Tooele Home Buyer Has The Answer To Mortgage Crisis !!
Phil, a Tooele client called this morning with a real simple answer to the mortgage crisis. At least the crisis of the major home lenders looking for bailouts because of the amount of sub-prime loans on the books. Phils answer to the lending community....... "Change the way you do business".
Phil pointed out that he had read that Country Wide Mortgage, the largest Home Mortgage provider in the country was just rescued by Bank of America. He was checking ads to see how Country Wide was changing now that they had a pile of Bank of America money to help see them through the storm. Phil thought he might want to buy some stock.
Well, as Phil put it,.... NOT HARDLEY.
So far Phil and I can't see a bit of difference between the way the old Country Wide promoted their business, and the way the B of A Country Wide is promoting theirs. We don't believe that NO CLOSING COSTS, NO POINTS, NO CREDIT REPORTS or PROCESSING FEES is going to solve the problem.(yes we saw a Country Wide ad offering that today)........... So here's what we're going to do..... We're going to go back to the "old" way of doing business. DO BUSINESS WITH WHO YOU KNOW AND TRUST !!!
Were only going to recommend a lender that lives in the Tooele, Stansbury Park, Grantsville, Erda, communities, has kids in our school district, belongs to the local PTA, buys groceries where we do, and has to look us in the eye at the little league games. And we will suggest that it makes sense to pay reasonable closing costs and points if a good loan requires them, and we will insist that credit be checked prior to shopping for a home or a loan. No more nickel and diming, hoping to be able to save $50.00 on copying costs. If a processing fee is necessary, then we recommend it be paid.
In other words don't ask for advice from someone you'll never see, that in all probability doesn't deal in sound advice, but in giving phone instructions on how to fill out the paperwork.
I know..... Phil and I don't really have the answer to the mortgage crisis, but what we have is good advice for those of you looking for a lender. Actually now that I read this, it's good advice for those of you looking for a Real Estate Agent
If we can help, give us a call @ 435-840-5029.
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