unethical to change lenders to get lower rate? (real estate, premium, rate lock)
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Since I am a mortgage broker, I will answer this. Since I work with several lenders, it is easy to change if the rates go down, however, I do give the lender a chance to renegotiate the rate. I always explain the policy ahead of time to my customer so we are on the same page
Nothing unethical or illegal in watching your best interest. Lenders are not in the business of doing you favors.
BINGO! People need to forget about the people they are dealing w/ and remember the institution. They would let you pay 10% if you are willing to! if you find a better deal elsewhere - run with it!
Well we decided to drop out of the lock and go with our builder's lender. We informed the builder that we were going with someone else, and they asked for an opportunity to match. They matched and came in a little lower. I asked for more- they obliged. Final tally- we are saving $1200 in closing costs and our rate is 1/8th of a point lower ($25 a month).
My wife was very hesitant because we were working with her family banker, who was very helpful to us. She already told him we were thinking about moving on, and he said he understood if we really wanted to. Man, it's like breaking up with someone!
Man, it's like breaking up with someone! ... After you broke your word and had someone work for free
When a car salesperson asks you “how much do you think I should make on this deal”, the best reply is “I don’t care, I want the best price”. To me lenders are the same, I don’t care how much effort you put into the deal, I’m the one who has to pay so I want to make sure I get the best deal that is better for ME, not you. I think when getting a mortgage, the buyer should be very selfish.
It’s all about asking a simple question, you have extra money, should it go to you or to a business?
well it depends....if it was a 'banker' then you know they receive a salary.
if it was a broker...then it is bad. They dont get paid until after the loan closes.
That's not necessarily true.
I was just speaking to my friend who is a loan officer at Wells Fargo.. he's 100% commission. At the mortgage bank I work in, the loan officers get a monthly draw but they will have to pay that money back to the company if they don't earn enough to maintain the draw.
I was just speaking to my friend who is a loan officer at Wells Fargo.. he's 100% commission. At the mortgage bank I work in, the loan officers get a monthly draw but they will have to pay that money back to the company if they don't earn enough to maintain the draw.
My personal feeling is that it was not my decision on what occupation people choose, so it isnt my problem how they are paid. As a consumer, you should only be concerned with what you spend and how much you spend, not on how much a business or employee makes. If you feel their hard work should be rewarded, then contribute, but as a consumer, I matter more and will only contribute when I feel I benefit. Just my selfish opinion.
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Changing lenders
