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Health & Fitness

"Does Size Matter?"

Now don’t let your mind take off with visual images and let me explain.

 

I got a call the other day from someone that read one of my old blogs. He told me that he was getting ready to refinance and was originally going back to “HIS BANK”. My blog about a client that I did a mortgage for that waited 3 months to find out they were denied for the mortgage.

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In my conversation, I had to explain to him that his bank didn’t own the mortgage, they were merely servicing the mortgage. Another mortgage company originated the mortgage 5 years ago and this current bank was just servicing the mortgage. His mortgage was actually owned by Fannie Mae.

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He told me that he had already spoken to the bank and it seemed that it was a bit difficult to speak to a mortgage person and he though the rate was higher than what he was hearing and reading about.

 

Many are under the misconception that an existing servicer will give you a better rate, because they already have the mortgage. This is just not true at all.

 

I discussed what the rates were that day and estimated his closing costs. His final comment before scheduling an appointment to do the mortgage application, I guess in this case size doesn’t matter. I didn’t tell him why I started to laugh, but kept the conversation moving forward.

 

 


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