“Bait and Switch is Alive”

   “Bait and Switch is Alive”





Hello Joe, I'm thinking of making an offer on the three family that I looked at. As I shared with you previously I have been speaking with another lender. They were able to offer me a conventional loan at minimum 3% down. They quoted me an interest rate of 4% and the monthly mortgage insurance is $29 per month. Looks like a conventional loan would get me up to the front (since the outside of the house is chipped with lead and would fail FHA) The loan program you offered was FHA, is there anything you could do to make this conventional?


Unfortunately, this client is in for a rude awakening. The down payment of 3% is certainly fine, but the rate is not, based on his credit scores. The $29 for the monthly mortgage insurance is just crazy.

I recommended that he owed it to himself to see if he could accomplish the deal that they proposed, but if it doesn’t work out to communicate back with me.

“What would you have done?”


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 5 commentsJoe Petrowsky • June 21 2019 07:25PM


Good morning Joe. Sometimes they have to learn the hard way. Might consider him for the be-back column. Enjoy your day 

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 5 months ago

It used to be a standard practice for non conventional lenders to offer mortgage insurance which was totally a waste of money. I don't see that any more!

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) 5 months ago

Good morning, Joe Petrowsky you had no other choice but to handle it as you did....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 5 months ago

I'd have done exactly as you did - I think he'll be back...

Posted by Linda Piper (Planatek Financial, Inc.) 5 months ago

Good afternoon Joe. I believe in tellin the truth always. I hope they wake up.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 5 months ago