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dks
Nitroglycerin


Joined: 11 Jan 2008
Posts: 556

Re: mortgage adverts on the radio
PostPosted: Fri Feb 29, 2008 7:49 pm Reply with quoteBack to top

I hear the ad all the time on XM national radio. That is not cheap. The key to marketing is to spend the least amount amount per closed loan. This guy is spending millions. He either is great or he will be broke very soon.
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Mtgbiz89
Demolition Man


Joined: 18 Dec 2007
Posts: 2210
Location: New England

Re: mortgage adverts on the radio
PostPosted: Fri Feb 29, 2008 8:07 pm Reply with quoteBack to top

I hear this guy all the time... Lenox Financial.. "the biggest no brainer of all time"

Found this thought y'all might enjoy it Wink

http://www.lenoxfinancial.com/.....w_2007.htm
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Rolo Tomasi
C-4


Joined: 10 Dec 2007
Posts: 1128
Location: Texas

Re: mortgage adverts on the radio
PostPosted: Sat Mar 01, 2008 9:33 am Reply with quoteBack to top

Mtgbiz89 wrote:
I hear this guy all the time... Lenox Financial.. "the biggest no brainer of all time"

Found this thought y'all might enjoy it Wink

http://www.lenoxfinancial.com/.....w_2007.htm

ha ha intersting. he is sort of arrogant, although more in a Bono sort of way rather than a Kanye West sort of way, if that makes sense.......
The no closing costs option is a legitimate deal, as long as the consumer understands that they are paying for that option in the form of higher rates. Although Shipley didn't come out and say that, i get the feeling that he explains that to his clients in a layman's sort of terms that makes sense (maybe i'm just saying that because i'm drunk, which wouldn't be the first time i've randomly babbled about useless poo poo)..but seriously though...it quite often makes more sense to finance closing costs....
h**l, the way i see things is this right here....
EDIT**since i've listened to some more of his ads, i've changed my opinion. I still think that no closing costs with a higher rate can be a very good option for some people, but he is very misleading in some of his advertising.
on any given day, the rate is approximately .25% higher for every 1% higher in YSP that a lender gets paid (correct me if i'm wrong, or moreso if that is not common for your part of the country...)so that being said, if PAR is 6%, he could charge 6.75, make a point for himself and still eat 2% in closing costs (which would, in Texas anyway, cover the title policy and at least all the lender fees including underwriting and a decent processing fee plus appraisal for an average house) and still make one point for himself, that would be a pretty good deal for the consumer.....
that's assuming they are going to keep that particular mortgage for 5 years or less if it's a 30 year or 7 years or less if it's a 15 year mortgage.
hey, at least he isn't advertising 5% and baiting and switching his clientson a 15 year with 5 discount points.......
if you have a client trapped in a 2/28 or a pay option ARM that's over 8%, this can save them money......assuming, of course, that they're not upside down on equity....
just my $.02

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Rolo Tomasi
C-4


Joined: 10 Dec 2007
Posts: 1128
Location: Texas

Re: mortgage adverts on the radio
PostPosted: Wed Mar 12, 2008 5:14 am Reply with quoteBack to top

just ran across this article..it's funny how Quicken loans is always the company running ads that seem to imply that mortgage rates come down along with the Fed rate, but here's a quote from their chief economist...
"Consumers inspired by Wednesday's rate cuts in overnight lending rates shouldn't count on consumer interest rates falling in response, said Bob Walters, chief economist for Quicken Loans. 'If you are looking to purchase a home or to refinance, I'm not so sure you'll see mortgage rates fall,' he said Wednesday. 'Mortgage rates don't have that much room to fall.' "
Has he heard his own company's commercials?

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dks
Nitroglycerin


Joined: 11 Jan 2008
Posts: 556

Re: mortgage adverts on the radio
PostPosted: Wed Mar 12, 2008 2:11 pm Reply with quoteBack to top

Rolo Tomasi wrote:
just ran across this article..it's funny how Quicken loans is always the company running ads that seem to imply that mortgage rates come down along with the Fed rate, but here's a quote from their chief economist...
"Consumers inspired by Wednesday's rate cuts in overnight lending rates shouldn't count on consumer interest rates falling in response, said Bob Walters, chief economist for Quicken Loans. 'If you are looking to purchase a home or to refinance, I'm not so sure you'll see mortgage rates fall,' he said Wednesday. 'Mortgage rates don't have that much room to fall.' "
Has he heard his own company's commercials?


This guy obviously did not get the marketing strategy memo. If he's not careful, he'll be assigned the janitor duties at Quicken Loans Arena.
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t2940
Schumpeter Reincarnate


Joined: 13 Feb 2008
Posts: 5548
Location: cave dweller

Re: mortgage adverts on the radio
PostPosted: Wed Mar 12, 2008 3:13 pm Reply with quoteBack to top

I think we all know the type ad you're talking about and yes they're every where. I sometimes catch my self smiling thinking about the poor call center guys and gals when these oyster shucking calls come in.
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t2940
Schumpeter Reincarnate


Joined: 13 Feb 2008
Posts: 5548
Location: cave dweller

Re: mortgage adverts on the radio
PostPosted: Wed Mar 12, 2008 3:24 pm Reply with quoteBack to top

I watched the Lenox video. Ye haw, here comes the white knight on horsey! I guess from a marketing stand point he was just putting a spin on what we all do any way but making it sound like he was the only one thereby seperating himself from the competition. Hmmmm, not bad advertising since that's what we always try to accomplish. Haven't heard his other stuff so can't form an opinion really. I do have black cherry boots and a hat though so maybe that'll work for me.................lol...........btw, I will dance for loans
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Rolo Tomasi
C-4


Joined: 10 Dec 2007
Posts: 1128
Location: Texas

Re: mortgage adverts on the radio
PostPosted: Wed Mar 12, 2008 3:45 pm Reply with quoteBack to top

t2940 wrote:
I watched the Lenox video. Ye haw, here comes the white knight on horsey! I guess from a marketing stand point he was just putting a spin on what we all do any way but making it sound like he was the only one thereby seperating himself from the competition. Hmmmm, not bad advertising since that's what we always try to accomplish. Haven't heard his other stuff so can't form an opinion really. I do have black cherry boots and a hat though so maybe that'll work for me.................lol...........btw, I will dance for loans

yea some of his stuff is OK but some of it is very misleading. it depends on which commercial you listen to...
oh well, he's not in my market so i really don't care...

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t2940
Schumpeter Reincarnate


Joined: 13 Feb 2008
Posts: 5548
Location: cave dweller

Re: mortgage adverts on the radio
PostPosted: Wed Mar 12, 2008 3:59 pm Reply with quoteBack to top

You're right Rolo, we don't have him in our area but we've got good ole Kevin Miller and his sock puppet TV ads. He's good and Reliance (REliant?) are both forces to reckon with in our area and they're both honest sounding companies. Gee I wish they weren't?...............lol.............still doesn't mean we can't bloody their noses with price since it costs a ton of money to run those ads.
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brokerjohn
Schumpeter Reincarnate


Joined: 11 Dec 2007
Posts: 4761

Re: mortgage adverts on the radio
PostPosted: Wed Mar 12, 2008 10:38 pm Reply with quoteBack to top

Here is my new favorite sleazy advertisement.




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