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When it comes to your credit rating, most lenders aim low.
Most Lenders will quote you your lowest credit score. This can result in a much lower interest rate than you might otherwise qualify for. At NECM we will always use the highest score our lenders allow.
To most lenders, you’re a profit-center.
Some lenders will put you in a loan program that makes them the most money. At NECM we always put you into the loan program that best suits your needs, not ours.
Don’t fall for the "Credit-Scare" trick.
Most lenders try to scare you from speaking to other lenders by telling you that if another lender pulls your credit scores, your credit will drop dramatically. In reality, your credit will never be adversely affected if another lender pulls your credit within 12 days of the last lender pulling it.
No Closing Costs sometimes means a Higher Rate.
Lenders will try to sell you a "no cost loan". What they don’t tell you is that you’ll pay for the closing costs in the form of a much higher interest rate. Often, this costs you tens of thousands of dollars in interest on your loan.
Some lenders try the "Rate Bait and Switch."
In most states lenders are allowed to advertise 30-year mortgage rates that are actually adjustable rate programs. These can be confusing and misleading. Even worse, it’s usually not until you’re at the closing that you realize the rate you were quoted was not a 30-year fixed, but a 5-year ARM. At NECM we will always let you know if we are quoting an ARM program or fixed rate… and you’ll always close with the rate we quote. Always.
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