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by potato3732842
200 days ago
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>This customer is looking for a lender who can and will eat costs for the relationship. That’s probably a mortgage specialist with a wealth management arm. The ones who require 25 to 35% down, but undercut the rates e.g. a credit union can charge. >If you’re buying within your means, you shouldn’t be on the ragged edge of anything. You should be getting a cheap, plain mortgage from a lender competing for your business. Ideally conforming, and where the originator eats origination and closing costs. I can't put my finger quite on why, but your comment has a really not nice tone to it. This customer is an otherwise normal-ish buyer who wants a fix and flip (like real fix, more than just cosmetic or "updating" or something like that) and they outnumber people who have any relevance to a "mortgage specialist with a wealth management arm" 100 if not 1000 to 1. |
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Are you referring to chrisBob? They aren’t the ones who made the “ragged edge” comment.
If you’re on the ragged edge of any financial product, you’re stretching something. If a customer is buying well within their means, they shouldn’t be pursuing—nor getting sold—a ragged edge product.
If, on the other hand, you’re doing a new build that isn’t optimized for resale, yeah, you may very well need to be on the ragged edge of a financial product. But I’d still evaluate that with scepticism if you aren’t financially stretching.
> they outnumber people who have any relevance to a "mortgage specialist with a wealth management arm"
Most home buyers don’t buy below their means. (They buy at or a bit above.)
Most home buyers should not be buying niche financial products, or optimising to be within tolerances of specific financial products.