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Getting Your Home

courthouse, then have your ceremony with your friends when you had planned.” That’s exactly what they did, and they were in their new home when they got married. This couple, by the way, has since traded up twice to the home of their dreams.

Are Better Rates Real? In a contrasting example, a recent first-time homebuyer, whom we’ll call Jack, started out with a lender Ken had recommended. Then Jack read an ad placed in a major Denver newspaper by a lender who promised very low interest rates under a new program. Remember the earlier warning? Jack decided he wanted to switch his loan to the lender who advertised the low rates. The clients always have the right to choose their own lenders, but we will caution them when we are not familiar with a lender they choose. We cannot vouch for that lender’s service, competence or knowledge. Often we interview the lender to try to determine the viability of the loan program they are offering and to get a sense of how well that lender can represent the client. In this case, Ken confirmed that the loan program, while new, was legitimate. It was an adjustable rate loan, which started at a very low interest rate, then increased to market rate over time. There were some pitfalls to the loan, and he made sure Jack understood them. He made the lender send a good faith estimate and Jack decided to proceed. The lender was very positive about Jack’s qualifications, and assured everyone this loan would be a “slam dunk.” However, the lender could not get the loan processed in time, and they had to extend the contract once. Then, two days before the extended closing, the lender called Jack to tell him his loan had been denied then offered to switch him to another loan with a very high interest rate. 83

Profile for Linda DeVlieg Real Estate

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

Profile for lindadev