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dishonest Lender?
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! |
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