...unless they are based upon factual information.
I have had a number of would be borrowers call me up with "scenarios" demanding a good-faith-estimate for loan terms. "Internet shoppers", cruising online for a mortgage loan, are bewildered when I decline to "compete for their business".
THEY ARE ASKING ME TO LIE TO THEM and I won't do that.
Morgan Brown, a partner in the Orange County based New Day Mortgage, is a co-contributor to Bloodhound Blog. He penned a great article called "The New Bait and Switch" which details the most recent shenanigans in mortgage marketing. Originators now offer loan terms based on unrealistic values which preys upon your ego. Borrowers find out that the independent appraisal process doesn't agree with the originator who feigns surprise at the lower value. The result? Changed loan terms.
Don't ask me to lie to you. I'll gladly prepare a good faith estimate for you without pulling your credit if you can furnish me with:
1- A tri-merged credit report, dated within 30 days, showing the three credit scores reported by the major credit bureaus.
2- Income documentation ( your past two years tax returns (fist two pages are fine for the quote)
3- The past two statements showing some liquidity (six payments worth)
My next post will show you how to prepare a "bid package" so you can legitimately shop for mortgage terms.
