Yes, this is a house that looks like a toilet! As they say, ever man’s home is his castle, or in this case his throne!

Yes, we all want the best deal and of course the lowest rate on our mortgage. However, as my friend Peter was telling me this morning……sometimes you just do not qualify!

People are concerned and overly fearful these days when shopping for a mortgage. The government and the media has scared the sh*t out them!! However, there are plenty of naive people out there and more than a share of shills left in the mortgage business.

When shopping for a loan, we first need to learn about you. As Peter says, he begins by asking the potential client a list of 5 questions. With those answers, he can see where you fit in the “matrix”. What is the matrix?

It is a risk assessment matrix. We figure out how many layers of risk you have and then based on that calculate your interest rate. It is a simple as that.

Based on the following, you will be put into a box:

1. FICO score
2. Income
3. Assets
4. Loan to value
5. Property type

Yes, it is that simple. We put in a box, like a football pool and out you pop with a rate. Things we do not care about:

• Who you are
• Where you have been
• Your past relationships

Do not tell me that you have your Christmas club account with Chase or a line of credit with HSBC and we should try them. Do not tell me about your potential raise or that when your Aunt dies, you will inherit a small fortune.

The here and now….just the facts, Jack!!

If you call all over town expect different answers and different rates. But, if you do not get grilled with the right questions (above) beware of wolves, sharks and shills.

Want to know more? Call Peter or me. We will tell you where you fit in and nothing more to say. Of course, people just hear what they want to hear……

On a BRIGHTER note, rates are ending down! Oh, I guess that might have something to do with unemployment going up.

Dale Siegel