mortgage question | Imamother

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Forum -> Household Management -> Finances

Mortgage question

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amother

Mon, Aug 05 2013, 12:11 pm

I am looking for someone familiar with the mortgage process to clarify how it works for me.
I am working with a mortgage banker at bank a. He locked in a rate for me which expired so he paid for an extension. For whatever reason I am exploring a different bank. The banker from bank a knows about it.
If I should choose to finalize my mortgage through bank b I want to know what loss I will be causing the banker from bank a, and if its not just a financial loss please elaborate.
Tia

amother

Mon, Aug 05 2013, 5:53 pm

Bump

amother

Mon, Aug 05 2013, 6:08 pm

His time. He gets paid from the bank so you would he causinv him not to get anything should you change banks.

amother

Mon, Aug 05 2013, 6:27 pm

amother wrote:

His time. He gets paid from the bank so you would he causinv him not to get anything should you change banks.

Op here
Thank you. I am well aware its costing him time. I am looking for a response from someone in the field that knows how these things work and can explain it to me. There is money, ratings, and reputation. That's what I'm looking for. Not the 'mentschlich' aspect of it. I am aware of that part of it.

pelle

Tue, Aug 06 2013, 9:50 am

my husband is a mortgage person. he said its highly unlikely he is actually suffering a financial loss, aside from the fact that his time is money and he will now not get paid for his work. you can pm me if you want to speak with him.

amother

Tue, Aug 06 2013, 9:53 am

pelle wrote:

my husband is a mortgage person. he said its highly unlikely he is actually suffering a finacial loss, aside from the fact that his time is money and he will now not get paid for his work. you can pm me if you want to speak with him.

Op here
Thank you. What about if we don't take the locked in rate?
As far as his time, I plan on compensating him for it. If you don't mind asking your husband what would be an appropriate gift amount? He is a frum guy and I am debating whether to give him cash or a gift.

amother

Tue, Aug 06 2013, 12:02 pm

I do mortgages and I answered before. He probably is not going to have a financial loss over it.

pelle

Tue, Aug 06 2013, 1:53 pm

between 50 and a 200.00 gift card is a nice jesture. but what would be even nicer is to give him the opportunity to earn your business back.

amother

Tue, Aug 06 2013, 2:16 pm

pelle wrote:

between 50 and a 200.00 gift card is a nice jesture. but what would be even nicer is to give him the opportunity to earn your business back.

Op here
Thank you
Its a unique situation and he really can't help us right now. We tried to make it work but it just wasnt going to happen. He is aware of why we need to explore other options amd knows its not hos fault or in his control. If I do refinance down the line I will iyh use him.

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