Many Big mortgage lenders who service loans and originate loans such as Citibank, Wells Fargo Bank of America etc. will many times offer sales promotions to their loan servicing channel. If you ever receive a phone call from your current mortgage lender offering your mortgage rate quote or refinance or telling you there is a special program to refinance your loan with them, be cautious. The overwhelming majority of the time they are simply offering you a mortgage refinance program that you can get elsewhere and they don’t want you to shop your loan. They know if you shop your refinance loan your work with another lender and not them. Many lenders will tell them market their customers and tell them the following things:
- This is a special proprietary program if you refinance with us only
- you do not need appraisal ( the real reason is because they have your old loan application and simply ran you through Fannie Mae or Freddie Mac system before they called you-it’s Fannie Mae or Freddie Mac that’s telling you don’t need appraisal not them)
- pressure for upfront fees
- don’t need pay stubs, income tax returns or any other for financial supporting documentation
- pressure to have a notary sent your house immediately
Do yourself a favor keep your current lender honest by getting a second opinion mortgage rate quote for your refinance
If you experience any of following tactics listed above, know this if your current lender can offer you a refinance and give you a competitive mortgage rate quote and maybe even offer you something with low or no fees, get a second opinion because almost every other lender will be able to match if not be what you’re presently being offered by your current lender who is desperately trying to make sure you stay with them. You can start by getting a complementary second opinion refinance mortgage rate quote with us, a local Sonoma County mortgage lender looking to give you the real skinny on what banks are doing.