Finding out what really matters
Gasper has long since experienced a reversal of fortune, now working at Madison Mortgage as a VP and mortgage loan originator. Earlier this year, he joined officials from United Wholesale Mortgage on the New York Stock Exchange trading floor to celebrate National Mortgage Brokers Day. He was invited to participate in the revelry after writing about a deal that resonated powerfully with him.
He recalled helping a newly divorced client who was in need of money to help pay off his former spouse. Ultimately, Gasper was able to save more than $10,000 for his client. “That was actually a recent file,” he said. “He was going through a divorce, and shopping around with different mortgage companies and banks.
“I gave him a 5.18%,” he recalled. “The other lender was in the high 5s like 5.875% to 5.99%. I gave him 5.18% on a $600.000 loan amount. That makes a big difference on your debt-to-income ratio, especially on a loan amount like that with a reduction rate of almost 1%,” he said. “It gave him more buying power to get his wife off the title of his house and restart his life. It was just a world of difference between the two loans.”
Gasper said he explored every way to save the client money: “Since it was a buyout, I structured it as a gift of equity. They own the home together – at that point his portion is his portion, her portion is her portion. My borrower, if he’s living in the house, it’s his primary residence. He doesn’t have to pay transfer tax. So, I saved him $14,000 in transfer tax as well.”
The ability to help people in such a meaningful manner alerted him to the more intangible rewards of his work beyond the lure of the cold hard cash.
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