Wednesday, May 16, 2007

Deal Killing Mortgage Broker

Helping a friend sell an apartment (I'm a licensed RE Broker as well as a Loan Officer) in the Riverdale section of The Bronx has been interesting.

By interesting, I have an opportunity to hear what my competition is telling their clients. Today was interesting. I had an appointment with a prospective buyer to show her the apartment in the listing below. She called today and canceled. The Washington Mutual loan officer with whom she is working told her that a 20% down payment was too much.

Perhaps the prospect doesn't have the money. That would be understandable, one needs about $66,000 to buy this apartment ($44,000 down payment and $22,000 in post-closing reserves). That's a lot of money.

But if the loan officer actually did tell her that putting 20% down on a property is foolish, then the mortgage industry has not learned from their mistakes. Since when is it a problem to actually have some equity in your home?


Anonymous said...

You work for mortgage zone? John and Alan are closet fags who are two of the most greedy, corrupt scumbags on the planet. Watching you dipshits lose all your ill begotten wealth this coming year is gonna be fun to watch.

FiveMZNYC said...

Thanks for your comment. I don't know John and Alan all that well, I'm working on getting licensed by the New York State Banking Department so that I can be more in control of my company's reputation.

Thanks for your input I enjoyed reading it. I'm definitely interested in hearing specifics.