Hi All,
I have a bit of a dilemma on my hands, probably more moral than anything. I'll try to keep it brief.
-Bought a new construction house in Feb, put deposit down then. House closes this December.
-Engaged a broker to handle the mortgage for me. Pre-approval was done and everything was good.
-Fast forward to Sept, I got laid off. I found a new job in October but I hated it so much. Broker said this throws a huge wrench in the works and it's slim chances I will qualify for a mortgage if I change jobs so soon.
-Broker says he had to pull a lot of "strings" to get me approved at 3.09% 5year fixed (20/20 options). Meanwhile, I went to my local bank to try and have a backup plan in case the broker fails. I tell the bank my situation, they say it shouldn't be a problem.
-Bank comes back at me with a rate of 2.95% 5 year fixed (double up payments/10 options). I was shocked, that I got such a better rate even though my broker kept telling me it was impossible to get lower than 3.09% even though many RFD'ers were reporting getting 2.9x% quite often in the Mortgage thread. I chalked it up to my job situation as he kept telling me so.
-I call my broker and tell him this, he gets upset saying "he put so much work into my file and he will be losing money out of his own pocket if I go with the other bank"
-I apologize quite a bit and try to make him understand that it is several thousand dollars savings. He says he can't believe i'm considering leaving his hard work for "a tenth of a percent"
-Broker then comes back at me saying he can do 2.99% but the difference comes out of his commission. Then he comes back at me again saying he can do 2.95% but he gets "no commission".
I'm really not sure what to think here. It almost feels like I was eligible for a lower rate all this time but his commission is what was keeping it inflated. I feel lied to and cheated even though I trusted him. I was able to get 2.95% by just walking in off the street. I didn't mention to the bank what the broker was offering me. He says the bank is trying to run a "swoop and scoop" scheme on me but that can't be since I didn't make any reference to the bank about him and what he was offering. The person at the bank that I am dealing with is someone I trust.
Can anyone lend some insight on this?
I have a bit of a dilemma on my hands, probably more moral than anything. I'll try to keep it brief.
-Bought a new construction house in Feb, put deposit down then. House closes this December.
-Engaged a broker to handle the mortgage for me. Pre-approval was done and everything was good.
-Fast forward to Sept, I got laid off. I found a new job in October but I hated it so much. Broker said this throws a huge wrench in the works and it's slim chances I will qualify for a mortgage if I change jobs so soon.
-Broker says he had to pull a lot of "strings" to get me approved at 3.09% 5year fixed (20/20 options). Meanwhile, I went to my local bank to try and have a backup plan in case the broker fails. I tell the bank my situation, they say it shouldn't be a problem.
-Bank comes back at me with a rate of 2.95% 5 year fixed (double up payments/10 options). I was shocked, that I got such a better rate even though my broker kept telling me it was impossible to get lower than 3.09% even though many RFD'ers were reporting getting 2.9x% quite often in the Mortgage thread. I chalked it up to my job situation as he kept telling me so.
-I call my broker and tell him this, he gets upset saying "he put so much work into my file and he will be losing money out of his own pocket if I go with the other bank"
-I apologize quite a bit and try to make him understand that it is several thousand dollars savings. He says he can't believe i'm considering leaving his hard work for "a tenth of a percent"
-Broker then comes back at me saying he can do 2.99% but the difference comes out of his commission. Then he comes back at me again saying he can do 2.95% but he gets "no commission".
I'm really not sure what to think here. It almost feels like I was eligible for a lower rate all this time but his commission is what was keeping it inflated. I feel lied to and cheated even though I trusted him. I was able to get 2.95% by just walking in off the street. I didn't mention to the bank what the broker was offering me. He says the bank is trying to run a "swoop and scoop" scheme on me but that can't be since I didn't make any reference to the bank about him and what he was offering. The person at the bank that I am dealing with is someone I trust.
Can anyone lend some insight on this?