Many of us make the age old mistake of thinking we can "get something for nothing". We all want the very best mortgage refinance deal. At heart, we not only want to save, but more importantly we want to be smart, or at least be able to tell others how smart we really are.
Well, this is where my story starts. Shrewdly shopping for a mortgage loan, like no other has before. I talked to dozens of mortgage lenders and mortgage brokers. I quizzed them about rates and fees. I drilled each about APRs and asked about hidden fees. I had each of them "send me more info". Boy, was I doing good. I wasn't going to get taken. Not me.
Three weeks into mortgage "webbing" I ran into, what seemed like a slow typing Southern mortgage broker who seemed to be exactly what I was hunting for. She had all the answers and took the time to explain each time I asked for more info. All my communication to date had been e-mail, faxes and even an express mail. I decided we had enough of a repoire to give out my phone number.
When Rebecca did call I wasn't surprised at how she sounded, as I had pictured her perfectly and just knew she was going to be. A slow, methodical and professional mortgage broker. She at once calmed any fears I had remaining. After all, what was I to be frightened of. I had done my homework, talked to numerous lending sources, I knew the lingo. No one was going to pull a fasty on me.
This was it, time to pin her down. So I asked the big question. "What interest rate can I lock today?". The rate quote I got was an interest rate which was a full ¼ point less than any other mortgage broker or lender had given me. It paid to have done all this work. I had proven I was absolutely the smartest borrower that has ever lived. I took the deal before she changed her mind, thinking maybe she had made a mistake and I didn't want her to back out of the deal.
I mailed all of the requested documents and signed every document presented me. About three weeks into this deal of the century I was sent a benign looking Government disclosure saying something about my APR and fees. Since I didn't want to look stupid I signed and returned it. My homework didn't prepare me for Government paperwork, and after all I could trust my mortgage broker. After all I had found her amongst all those others who were trying to rip me off with those much higher interest rates. My mortgage closed. I had ended up paying 4 points, $5,500. Instead of telling my friends how brilliant I am, I'm confessing my stupidity anonymously, to each of you who have had similar "horror" stories.
What I realized is that you can't buy a dollar for $.99. Brokers.By Andrew Kellerman
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