Dirty Tricks

Upon your request, we will provide you with an Broker Commitment

for your mortgage or home loan in the state of Florida. Read on about how this can help you save money, time and effort...

Why we ask for a commitment from you, the borrower

"I've read your suggestions regarding upfront mortgage brokers. The one I contacted asked me to sign an "exclusive agency" agreement that says I won't deal with other brokers or lenders. If I sign this, am I not at the mercy of a single mortgage broker?"

I’ll answer your question with another question. When you sign an agreement to have your house painted for a specified price, which is also an exclusive contract, are you at the mercy of that painter?

You are in the sense that if you made a bad choice of painter, or if you agreed to an excessive price, you aren’t going to get your money’s worth. But home-owners generally understand that, and so they select their painter and negotiate the price with care. Primarily, they look for painters with a good reputation for workmanship, and they check their price for reasonableness.

Mortgage Brokers should be selected in exactly the same way. This is the price of the broker’s services, not the price of the mortgage.

When you shop lenders or conventional mortgage brokers, you are shopping for a mortgage; your major focus is interest rates, points and underwriting requirements. The broker’s fee is included in the prices quoted to you.

When you shop for a Mortgage Broker, in contrast, you are shopping for a broker; your major focus is the quality of the broker’s service and the broker’s fee, which is priced separately from the mortgage. In effect, you are hiring the broker to shop the market for you. He isn't going to be inspired to spend a lot of time on your behalf if he suspects you may be dealing with another broker behind his back.

If they do quote a rate, it is unlikely to be the best one you hear, because it will be an honest quote. Honest brokers can't compete with "sunshine blowers" who ensnare consumers by quoting prices they cannot actually deliver. The sunshine blowers have a dozen tricks they can use to raise the price once they have you on the hook.

Avoid Sunshine Blowers' Dirty Tricks

Avoid the following tricks by working with Associate Mortgage as your Mortgage Broker.

Low Ball Offers

Bait and Switch

Bait and Remember

Play the Market

Charge the Lock Price, But Don't Lock

Rig the Market Rate Against Floaters

No-Cost Loans That Aren't

Interim Refinance

Contract Chicanery

When you work with Associate Mortgage for your Florida mortgage for a purchase, refinance, or a equity loan you can request a Broker Commitment. This ought to assure you of fair treatment, wholesale pricing benefits along with the best price and service we have available.
 

Assurance of Fair Treatment

 Fixing in advance the broker’s total compensation from a transaction eliminates conflict between the interest of the broker and the interest of the customer. Customers are not vulnerable to the many "tricks" of the mortgage broker trade. All these tricks aim to pad the broker’s compensation.

Pass-Through of Wholesale Prices:

Associate Mortgage provides access to wholesale prices posted by lenders, as opposed to the retail prices consumers would be obliged to pay if they shopped lenders. Lenders offer lower prices through brokers because brokers replace their costly sales and loan-processing force plus the infrastructure required to support it. Lenders who operate through both wholesale and retail distribution channels quote wholesale rates on fixed-rate mortgages from .25% to .50% lower than retail rates.

Shopping Lenders for the Best Price and Service:

Mortgage brokers can shop lenders much more effectively than consumers. Brokers are in the market every day, where consumers are in the market a few times during their lives. Brokers receive price information from lenders daily as a matter of course. They know the features of the transaction that affect the price and underwriting requirements. They have relationships with multiple lenders, and are therefore well positioned to find and shop among the lenders offering particular features. And they know the lenders who take 10 days to underwrite a loan and those who take one day.

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