Common questions about objections, answered by Mike Swaleh.
Why would I use you instead of the online lender advertising a lower rate?
A rate on a screen is an advertisement, not an offer – what you are quoted depends on your own file, and the fees around a rate can move the real cost either way. The honest comparison is two Loan Estimates side by side – on a purchase or refinance every lender has to give you one, in the same format, for exactly that reason. Mike will walk you through yours line by line against theirs.
My bank already pre-approved me, so why would I switch?
You may not need to. A pre-approval is not a commitment, and it costs you nothing to have a second set of eyes on it. Fairway is a mortgage lender rather than a bank, so the programs on the table are a different set – sometimes that matters for a particular file, and sometimes it makes no difference at all. Bring what your bank gave you and Mike will tell you honestly if it is the better deal.
Can you just match the rate somebody else quoted me?
Bring the paperwork rather than the number – on a purchase or refinance that is the Loan Estimate. A rate on its own does not say what it costs to get it, and two quotes that look identical can be very different once points and fees are in. Mike will compare them properly and tell you which is genuinely better, even when that is the other one.
Why do you need so many documents from me?
Because a lender has to be able to show that the loan was sound, and that means evidencing income, assets and debts rather than taking anybody’s word for it. Most of what feels excessive is a rule somebody else wrote. The list is usually shorter than it looks once it is explained in order.
What happens if I find a better deal after I have already started with you?
You are not trapped. Until you sign closing documents you can walk away, though you may have paid for things already ordered such as an appraisal. Bring the other offer instead – it is a normal conversation, and Mike would rather look at it with you than have you wonder.
Will my loan get sold to another company?
It might, and that is normal – most loans are sold or transferred at some point, which changes who you send the payment to and nothing about your rate, your term or the terms you agreed. You get written notice from both sides before it happens.
How do I know you are not just telling me what I want to hear?
Ask for it in writing. On a purchase or refinance, everything that matters – rate, fees, cash to close – is on a Loan Estimate, in a format set by regulation and the same shape from every lender for exactly this reason. Other products are disclosed differently, so ask what you will be given and when. Anything said out loud that is not on that document is worth asking about twice.
Does shopping around with several lenders hurt my credit?
Far less than most people expect. Mortgage inquiries made within a short window are generally treated as one event by the scoring models, precisely so that shopping around is not punished. Checking your options is reasonable and normal.
Why is this taking longer than I was told it would?
Usually one item is waiting on somebody outside the process – an appraisal slot, a payoff figure, a document from an employer. It is fair to ask what specifically is outstanding and who it sits with. Mike would rather tell you that than let it go quiet.
Mike Swaleh, Area Manager · NMLS #739145 · Fairway Independent Mortgage Corporation, NMLS Entity ID #2289
436 Lincoln Boulevard, Suite 105, Lincoln, CA 95648 · mswaleh@fairwaymc.com · Licensed in AZ, CA, CO, FL, GA, IL, KY, MO, NV, NC, OR, SC, TN, TX, WA
This information is not intended to be an indication of loan qualification, loan approval or a commitment to lend. Other limitations may apply. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Fairway is not affiliated with any government agencies. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License No 41DBO-78367.
Equal Housing Opportunity. Verify licensing at nmlsconsumeraccess.org
