You’ve often heard me say that big wholesale mortgage banks often fight. Apparently, a few mortgage brawlers actually did resort to fisticuffs in a conference on the East Coast. Not sure how heavily alcohol is involved, but if someone told me it influenced the situation, it wouldn’t surprise me.
Now, I’ve never seen this type of behavior among mortgage professionals in our Great Beehive State of Utah. In fact, those of us that have been in the industry as long as we have generally regard each other as friends. This spirited meeting occurred between rivals from New York and New Jersey. I’ve heard the rivalry is more intense than usual back there.
So what type of “fighting” is the kind we actually like?
Why, it’s the American spirit of competition of course! And this only benefits you. Our wholesale mortgage lender partners are constantly -that means daily- hitting us up with some new incentive. Those incentives we pass along to you.
What type of incentives? Oh, they vary, but to give you an example, we may have a wholesale mortgage lender that wants to scoop up cash-out refinances, so they slim their margins down and offer ultra-competitive rates.
A couple of unique incentives (that many of our clients took advantage of) was a 29-year mortgage for a better price than a 30 year, and another lender offered to pay for all conventional appraisals.
That 29-year mortgage was an interesting one-the lender’s angle on it was, “we’re giving your clients one year off of a regular 30-year mortgage.” The numbers on that one penciled out quite well and many of our clients ended up taking that option during that period.
The bottom line is this: if you want to know about these cool incentives as they arise, then sign up for our Sweet Mortgage Deals email alerts. You’ll get info about these awesome deals. When they hit our inbox, they’ll hit yours too. Fisticuff free…
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