How should I tell my old Mort company that I'm going with another to do my refinance?

Question

I was working with someone but they we not delivering the results that I needed. So I found a different company that could and did. Bottom line my old comp said that they could only find me an ARM but the new one found me a fixed rate... that's what I wanted. Now how do i tell them?

Answer 1

the same way you just did.

Answer 2

The reason they were telling you that is because the loan officer will probably get a better rebate from the bank on the ARM. If someone says they can't find you a fixed rate but they can find you an adjustable, they should think about getting into another profession.

If you contact me I would be glad to see what sort of options I could draw up for you. What is the interest rate you are being offered by your new mortgage company?

Answer 3

You should tell them very bluntly that you asked for a fixed rate and found one elsewhere. Do not beat around the bush or you will have a loan officer chasing the loan for weeks.

BTW...he probably told you he only had an ARM because he made higher commission on the ARM product. Most who qualify for an ARM also qualify for a fixed rate.

Here is some additional info. Hope this helps.

Answer 4

don't tell them anything more unless you want to continue to negotiate with them for a lower rate and keeping your loan. Your new lender will order your payoff(s) and handle everything for you. You do not have to call them if you so choose going forward.

I would recommend calling them back to see if they want to keep you by disclosing what new terms under which you are refinancing and see if they can match or beat it. A lot of times they can do it "streamlined" and save you closing costs and re-escrowing your taxes and insurance. They only have an ARM, sounds like bunk b/c all lenders have some type of ARM and fixed product selection, the particular loan officer you spoke with is trying to sell you into one specific product.

Answer 5

Just tell them you decided to go to someone else. Im a loan officer and would be kind of dissapointed but I could only expect my clients to do whats best for them.... Because I would do the same thing, especially if its the difference between a fixed and a arm.

Answer 6

Just tell them you need to withdraw your loan application because you found a better deal someplace else. Just be careful that what you found was actually better. We have had people who have left us for a "better deal" and they come back shortly there after because it had not been such a good deal after all.....and I have heard of people being surprized at the last minute by additional closing costs that they were not prepared for. So, just beware.....but people move loans all the time, it's no big deal. Just tell them asap so they can stop working on it and not waste their time on a loan they are not going to be doing.

Answer 7

Don't worry about it! Just tell them you found a better deal.

Or don't tell them anything at all, as they'll figure it out when they get the request for payoff from the closing agent anyway.

It's not like you're telling your spouse that you're leaving, it's just a mortgage company!

Answer 8

Just tell them. It's the way of the business world, they'll understand. A lot of times they'll counteroffer with the same or a similar one so it can be to your advantage.

You have to make the right financial decisions for you, not worry about what the lenders think.

Answer 9

Just be truthful, they blew it. I would just call them up and tell them you found something the better fit your needs and you are going with someone else. They hear this all the time. Just be firm and don't let them talk you into anything.

Answer 10

you could just call them up as a courtesy, and say thanks, I found my fixed rate. Have a Merry Christmas~ bye

and speak to the person you have been dealing with

Answer 11

Tell them to beat the other company's deal- that's how you tell him/her