In the last 2 weeks, I have received a number of new referrals from Realtors that have home buyers in Frisco, Little Elm, and Coppell. Why is this significant?
All had seen their closing date on their new home come and go, and it was because they were using their local bank…2 of them were with different branches of the same Major Bank, and the other also with a Major Bank but another one. (Disclosure: All branches of the large major banks do not fall victim to this, but more than not do…do you want to roll the dice?) I had had the opportunity to quote some of these and told them what to expect and that I was cheaper and they didn’t listen. I’ve locked them on average, .25% better rate and I’m going to close them in a 2 week time…one I closed in 7 days already.
Frisco Home Buyers and Refinancers, heed this warning, when there is a rush on home loans due to a dip in rates like we recently saw, or because it is a mixture of atmospheric variables, like rates dropping in the beginning of the Summer buying season. Your local banks have a very hard time having the staff to support the sudden volume of loans. If closing on time is important to you, and it should be to both buyers and refinance prospects, do not let the warning I have here or the warning your Realtor gives you, go in one ear and out the other.
This is NOT a “beat down” on my competition, but a simple fact of the matter. Bank of America, Chase, Wells Fargo, and the other large banks, they all have a number of loyal followers that bite for the “hook line and sinker”, “oh, you have your checking account here and we’ll be able to give you a special deal, or oh, you have $1,000,000 in assets total here, so we’ll give you a deal”…all the people that bite on that marketing flock to their local bank when rates fall or they need financing and the volume of prospective buyers and refinance applicants is a short lived run, and the banks can’t afford to higher back up just to lay them back off when the tidal wave passes in 2-3 months.
Lastly, 29 out of 30 times, your large bankers in companies such as Premier Nationwide Lending that have their own in-house underwriters, processors, and funding departments, just like the local bank, are more cost efficient and quicker. The difference is, the large bankers do nothing but mortgages, and are overall from top to bottom, better in service, fees, and promptness.
You have been warned, so make your bed and then you get to …