In the last couple of weeks, we’ve received several calls from borrowers who heard Indigo Mortgage on the radio and wanted a second opinion. They all had a mortgage application in with that national lender who’s name rhymes with “pocket”.
These borrowers all said they were just not comfortable with the rate and the fees they were being charged. Well, they were all correct; they were not getting a good deal.
When we provided our rate and fees, then compared against the “pocket” proposals, Indigo Mortgage was able, on average, to give them an interest rate that was about a quarter percent lower, plus our proposal was about $4000 less in fees.
We find that the “pocket” sounding lender is consistently over-charging borrowers and giving them rates well above what the market is bearing. “Mr. Pocket Lender” is getting away with this scam because borrowers trust the advertisements that they hear or see – but remember, all of those ad costs have to be factored into the company’s bottom line, so they charge more for mortgages in order to cover that heavy advertising cost.
The proof is in the pudding; when people actually shop their mortgage and compare rates, they’ll often find better rates. And when you do compare mortgage offers, always include a trusted local lender like Indigo Mortgage.