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Loan officer at a Cleveland branch said my 5 year balloon "wasn't real debt" so I pulled the paperwork
I'm shopping a $340k commercial refi and this guy kept calling my balloon note "basically a lease" until I made him read the maturity clause out loud. Six months left on it and he still tried to sell me a 30 year product with a prepay penalty in year one. How are you all filtering out lenders who don't actually read amortization schedules before they quote you?
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morganhill1mo ago
I used to just take the loan officer at their word and assume they knew my file better than I did, but getting burned on a quoted rate that ignored my balloon date changed my mind fast. Now I ask one simple question up front, how many months are left on the note, and if they can't answer it or dance around it I'm done wasting my time. Your mileage may vary, but making them say the maturity date out loud is a solid filter.
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