If you’re a mortgage planner you see this all the time. Lenders send email updates advertising their “great” mortgage rates. Yet in many cases, these “great” rates are over 1/4% worse than the competition. The question then becomes, what makes them so “great?”
It’s almost like some lenders don’t know their competition. Or maybe they don’t care to know. Or maybe they know there are competitors with much lower rates, but need to ignore them because of their own rate limitations.
So, if you’re a lender sending out a rate sheet promoting “excellent” rates, make sure they’re actually excellent. Or, make sure to differentiate how your product is better, despite your competitors’ lower rates.
Our old Xceed rep, for example, was always outstanding at this. He would give actual scenarios where Xceed’s products fit a gap that other lenders weren’t filling. This helped easily justify their rates to the client.
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