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Old 03.05.2019, 14:38
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Choosing mortgage offers from two banks... is what I am doing good?

I was negotiating with my bank A for a mortgage to purchase a secondary residence. They gave the green light and we said we would discuss about the interest rate later on. (I have been an old client with them already since my first residence purchase).

Then, another bank B (they got my coordinates from the residence promotor) contacted me and asked me if I already have settled down the mortage. I said I was in discussion with my bank A, but no contract has been signed.

Then a few days later bank B proposed me an offer, which was very interesting. I forwarded the offer to bank A, saying that I got another offer and asked what they could propose. They said they will process a request for me immediately but it takes 2-3 days to validate. In the meantime, bank B told me that they could already print out the contract for me (for free of charge), in order to block the rate (which might change from day to day). As I haven't heard back from bank A, I thought it would be a good idea to already secure a contract with B. So I said yes could you please print out and send to me the contract. They said "thank you for your confidence, the contract will be in your letter box Saturday".

Then today bank A called me and proposed a comparable offer and I have time until latest middle next week to give the green light so they will prepare the contract. As I am already an old client with them with my different accounts, under similar offers I will obviously prefer bank A. But I don't know what to do now...

Is it OK that I put aside the contract from B, and next Monday call A to prepare the contract, and once done, I call B and say that I finally opted another offer? Is this moral? I don't know why but I kindof feel a bit guilty... it's like I'm playing with both of them...
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  #2  
Old 03.05.2019, 14:55
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Re: Choosing mortgage offers from two banks... is what I am doing good?

Go with bank A, better the devil you know......
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Old 03.05.2019, 15:02
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Re: Choosing mortgage offers from two banks... is what I am doing good?

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I don't know why but I kindof feel a bit guilty... it's like I'm playing with both of them...
Yes you do, no need to feel guilty about it. You're shopping for the best price, if they no longer saw it as a profitable undertaking they'd have stopped bidding.
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Old 03.05.2019, 15:03
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Re: Choosing mortgage offers from two banks... is what I am doing good?

Moral is not of importance, it is a business deal and what you need is two detailed offers to be able to compare. Both will understand this and both banks might put some pressure on you telling you their offer is the best thing possible on earth. Just get both contracts, read them carefully and make your choice.
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Old 03.05.2019, 16:56
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Re: Choosing mortgage offers from two banks... is what I am doing good?

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Moral is not of importance, it is a business deal and what you need is two detailed offers to be able to compare. Both will understand this and both banks might put some pressure on you telling you their offer is the best thing possible on earth. Just get both contracts, read them carefully and make your choice.
Yeah, I just feel a bit guilty as they put also time and efforts to prepare the contracts, and all the phone and email exchanges. But maybe this is part of their job (some offers/contracts will not be signed by the clients)...
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Old 03.05.2019, 17:02
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Re: Choosing mortgage offers from two banks... is what I am doing good?

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Yeah, I just feel a bit guilty as they put also time and efforts to prepare the contracts, and all the phone and email exchanges. But maybe this is part of their job (some offers/contracts will not be signed by the clients)...
They're banks, I'm sure they can spare the time and money.
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Old 03.05.2019, 17:28
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Re: Choosing mortgage offers from two banks... is what I am doing good?

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They're banks, I'm sure they can spare the time and money.



They are Supermarkets !!


The only difference is Migros & Coop sell groceries, the UBS and CS sell money
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Old 03.05.2019, 18:03
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Re: Choosing mortgage offers from two banks... is what I am doing good?

Tell Bank B that you have a matching offer. Can they improve on their original offer?

If they want your business, they will. Even a fraction of a percent is lots of money.

And don’t feel guilty. It is your money, not theirs.
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Old 03.05.2019, 18:12
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Re: Choosing mortgage offers from two banks... is what I am doing good?

They play a game, you play a game: Of Poker.
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