I had an interesting conversation with a young professional the other day. He told me that he only had four more days to select his lender and that his dad’s business partner told him to call me.

He lived outside of our market so I wasn’t sure if he wanted me to do his loan or just help him find a lender so I simply asked him what criteria he was using to make his decision.

With no hesitation, he simply said rate and closing costs.

Ironically I had just finished reading an article where they estimated that over 70% of the time a borrower closed at a higher rate than initially quoted. When I asked him if he was aware of this he said YES.

Isn’t it odd that a majority of consumers select their lender based on data that they know to be erroneous over half the time?

Rate and closing costs are obviously a key component, but let’s be real. If you aren’t working with someone you can trust and someone who knows what they are doing, does it really matter what they quote you?

Marty Preston, Branch Manager of Benchmark Mortgage in Lexington, Kentucky, is a consistent Top Producer and one of the country’s premier mortgage lenders. Marty is also a nationally known speaker and a major force in the national mortgage banking scene.