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Old 09-10-2020, 08:24 AM
 
Location: Phoenix, AZ
6,330 posts, read 4,836,773 times
Reputation: 17952

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Read your loan contract and make sure there isn't a pre-payment penalty tucked in there someplace.


If there isn't, pay off the loan right now.


Honorable stops where $6000 starts.


Lenders are vultures. Their employees and agents are part of it. I wouldn't give a hoot for agent if it saved me $6000.
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Old 09-10-2020, 08:26 AM
 
8,563 posts, read 12,339,419 times
Reputation: 16473
Quote:
Originally Posted by adjusterjack View Post
Read your loan contract and make sure there isn't a pre-payment penalty tucked in there someplace.


If there isn't, pay off the loan right now.


Honorable stops where $6000 starts.


Lenders are vultures. Their employees and agents are part of it. I wouldn't give a hoot for agent if it saved me $6000.
Gosh, my integrity is worth a lot more than $6,000. Sorry to hear that your value is so low.

As to the OP, I'd check to see how much can be prepaid without causing any problems...and wait until 6 months to pay the loan off completely.
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Old 09-10-2020, 08:55 AM
 
Location: 89052 & 75206
8,103 posts, read 8,284,205 times
Reputation: 19902
Quote:
Originally Posted by jackmichigan View Post
Gosh, my integrity is worth a lot more than $6,000. Sorry to hear that your value is so low.

As to the OP, I'd check to see how much can be prepaid without causing any problems...and wait until 6 months to pay the loan off completely.
We’ll do this!
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Old 09-10-2020, 11:25 AM
 
3,805 posts, read 9,302,828 times
Reputation: 4978
It involves payoff of the loan.

Lenders have an agreement with the end-investor that the loan will be active for a minimum of 180 days.

While there is not a Prepayment penalty to the borrower, I agree that anyone with a shred of integrity would care about the person who answered the call on the weekend to make the deal happen for you.

Also respect to you, OP, for not being a small, little Internet Tough Guy.

Last edited by Pfhtex; 09-10-2020 at 11:38 AM..
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Old 09-10-2020, 12:21 PM
 
Location: on the wind
23,084 posts, read 18,469,364 times
Reputation: 74701
Quote:
Originally Posted by adjusterjack View Post

Lenders are vultures. Their employees and agents are part of it. I wouldn't give a hoot for agent if it saved me $6000.
Maybe...until someone who isn't responsible about planning or finances decides they really need $ and expects that same lender move heaven and earth to get it for them.
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Old 09-10-2020, 12:50 PM
 
Location: Sandy Eggo's North County
10,224 posts, read 6,694,683 times
Reputation: 16710
OP~
Here's what I'd do.

If the loan rep gets "damaged" by you paying off the loan early, then I'd ask the loan rep if they'd be willing to accept $2500 cash for your "closing the loan" early. These are "after tax" dollars, so they carry the most weight. Figure the loan officer may counter with $3000.

$3000 is a savings to you (instead of $6000.)

This should take some of the "sting" out of the commission being refunded.

If she says "NO" to your offer, then ask her to counter offer. If it's agreeable, then do it.

If it's not agreeable, then pay off the loan, knowing you tried to do the honorable thing.
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Old 09-10-2020, 02:25 PM
 
Location: South Carolina
383 posts, read 381,002 times
Reputation: 876
Quote:
Originally Posted by NORTY FLATZ View Post
OP~
Here's what I'd do.

If the loan rep gets "damaged" by you paying off the loan early, then I'd ask the loan rep if they'd be willing to accept $2500 cash for your "closing the loan" early. These are "after tax" dollars, so they carry the most weight. Figure the loan officer may counter with $3000.

$3000 is a savings to you (instead of $6000.)

This should take some of the "sting" out of the commission being refunded.

If she says "NO" to your offer, then ask her to counter offer. If it's agreeable, then do it.

If it's not agreeable, then pay off the loan, knowing you tried to do the honorable thing.
Norty, that is so illegal! No LO who values their profession and license would agree to accept cash under the table from a client.

Pftex is a loan officer and is letting OP know what happens to an LO's pay when someone pays off their loan earlier than 6 months. Does anyone here like to work for free?? It's indeed a low blow when someone pays off early and your pay gets raked back; it's an even lower blow to the loan officer when someone says they will make their six payments and then they go ahead and pay it off KNOWING that person will not see a dime for their work. That's flat out legal stealing, IMO and, well, you know what they say about Karma.

OP, you may also want to look into getting a bridge loan. That's a short term loan to carry you through those few weeks before your house sells.
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Old 09-10-2020, 02:30 PM
 
Location: Phoenix, AZ
6,330 posts, read 4,836,773 times
Reputation: 17952
Quote:
Originally Posted by jackmichigan View Post
Gosh, my integrity is worth a lot more than $6,000. Sorry to hear that your value is so low.

I'm always amused by people who take the moral high ground, until the money is coming out of their pocket. Then it's suddenly a different story.
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Old 09-10-2020, 02:35 PM
 
Location: The Sunshine State of Mind
2,393 posts, read 1,505,758 times
Reputation: 6147
Quote:
Originally Posted by WorldKlas View Post
Loan officer said: “Please promise me you’ll wait at least 6 months before paying this loan off, and we said Sure.”
You gave her your word. How good is your word?
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Old 09-10-2020, 02:39 PM
 
Location: 89052 & 75206
8,103 posts, read 8,284,205 times
Reputation: 19902
Quote:
Originally Posted by LoanChic View Post
Norty, that is so illegal! No LO who values their profession and license would agree to accept cash under the table from a client.

Pftex is a loan officer and is letting OP know what happens to an LO's pay when someone pays off their loan earlier than 6 months. Does anyone here like to work for free?? It's indeed a low blow when someone pays off early and your pay gets raked back; it's an even lower blow to the loan officer when someone says they will make their six payments and then they go ahead and pay it off KNOWING that person will not see a dime for their work. That's flat out legal stealing, IMO and, well, you know what they say about Karma.

OP, you may also want to look into getting a bridge loan. That's a short term loan to carry you through those few weeks before your house sells.
We are already in the loan. The bridge loan was totally unavailable to us and so was refi on the old house. We did a ton of research before we took the 30 year conventional loan at 3% interest that we are now in. Last time we sold a lot of stock and our medicare premiums doubled for 2 years and we had to pay income tax on our gains even though it went right into a home purchase. So this time we thought this was the best option.

We will talk to our LO and honor the commitment. Now, tho, wondering if we make a big upfront lump payment and keep the loan alive until 6 months expires what the impact of that on our LO.
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