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Mortgage Options for In-House Attorneys

Posted: Mon Aug 12, 2024 1:57 am
by tlsthrowaway111
What generally happens to your private banking connections (i.e. Citi Private Bank's Law Firm Group, JPM Private Bank's Law Firm Group, etc.) after you leave big law? I'm assuming you won't be able to get access to the same mortgage discounts, even if you have an existing relationship?

Do in-house attorneys have any sort of similar perks? Or is it generally retail finance for mortgages?

Re: Mortgage Options for In-House Attorneys

Posted: Mon Aug 12, 2024 9:05 am
by nealric
Whether you can continue with private banking is going to depend on the bank's policies for private banking. After a time, you may have enough money to qualify for it absent any law firm relationship :D

At the same time, the relationship benefits are typically not a game changer unless you have some unusual financing requirements (like wanting an extremely large mortgage or doing asset-backed lending). The discount on interest for a vanilla mortgage may not even be as much as the difference between your private banking institution and what you could get from shopping lenders. My bank was 50bp high compared to what a broker could get me when I bought my first house. YMMV of course.

Re: Mortgage Options for In-House Attorneys

Posted: Mon Aug 12, 2024 9:18 pm
by Dr Tobias Funke
Citibank booted me (well, tried to, I just never followed up) when they found out that I'm not at my firm anymore. I'm sure they wouldn't let me get a mortgage.