Mortgages by Walmart??

[Rambunkscious]

Thanks for your comments. Let me see if I understand this. Walmart is rude and crude, the type of store you certainly would not want to shop in or "fight the crowds in" the type of company whose customers are so crude that they dont even have bank accounts. So, if I got a loan from them, they would probably not give me the proper service that would be required. And then if I use a mortgage broker in the area, then I would get much better customer service and so forth. And walmart anyway, they are not used to dealing with such sophistocated customers as ourselves anyway, they are mainly used to dealing with "hand to mouth" type customers. Well, you may very well be right but as for as my needs if I'm looking for a million dollar loan on an 2 million dollar property, I am going to compute my annual debt service. The lowest number wins. Period. Also, just assuming you were going to invest a million dollars and walmart paid you 6% on a cd and the local bank paid you 5%, where would you invest your money? You dont have to answer that question because I think I already know the answer.

 

[scooterbug44]

Regarding Wal Mart, if you can't see a company that is helping eviscerate our manufacturing base, killing local small business, and not paying their employees a living wage, then I suspect you may own their stock. WalMart is not what Sam Walton wanted it to become. It...... has a twisted business model..... Profit at the expense of community.

Thank you Bob!

Rambunkscious, I practice what I preach, which is why I choose to take my business to locations other than Walmart. As I have stated before, you may be saving $ with Walmart, but you're not - you are just not paying for service.

I may pay more $ at a different location, but I am also getting more for that price - advice from career professionals, convenience, and supporting the type of community I want to live in. I also am willing to bet that in the long run the higher quality of goods, discounts and freebies for being a good customer, and customer service will actually save me more money than being a Walmart shopper.

 

[kathydwells]

Hmmmmmmm......just to put things in perspective for me. And really I am just typing out loud to no one inparticular I might add. I am one of those blue collar, paycheck to paycheck kind of folk. Have to watch every penny (because I do like my week vacation every year in paradise). Live in a very small community. I do shop at Walmart. It is convienent for me. I work 40 hours a week. I do not have time to run all over the county to buy my weekly grocieries. The Walmart that I shop in, is clean, and the customer service is great, and I pretty much know most of the employees that work there. Yep, friends of mine who feed their kids and pay their bills on a Walmart salary. I will not feel guilty for shopping there. To each his own. If you don't want to shop there and can afford to shop elsewhere, that is wonderful. You are blessed, be grateful. There are others however, that are not that blessed. Oh, and I also shop at Dollar General because there is one on my way home from work. Sometimes I will swing in there just to pick up a few things.

 

[Mango]

Thanks for your comments. Let me see if I understand this. Walmart is rude and crude, the type of store you certainly would not want to shop in or "fight the crowds in" the type of company whose customers are so crude that they dont even have bank accounts. So, if I got a loan from them, they would probably not give me the proper service that would be required. And then if I use a mortgage broker in the area, then I would get much better customer service and so forth. And walmart anyway, they are not used to dealing with such sophistocated customers as ourselves anyway, they are mainly used to dealing with "hand to mouth" type customers. Well, you may very well be right but as for as my needs if I'm looking for a million dollar loan on an 2 million dollar property, I am going to compute my annual debt service. The lowest number wins. Period. Also, just assuming you were going to invest a million dollars and walmart paid you 6% on a cd and the local bank paid you 5%, where would you invest your money? You dont have to answer that question because I think I already know the answer.

Rambunkcious, you are putting words in my mouth. I never called anyone crude.
I didn't make up the statistics of the average Walmart shopper, it was clearly printed in the article link I posted. I assume they got their information from surveys.
So don't shoot the messenger. :roll:

I could care less that Walmart is opening a mortgage division. My biz comes mainly from referrals, not a storefront.

and no, I don't use Walmart because it is too crowded in my area and too far to make it my while. I have used it in the past for multiple purchases to stock my rental with domestic goods, (I am not stoopid, I like to save money too, and I have a budget) but other than that I do not regularly shop there for groceries or to buy one item only. I won't spend $10 more on gas, stand on line for 20 minutes to save $10. It doesn't make fiscal sense to me when I get the same savings at Stop and Shop 3 miles from house vs. 15 miles (which is a chain store here in the Northeast)
.

