Some exciting developments on the home-buying front: I have a banker and a mortgage broker fighting for my business! It’s not often that I have people fighting over me, so I am milking this opportunity for all it’s worth, shamelessly playing the two parties off of one another, and deliberately holding off on making any commitments until that magical deadline, ten days before closing.
And, oh, the desperation is a thing to behold. “I can understand that you’d want to talk to your bank about getting a better deal,” wheedled the broker, “but do you really want to go with someone who doesn’t give you their best offer up front, and makes you go back and forth negotiating for something better?”
I replied that 1) actually, yes I did, because the only reason that I was getting better offers to begin with was because of the competition – ain’t the market economy grand; and 2) the broker himself hadn’t offered me his best deal up front, and I’d only told him I’d sign with him if he could negotiate with the bank to get me an interest rate that was 0.05% lower, which he was able to secure without difficulty, so what’s with the sudden “best offer first” ethic? Fair enough, said the broker.
Anyway, I’ll probably go with the broker anyway, assuming I can get some kinks in the contract worked out, where by “kinks” I mean “the part that has me making a huge down payment and taking out a huge loan for the mortgage, thereby having me pay an extra $15,000 (!) that is not accounted for, and could you please issue me a contract where that is not the case?”
Assuming that gets fixed, I’m in better shape than I would be if I went with the bank, who offered me (this part was uttered in quiet tones by the banker) “a slightly higher interest rate”, but (more loudly) WITH ONE PERCENT CASH BACK!!1!1!!! on the amount of the mortgage. And that’s a lot of money! Think about that! Over a thousand dollars in my pocket!
I thought about it, but my thought process involved a calculator, which revealed that the over a thousand dollars in my pocket would be more than absorbed by the close to two thousand dollars in extra interest. Well, that’s true, said the banker, but…. I guess could use this as a springboard to another rant about innumeracy, but it’s not even that: even someone who can’t compute these things by hand could make use of any number of online mortgage calculators, which make the comparison process quite easy indeed.
Maybe I’ll try to find a third mortgage specialist, but time is running out.