Just to show how keen lenders are to keep existing customers.
I had a client who just wanted to break his existing loan in order to take advantages of the lower interest rates being offered (and he had no intention of leaving his existing lender).
In my application I asked for their best discount of the break fee. Their reply was 'this is a direct cost to the bank and we don't discount on break fees'.
My reply was one of 'I see your point but it would be remiss of me not to mention your competitors are currently doing this very thing'.
Today I got a follow-up email saying they had reconsidered their position and was able to offer a 50% discount if the client stay with the lender and the action was completed by the COB today.
So I have just saved a client $1,883.15 on his break fees allowing him to save over $2,000.00 a year in interest payments.
Happy..... I couldn't shut him up!!
I love being a Mortgage Adviser.
I had a client who just wanted to break his existing loan in order to take advantages of the lower interest rates being offered (and he had no intention of leaving his existing lender).
In my application I asked for their best discount of the break fee. Their reply was 'this is a direct cost to the bank and we don't discount on break fees'.
My reply was one of 'I see your point but it would be remiss of me not to mention your competitors are currently doing this very thing'.
Today I got a follow-up email saying they had reconsidered their position and was able to offer a 50% discount if the client stay with the lender and the action was completed by the COB today.
So I have just saved a client $1,883.15 on his break fees allowing him to save over $2,000.00 a year in interest payments.
Happy..... I couldn't shut him up!!
I love being a Mortgage Adviser.
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