I was applying for a Home Equity Loan and I told the Loan Offincer that
I wanted a 60,000 loan and a fixed rate. He took down my info and said
that since my husband and I have excellent credit that we will have no
problem. He then had his Loan Processor contact us and we gave her
additonal info she requested. A few days later I called the Loan
Officer and asked what our payment would be and he said just under
400.00. I asked if he could send us a good faith estimate and he said
he would, but it never came. I talked to him again, and then he said I
couldn't get a fixed rate and I told him I absolutely wanted a fixed
rate, so he said no problem and then said the payments were 424 a
month. It was more but I asked what he needed to proceed and he said he
was just waiting for us to decide (this was a week after he said our
payments were under 400.00) I thought he had locked the rate. Anyway I
said that was fine. So I recieve the good faith estimate along with the
other papers and then the monthly fee was 466.00 with a HELOC variable
rate. I called him and he said by law they have to send those and don't
worry about what's on there, just sign it and at the closing he'll have
the correct numbers. Well I didn't sign them and called the loan
processor and asked her to resend them with more accurate info. She
then asks me if I wanted a HELOC or 2nd mortgage. I had thought I had
made that perfectly clear many times before! I wanted a fixed rate.
They also discouraged me from buying points. Anyway, I went to ditech
to see what hey offered and the payments were just under 400.00. I
asked them if they could match that (I wouldn't use Ditech, but I
wanted another opinion) And then they called up and said our loan
didn't go through because one of our real estate properties payments
was over 30 days late and the underwriter wouldn't accept a letter
explaining why. This all took about 3 weeks!What do you make of this. I
have never been through anything like this before? Any comments? Thanks
for your time!