Loan officer pushing to close before 31st
We just closed on a home loan today and our loan officer pushed us way way too hard to close before eod on the 31. He fought with our realtor, said unpleasant words to us just to get us to close the loan on the 31st as opposed to the 1st. Do loan officers have some incentive to close end of the month as opposed to beginning of the month. We are clueless why he created so much drama. He lost us as future customers. Bank: Chase
There are some things that could be better for either the buyer or seller too. Closing at the end of the month means you pay less in prepaid interest but only skip one month of mortgage payment. Paying at the end of the month is more prepaid interest but you skip two monthly payments. Depending on whether the seller or the buyer pays the property tax “transfer tax” may also affect whether the 31 or 1st is preferable.
He did mention that and we told him that we were completely okay with closing on the 1st, but he broke many relations and pushed the closing to happen on the 31st. It was very unpleasant.
Boohooo 😭🤧😭😭
Lol
Yes. Monthly, quarterly, annual quotas. Mine called me on a Sunday at 630am.
Can you elaborate on what these look like?
Not sure what you want to know. He's a sales person. He's measured and incentivized on how many loans (and total value) he closes every month, quarter, year. They likely also have a total amount of discounts they can give. So he's okay with you not returning as a customer or giving you 2000 USD in discount to meet his quota at any cost.