Have you ever had a gut feeling that made you go against what you normally do? Or have you ingored a gut feeling that you ended up paying for later down the road?
I just had one come back to me the other day. Fortunately, it was in my favor.
I got a call from one of the people in my networking group asking me if I would mind talking to their friend who wanted to refinance her house. I set up the appointment to meet the friend and her husband the next day at their house when they got home from work.
When I arrived, I was presented with two other offers from brokers that they already talked to. The first was who did the original loan (a 2/28 ARM that was about to adjust from 7.5% to 11.25%). The borrowers wanted to go into a 30 year fixed mortgage. Offer one was putting them right back into the 2/28. Offer two was a 30 year fixed with an incredible rate.
Well, I went to work. I did some number crunching and decided that I would do this deal for literally next to nothing. I charged a $500 processing fee on the front and .125% in YSP. I made a total of about $850. Not a lot in terms of a mortgage. My gut was telling me to do this one cheap. Two reasons: 1) Referral 2) Something unknown.
Just two days ago, I get a call from my cleint. She asked me if the loan had a prepayment penalty. I said that it did not, and then proceed to ask why. Turns out that she and her husband are now getting separated. It was sudden. As at the closing, they were talking about using some of the left over cash to buy a boat that they have been eyeballing for several months.
So my gut paid off. Since this lender has a YSP recapture if the loan is paid off within 6 months, I only have to write a check back to the lender for a couple hunderd dollars. Had I gone againt the gut, it would be more along the lines of a thousand or two.
The gut keeps paying... becuase I did the right thing for them. Both she and her soon to be ex-husband are going to need new places to live. They are selling the house, and they will let me put a sign out front stating financing available through me. And I get to help with both of their future mortgages when they find their new homes.
Do you have any interesting stories where your gut paid off? Please share...
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