This is a YouTube video titled "🚨 Story for all Home Buyers Comparing Lenders 🚨" featuring Derek McGowan sharing a real-life story about a client who switched from his lending service to an online lender, only to face last-minute issues and higher costs. The content is a monologue or narrative focused on home buying and lending experiences, created on October 30, 2021.
We got in competition with an online lender. We have a client moving from Hawaii to Tennessee. We did all the legwork to get the offer accepted. Online lender pops in offers one notch lower on the interest rate. We say, hey, let's at least compare the numbers. Client sends out a loan estimate. We compare it. I note that it's not locked, so it's not official. And I warn them of that. But the client decides, hey, we're going to go this other route. 30 days later they call me back, hey, Derek, crap, we got to close in three days. We just have the U haul and everything waiting to move in. And they just added three discount points. Three discount points on a $500,000 loan is $15,000. They know they have their back against the wall, so they were able to charge that. So now they're coming back to us to scramble to try to close the loan.