 

[Bob]

Thanks for your comments. Let me see if I understand this. Walmart is rude and crude, the type of store you certainly would not want to shop in or "fight the crowds in" the type of company whose customers are so crude that they dont even have bank accounts. So, if I got a loan from them, they would probably not give me the proper service that would be required. And then if I use a mortgage broker in the area, then I would get much better customer service and so forth. And walmart anyway, they are not used to dealing with such sophistocated customers as ourselves anyway, they are mainly used to dealing with "hand to mouth" type customers. Well, you may very well be right but as for as my needs if I'm looking for a million dollar loan on an 2 million dollar property, I am going to compute my annual debt service. The lowest number wins. Period. Also, just assuming you were going to invest a million dollars and walmart paid you 6% on a cd and the local bank paid you 5%, where would you invest your money? You dont have to answer that question because I think I already know the answer.

Millionaire investor requests help from Wal Mart loanofficerclerk as per the Peter Principle. One loan fits all with cradle to grave "help" for the masses. Maybe they will next do bail bonds and introduce you to a Wal-barrister to review your closing documents. After all, cheapest is bestest. Right? Wal-Mart has lost the focus of it's core business and is growing by cannibalizing small town America. What a deal!!

 

[Mango]

Millionaire investor requests help from Wal Mart loanofficerclerk as per the Peter Principle. One loan fits all with cradle to grave "help" for the masses. Maybe they will next do bail bonds and introduce you to a Wal-barrister to review your closing documents. After all, cheapest is bestest. Right? Wal-Mart has lost the focus of it's core business and is growing by cannibalizing small town America. What a deal!!

I don't agree with them getting into the financial services industry, and not because I am a broker, but the possible impact of that business to the market as a whole, particularly the subprime market., but Walmart is not a government entity. It's a publicly traded business.
If it makes fiscal sense to me to drive to Walmart to save money on goods and food items, why wouldn't I?
This is the USA and Wal-mart is just part of our free enterprise system.
I don't see anyone getting upset about getting better rates on CD's and savings with on-line banking companies like the ING's of the world.

 

[Rambunkscious]

Sorry Mango, I completely understand and agree with most of your points.
Simply stated, this is what the future will be. It will help many of us and our friends. There have been many studies on the subject of whether walmart helps or hurts the public, I think all these studies conclude that walmart helps the public. It hurts however the small merchant or businessman who happens to be in their growing number of businesses, you simply cannot compete with them and this is sad.

I wish you good luck in your business, the human and personal effect is something walmart cannot compete with either. And some people are not as sensitive to the bottom line as me.

 

[DuneAHH]

Given how enormous/widespread Walmart has become...it seems to be way more than SOME customers (more like millions) still choosing Walmart. Walmart is fulfilling some kind of "desire" in millions of consumers lives.

I agree that it's very irritating behavior to "steal knowledge" from a good operation only to go "give" the $$ reward to Walmart ... but it's the customers themselves who are choosing to act "badly" in that transaction ... not Walmart per se.

Is it Walmart's fault that WE as consumers WANT WANT WANT (and have conditioned our children to expect...maybe even throw devil-child-tantrums to GET) MORE MORE MORE?

I'm not "touting OR flouting" Walmart. Just giving an opinion on our collective "modern" American consumerism (I'm guilty too). Millions of people are not being FORCED to pass thru Walmart's front doors. They are CHOOSING to. If/When the "ICK" factor outweighs the perceived "BENNIES"...it'll be the way of Montgomery Wards for Walmart (maybe the feelings about Walmart on this board reflect the beginnings of such a demise...)

OK...everybody... the crap out of me

 

[Rambunkscious]

Bob, thanks for your post, I understand your frustration. I think many businesses and governments especially are guilty of the Peter Principle but I think walmart would be the last company on my list who would be guilty of operating under this principle. Lets face it. They have a masterful and well executed business plan.One size fits all? I doubt it. Bail bonds? I think you would be surprised what businesses they will be in the future. I am not a stockholder just an admirer. Will you loan me some of that pepper spray?

 

[kathydwells]

Sam Walton had a vision. He pursued his vision. He made a lot of money for himself and his family. Isn't that what all of us strive to do? Given the opportunity, would not all of us like to have the kind of money that this man had/and his family has? I would. He started a business. That business meets the needs of many, many people who "choose" to shop there. Now, would I get a mortgage from Walmart? Probably not...I hope I never have another mortgage, unless of course I make those millions someday and can buy me a beach house. I am just saying that the Walmart bashers out there, I am sure would love to have started that business and succeeded as well as Sam Walton did. IMHO!!!!