for a reason, because it seems like these loan officers aren't educating you properly. I don't care who is giving the lowest rate and points. One thing they all know, that you are shopping them. So which one of them is playing the market also, until you decide to lock in?  These are things that aren't being answered in your blog and in the comments.

Something else that is not mentioned, when is the house complete and that you would be ready for settlement?  WHy I am bringing all of these things up?  Because it could be the answer to your $800. You have many people saying $800 is a lot, but in the mortgage world, it really isn't. There are costs and fees associated with what you are promised and what might change also.

In regards to brokers verse bankers.. many people in these comments apparently don't know the true difference and they make it seem that a broker has more access to more lenders. If you have a banker that doesn't service their own loans such as ourselves, we have different investors that we sell to also, just like a broker. But we control our underwriting time, because we underwrite in-house.

Overall, I know you don't like my comments, but I am also not going to throw fluff up there. There are many variables left out in order for your post to drive home the $800 difference. Yes, I understand $800 is a lot, in a way, but there are fees for reasons. No matter if you are a broker, mid-sized banker, or a bank such as B of A. It costs them money no matter who you go to and they will pass it along in the form of fees and or rates. It all comes down to education and I think there are some things missing. Even from the lender that has offered you the best pricing. Because as I said and someone else mentioned, the best pricing doesn't always get you the best service. And what I am confused is, you said that you think this loan officer from the builder has been lying to you. Why are you even giving this person a second chance period, to see if they can match what you want? I ask these questions, but you don't answer them, you just go after my comments as a whole.

Jeff Belonger

Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) over 9 years ago

Cody, Good comparison on cost verse investment.

James, And gas keeps going up these days again too!

John, What a very long and good explanation.  Yes, I'm aware your explaination is mostly for others as you are somewhat aware of my personal situation.  Don't be too quick to say the lowest fees and such are not always the best, bcause even though the lender you would be brokering to had the highest underwriting fee I have ever seen, your rate and fees were actually the lowest, but Jeff might not think your 10 years of experience could match his 16.

Jeff, It's not that I don't "like" your comments, it's that you're usually off base in your responses and only see things one-sided.  Is there room in a blog to give the exact details of every single thing that happens in a transaction?  It shouldn't matter when the closing date is as all the GFEs asked for were all given the exact same criteria.  It's not like I told one lender to give me a 30 day lock and another to give me a 90 day lock rate.  All criteria to each person was the same, so there were no variables to mention.  What did the guy lie about?  He said he was quoting me a 30 day lock, but instead, he actually quoted a 60 day lock, saying it was a 30 day lock to make me feel better about the house not closing on time.  He was wrong to do that as I specifically asked for a 30 day lock.  His manager shot him in the foot, and you can imagine the scrambling going on over on their end to salvage things.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 9 years ago

Donna - In all honestly, its really tough for ANY consumer to know what is the best 'real' deal.  There are too many LOs that are not honest from the beginning and its a shame because it makes it tough for the rest of us to tell you the truth.  Most people don't like to hear the complete truth (whether its due to your credit adjustments or due to the extra fees that are associated with the loans).  For example, some LOs wont list on there the additional costs to waive escrows.  Not that the customer gets charged, but the broker does (25 bps).  Sometimes they will wait to tell you about that at a later time.

And the last point I'll make is that not all broker are signed up with the same lender.  For example, we have a lender that provides the BEST rates.  No one can match the rate itself.  But some of my competition does not have access to them.  Could be due to the amount of deals they close, or perhaps they did not close a few loans after they were already locked, so the lender kicked them to the curb.  In any case, I might be able to give them the better deal because of it.

As you know, you get the best deals from everyone.  Compare them.  See which quotes are WAY off base, and which are pretty similar.  From there, its who you are comfortable with.  The lowest deal is not necessarily the best deal unless you know this person or know someone that has worked with them.

On another note... your posts are fun sometimes.  Seems like you get a lot of feedback with these types of questions.  Didn't receive a TON of responses to the last post you did about mortgages?  LOL  I guess we all have our points of view and want to be heard.  John J certainly had a lot to say.  Whenever you can get a response and passion like this from your readers, it must be a good post and/or question.

Thanks for the entertainment! :-)  See you soon.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

John C, Yes, lots of passion!  Thank you for your further explanation from the lender's point of view.

And I better see both John's at the class either today or tomorrow!!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 9 years ago

your blogs certainly do invoke passion sometimes.  that's a good thing.  keep writing.  they are fun to read.

Posted by John Jones (Briggs Freeman Sotheby's International Realty) over 9 years ago

John J, What's funny, is I didn't even want a mortgage discussion with this post. I just wanted to know what others thought of $800.  In my class yesterday, people were baulking when I said you should spend at least $250 a month on marketing... if they had $800, that could over over 3 months worth.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 9 years ago

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