At least two-dozen times a week we have people call us and ask, “What’s your rate on a 5 year fixed rate?” Most times when we try to get additional information from the potential borrower. Unfortunately, for both the caller, and us they don’t want to tell us anything. “I already know what I want, just give me a rate,” is the usual response.
Now, I’m not encouraging you not to shop-around for the best rate.
But, asking for a rate without giving more information is a bad idea. Why? Because frankly, anybody can give you any rate quote they want to over the phone, there is no way you can hold them to that rate. You see, there are two kinds of mortgage companies out there, those that are only interested in you as a loan customer and those that look at you as a client for life.
Those companies that want a fast buck know that they can quote you anything they want to just to get you in the door, then they can use whatever excuse to “convert” you to a different loan with a different rate.
Those companies that want you as a client for life, will take the time to ask for as much information as possible, up-front, so they can not only give you the best rate possible, but they can also quote you the best loan program for your situation.
Additionally, far too many people think they already know what loan program is best for them.
You may think you already know what you what, but unless you know all of the options in the marketplace you may miss an opportunity for a better loan program or situation that you didn’t know existed.
Let me ask you, have you ever gone into a store to buy a specific product, but came out with something entirely different? If you did it was probably because you didn’t know the new product even existed or a knowledgeable person in the store gave your new information that helped you make a better decision.
That’s they job of a competent loan officer, to use their years of expertise to help you select the best option for your situation.
Please, don’t assume you know what’s best for you.
Now, I’m not saying that you shouldn’t make the final decision. After all, it is your money, your home and your financial future. However, there is no harm at all in letting a competent, well trained mortgage professional give you several options, then you select which you believe is best for you.