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Is it OK to yell at your mortgage broker?

Just wanted to share my last two experiences with mortgage bankers/brokers.

Five years ago, I was all pre-approved to buy a house and right before making the offer on a place we liked, I called to do one final check-in with my WF banker who I'd been working with the entire time. Everything was good and we made an offer, countered, and got the house. While she was processing the loan, she calls me up and tells me rates had gone up and my loan was now going to cost $250 more per month. I told her she was nuts and I was supposed to be locked in, but she insisted there was nothing she could do. I told her off over the phone (not my proudest moment) and called my realtor and told him to exercise the loan contingency - the deal's off.

Since a good realtor is also a good psychologist, he talked me down and asked for her number (he didn't know her from Adam). 20 minutes later, she calls all apologetic and "Mr. Dgstan this, Mr. Dgstan that.... Oh, I wasn't aware you qualified for our preferred borrower program, so we were able to find you a new rate." New rate? It was now .25% lower than the ORIGINAL quote. I don't know what my realtor said to her, but I wish I heard it.

Fast-forward to this week and my current mortgage broker (recommended by my current realtor) sent me loan docs with some outrageous 30 year rate. It is what it is, but I called her back and told her I didn't want a 30 year and to tell me what the rates are for an ARM. She tells me - and I quote - "There is no such thing as an adjustable rate mortgage for conforming loan amounts." I almost fell out of my chair. I told her she was nuts and said I'd find someone else who can give me what I want. Half an hour later, I get an email from her with a plethora of ARM programs with the exact same lender and the same underwriting and switching rates will not delay my closing whatsoever. I choose the one I want and we're off to the races.

Today, I mention to my realtor that I found his his "awesome" mortgage lady less than awesome. I told him "I'm not going to call her a liar, let's just say she's lazy." Half an hour later, I get a call from her and guess what? She was able to find a better rate that is .375% lower than what she originally quoted me!

tl:dr - Ask more of your lender. Don't take whatever they feel like giving you without question. Make some noise and it could very well pay off.

submitted by /u/dgstan
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source https://www.reddit.com/r/RealEstate/comments/u8gqsj/is_it_ok_to_yell_at_your_mortgage_broker/
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