Why do people that do home loans get so mad when you shop around?
I’ve heard a friend of mine <that does residential and commercial real estate loans> go completely nuts every time her customers shop around for home loans. What do these lender expect someone to just trust them when they say. <hey, don’t be looking at loan numbers from other lenders or I’ll kick you in the ding ding.
Tags: commercial real estate, home loan, pl, lt, ding ding, residential and commercial real estate loans, hey don, loans, Business Finance, Customer, lenders, real estate loans, home loans, people, king, ly, loan numbers, real estate, GE, customers, loan
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I do home loans so I can shed some light, (although I don’t go ballistic)- it is a lot of work to give someone a pre-approval- we have to run credit (which we pay for) & figure the debt to income & loan to value etc. Enter all fees etc into a good faith estimate which can mean checking tax rates for your property, getting insurance quotes etc. Its quite a bit of free work for someone who is not "really sure" that they are even ready to buy. We are so busy with the really serious buyers that when you get someone who you see 4 or 5 inquiries from other mortgage companies we know they are just taking up time that we don’t have to spare. Really don’t mind someone shopping- its just a lot of work for nothing. (Just being honest!). I usually tell those people to get me their good faiths & I will see if I can do better.