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The Dot.com Challenge and How To Sell Against the APR!
Tom Ward is CEO and Founder of Majestic Mortgage Corp., (now in its 15th year wih annual volume of $300M), and Majestic Consulting & Marketing. He is a frequent a contributing writer to industry trade magazines and speaker at industry events. Majestic Consulting & Marketing provides profitability, operational and marketing consulting to mortgage originators, bankers and brokers. [Email Us]
I just heard a commercial this morning by one of the Dot.com companies where they claimed to have the lowest rates because they have no middleman. They do refinances, purchases, second homes and home equity loans. But what REALLY got me mad (I know, I'm supposed to say "angry" instead) is they also made the statement that "even if you have applied somewhere else for a loan, you should apply with them."
At Majestic Mortgage, we have been using the APR-or Annual Percentage Rate-to sell AGAINST the Dot.com mortgage companies. I will show you an easy method, using your HP 10b Calculator, to convert the APR to closing costs and, at the same time, sell against the Internet mortgage companies.  Written By: Tom Ward
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