Jun
20
Lance Hancock called me from American Lending Network and we talked about financing for a home. Although I thought Thayne had referred him to me about “pre-approval,” before minutes into the conversation he asked for personal informaition like my social security number. “Why do you need my social security number?” I asked.
“You can’t get a credit report and get approved without a social security number,” Lance said.
“I’m in the beginning stages of research, Lance. I thought the purpose of this conversation was pre-approval, not approval. How much does the approval cost?”
“It doesn’t cost you anything. We incur the expense and recover it when you finance through us in the end.”
I immediately thought of the implications and my freedom to choose a different Mortgage company if American Lending Network invests in me. Even if I hadn’t signed anything, I didn’t want to be tied down. My friend, John had worked with American Lending Network and then chosen a different company to buy an investment home and a house for his family.
Lance continued, “I thought you were ready to move. Usually Thayne sends me people who are ready to move on a mortgage.”
“I’d be more comfortable doing research and from that research making decisions about how to proceed. Could you just send me a basic pre-approval and we’ll go from there?”
“Sure,” Lance responded.
I found it a fascinating sales tactic to go right to the final approval and I’m glad I didn’t just dish out my info. I need to learn more about this.