Had my credit pulled by my mortgage broker to get a pre-approval letter yesterday afternoon. Literally one hour later, stared receiving calls with mortgage offers. Up to 33 calls, 1 email and 1 text.

Do people really work with these companies? Make the largest financial transaction with a rando person who spoofs a local number to get you to answer?

On an unrelated note, how do we feel about a jumbo 7/1 ARM?

This post was edited on 7/20/22 at 3:26 pm

7 ...

Report Post

Posted by molsusports

Member since Jul 2004

37116 posts

Posted on 7/20/22 at 5:05 pm to Furbs311

My name is still on their rolodex from making inquiries about refinancing last year.

Annoying.

Although this spring when the industry starting laying off employees I sort of had a heads-up. The number of calls from them tripled for a few weeks (I figure they were redoubling efforts to find customers and save their jobs).

0 ...

Report Post

Posted by tigeraddict

Baton Rouge

Member since Mar 2007

14411 posts

Posted on 7/20/22 at 6:11 pm to Furbs311

Same here. Got a pre approval last Saturday. Now getting 10-15 calls a day

0 ...

Report Post

Posted by OhioLSUfan

Columbus, OH

Member since Oct 2007

1909 posts

Posted on 7/20/22 at 9:11 pm to Furbs311

Mortgage bank’s sales staff have lots of free time right now and are desperate. They usually avoid the layoffs which have been happening in the industry due to their pay is mostly commissions. They are hungry at the moment for anything.

0 ...

Report Post

Posted by TMFBB21

Baton Rouge

Member since Mar 2021

187 posts

Posted on 7/26/22 at 9:04 am to Furbs311

Mortgage companies that were refinance call centers are getting desperate and shutting down regularly. Best advice is to use a local lender who doesn't sell this information. Let me know if you need a quote to compare. Jumbo loans are great products and I would need to compare your scenario and financial goals to tell you if a 7/1 arm is a good fit.

1 ...

Report Post

Posted by Hangit

The Green Swamp

Member since Aug 2014

45417 posts

Posted on 7/27/22 at 1:50 am to Furbs311

I get people calling and texting, claiming we spoke last month, aboot how they can help me access money on my home. They explain how I indicated I was in a bind, behind on my mortgage, and they just want to help me.

The problem is that I didn't contact anybody, am not in a bind, and paid my house off aboot 10 years ago.

I also get up to 12 calls per day wanting to buy my house. While I don't want to sell, I am considering telling them if they show up with a check for $550k, and give me 2 months to clear out, we can dance. (Zillow says $400k)