How competitive is it out there in Mortgage Land?
It's so competitive that lenders are now offering cashback to retain renewals.
"I have never seen a cashback on a renewal," says veteran broker Jim Tourloukis. "But this is [happening now at] a broker lender. They offered the client a lower rate plus $3,000 cash on a $420,000 renewal on the day of closing!" (His emphasis.)
Tourloukis, who does hundreds of mortgages a year and coaches brokers, says mortgage brokers can, and must, counter these programs.
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