Used Car Treatment when getting a Mortgage Loan

Transcript

I gave a poll to my buyers and I asked them, what is the worst part about the lending process? And ironically, it is the same. Thing that is a sticking point for most people buying cars. They hate how they feel when the salesman just kind of beats them up or makes them feel guilty for giving a deal. It makes ’em feel just icky.

And if you guys are like me I wake off, wake up in the morning, I’m already not happy. I’m awake. So when somebody does this to me, it doesn’t take me much to get really upset. I’m a super nice guy until you start messing with my money. I think most people are like that, but That’s why the people don’t appreciate the mortgage process and why it makes them feel like they got taken advantage of.

It’s similar to a used car lot. They try to gouge you first, give you this high rate and fees, and then they come back and let me check with my manager and then say, well, I’ll give it to you. But you know, you’re really working, it’s over, and they make you feel guilty for what you should have gotten on the first round.

So we give out the lowest rate on the first. Why is that so rare? It’s not as profitable, but what we’ve found is it’s much less time. It’s less time. We don’t talk to people. We say, here’s our rate. They say, wow, that’s really good. I don’t have to fight with you to get it. No, no. Either you take it, we move forward or we don’t.

That’s how I keep low margins. We keep lower margins by not spending time. If you spend too much time, I’d like to charge more. So efficiency, low time is the same thing that gives people a better rate and a better deal. It feeds itself and my people really appreciate that. Check out our other videos.

It’s similar on this, but you will get an idea. What this difference and what they’re, what the people are trying to do. And if you get a feeling like you’re in a used car lot and the guy says, let me check with my manager, you’re probably at one of the lenders that’s gonna try to gouge people. And unfortunately, if you Google who gets gouged, Usually it’s the people that shouldn’t be gouged and, and, and I won’t mention who that’s, you can Google and find that out, but there’s a specific set of people that seem to be consistently overcharged by these type of lenders.

We don’t operate that way. We don’t care what you look like. We care about your F ICO scores, your loan amount, and your product type that’s gonna get your rate. Doesn’t matter how many times you call, you can call once. You can call a hundred times. It’s gonna be the same across the board. With that, there’s fairness.

There’s. People appreciate it, save some time. And also they don’t, it doesn’t sour the transaction because they should be happy about buying a house. And they, everything goes bad when the lender is just trying to gouge him. And, and I get calls all the time, oh, this lender promised me this and promised me that now he’s not calling me back.

He’s making more money. And that’s, that’s an unfortunate side of our business, but it’s prevalent, it’s common, and we’re gonna help you avoid that situation.