Special offer
Wesley Johnson, The better you do, the better we do!   (Option Funding Inc)

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Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Good luck trying to fix that. After you've got that wrapped up try reforming the car industry too that does the same thing.

Everything is based on that good ole' FICO score.

Aug 02, 2016 09:20 PM
Rainer
232,019
Jessie Cochran
Counts Real Estate Group, Inc. - Panama City, FL
Panama City Realty Group

It's been bait and switch for years - why change it now? *insert scarcastic Humph here*

Aug 02, 2016 11:56 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

It is a bait and switch tactic and I don't like it at all. And it often confuses home buyers.

Aug 02, 2016 10:27 PM
Rainmaker
2,220,323
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I get the information directly from my preferred lender.  If a client ask about interest rates, I forward them to the lender as well.

Aug 02, 2016 09:55 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Those that practice it are:

Aug 02, 2016 08:46 PM
Ambassador
5,049,183
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I really pay no attention to this stuff but provide buyers needing pre-approval and mortgage help the names of several lenders I know so they can decide

Aug 02, 2016 03:36 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Wesley Johnson - just an advertising gimmick it is. To make the phone ring.

Don't we do the same sometimes?

Aug 02, 2016 03:06 PM
Ambassador
3,727,873
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Wesley, I think that people with low credit scores might realize they won't qualify for the lowest rate until they pull their numbers up.  

Aug 02, 2016 01:18 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I do think it is somewhat deceiving and that the consumer is always disappointed to find out they don't meet the qualifications.

Oct 01, 2016 11:41 AM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

I'm more concerned with the restrictions on lending to self-employed people who show lower income due to write offs for business, and restrictions on laons to some condo complexes.

Aug 12, 2016 06:06 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'd love to see it brother!  The fine print is always fun, like on cars "for well qualified lessees" but they never tell you that you need a 2000 credit score and a letter signed by God.

Aug 03, 2016 10:00 AM
Ambassador
6,393,404
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I think that most intelligent borrowers know this game and are not that surprised.

Aug 03, 2016 06:46 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

If the regulators or legislators have an issue, they will make the necessary changes.

Aug 03, 2016 03:17 AM
Rainer
225,526
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

There is always lenders tht will do anything to get the phones to ring. People, not just in lending, do bait & switching marketing all the time. Personally, I have never bought anything based on listening to the radio or TV ads.

And its not just lenders, but agents do it too. Like listing a house under value to attract multiple offers. Car dealers do the same thing. "Buy for $299 per month, then you go to the dealership and they don't have those cars.

Aug 03, 2016 01:38 AM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

What can I say?  Need to shop around.... That was why government generated APR since lenders never were honest with interest rates.

There are 12 different ways to calculate interest rates.

Aug 03, 2016 01:38 AM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I would love to cure all of the deception, false and misleading tactics used in the world.  Can we start with the politicians and work our way down the food chain?

Aug 03, 2016 01:37 AM
Rainmaker
4,572,183
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Ahh, it's all in the small print.   Always.  

It's not something I spend a lot of time thinking about especially when I have trusted lending partners available to refer and explain the nuances of mortgages to clients.  

Aug 03, 2016 01:25 AM
Rainmaker
989,652
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

It's how it is - unless we stop voting in idiots to make rediculous laws, these types of things will never change

Aug 03, 2016 12:20 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

that's life in the fast lane.... 

Aug 02, 2016 11:33 PM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I remember country wide mortgage right before the crash offering a rate, locking it in and days before due to close, raising it for no reason saying take it or find another lender in one weeks time (contract close date). Even the listing agents were shocked at this. Results? They got away with it

Aug 02, 2016 11:29 PM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Wesley Johnson I think they can get away with it because with perfect credit, they may qualify at this low rate.

Aug 02, 2016 11:21 PM
Rainmaker
152,661
Chrissi Chapman Topoleski
Coldwell Banker Realty - Woodbridge, VA
Helping agents live an exceptional life!

People with bad credit really should realize this only applies to those with the best, but then again some people think they can buy a house with next to no income, no money down, and very poor credit. They need an excellent loan officer or Realtor to educate them on the process.

Aug 02, 2016 11:07 PM
Rainmaker
7,836,134
Roy Kelley
Retired - Gaithersburg, MD

Our local lenders provide this information. This is always a good blog topic for you.

Aug 02, 2016 10:53 PM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

We sure do not need any new government regulations, especially from this administration. I have my buyers check with 2 trusted lenders and get the best rate and service.

Aug 02, 2016 10:45 PM
Rainmaker
5,216,398
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Truth in advertising is a joke. Nobody can read the fine print!

Aug 02, 2016 10:41 PM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Haven't seen the ads.

Aug 02, 2016 10:27 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not given it much thought.

Aug 02, 2016 10:13 PM
Rainmaker
2,362,948
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

I have enough to struggle with besides the lenders! 

Aug 02, 2016 01:52 PM
Rainmaker
2,443,250
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

There is more to chosing a lender by an interest rate! So much more...

Aug 02, 2016 01:15 PM
Ambassador
3,164,294
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I pay no attention to those.  I get folks qualified through a reputable lender.

Aug 02, 2016 12:37 PM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

You may be right but this kind of marketing is probably here to stay.

Aug 02, 2016 12:34 PM
Rainmaker
1,153,794
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

The lender can invariably prove that at least one customer achieved that rate. Just because a non-FICO score gives you a 785 does not mean you're entitled to a best rate. We're in the thick of smoke and mirrors for sure although a reasonable person should know that.

Aug 02, 2016 12:34 PM
Ambassador
2,178,603
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

I believe it is true.  Bait and switch, based on credit.  

Aug 02, 2016 12:19 PM