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Rick Pelleriti

Transparent Lending - Make Sure You Know What It Is

Tuesday, December 28, 2010 - Article by: Rick Pelleriti - American Capital Corp. - Message

Does your lender practice Transparent Lending?

I have been asked what do I mean by Transparent Lending.
By Transparent Lending, I literally mean that my clients "see what I see."
I am talking about all the interest rates that you would qualify for and their corresponding prices.

Here is a good example of what I mean.

Imagine going into a restaurant and you want to order a steak. Wouldn't you like to know the price of each steak? We all know that Filet Mignon is more expensive than Top Sirloin, and a good Rib Eye might be more expensive than a New York.

The point is, each steak has a price, and in order to make an informed decision, we should know what the prices are, so that we can make sure we are getting exactly what we want, knowing the price of each.

Similarly, when it comes to a mortgage, I believe the borrower deserves to know exactly what the price is for each interest rate. If you don't know that each interest rate has a price, go watch my YouTube video.

When you can see the price for each rate, it is like looking over the shoulder of the mortgage broker or mortgage banker. You then see what he sees. This is "Transparent Lending," and I believe the borrower has the right to know the prices.

When you are shopping for a loan, make sure your mortgage broker or banker shows you the menu.
If they decline, you might wonder what they have to hide...

Rick Pelleriti
Founder of The Smart Home Buyer Program

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