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! |
dishonest Lender?
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dishonest Lender?
wrote in message ps.com... 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. Problem story follows There is no shortage of fixed rate home equity lenders, just go to another one. You can get a list of lenders for your area at www.bankrate.com . Banks such as Citizens Bank offer fixed rate home equity loans at fair rates and "No application costs, no closing costs or annual fees ". |
dishonest Lender?
Hell Toupee wrote:
It's fairly routine to have them agree to set you up with a fixed-rate loan, only to arrive at closing and discover they've set you up with an ARM. They're counting on you needing the loan badly enough that you'll go along with it. And it's real fun when you discover this during a combined closing, just after you've sold your old house. Now you're homeless when you flip to the loan document and it says 12% ARM when you locked in at 5% fixed. WTF?! AAARGH! -rev |
dishonest Lender?
"The Reverend Natural Light" wrote:
And it's real fun when you discover this during a combined closing, just after you've sold your old house. Now you're homeless when you flip to the loan document and it says 12% ARM when you locked in at 5% fixed. WTF?! AAARGH! Which is why on my last couple of closings, I insist on copies of all the paperwork at least two days before the actual closing. Had one closing agent throw a hissy fit when I insisted on this and then two days later say she had never done a closing so fast. duh... |
dishonest Lender?
In article , "Clark W. Griswold, Jr." writes:
"The Reverend Natural Light" wrote: And it's real fun when you discover this during a combined closing, just after you've sold your old house. Now you're homeless when you flip to the loan document and it says 12% ARM when you locked in at 5% fixed. WTF?! AAARGH! Which is why on my last couple of closings, I insist on copies of all the paperwork at least two days before the actual closing. Had one closing agent throw a hissy fit when I insisted on this and then two days later say she had never done a closing so fast. I'm curious how you were able to do that? I always insist too, but am always ignored or rebuffed. Do you tell them that the transaction will be cancelled if you don't get the paperwork? (Last year I closed on a house purchase where this happened. I simply could NOT get them to give me the final true cash amount I needed to bring, in order to complete the closing. They kept telling me to just bring a check for the amount in the GFE. The settlement agent did a double-take when she saw that our check was over $1,000 MORE than the final amount we needed to pay. We were lucky it was that way and not $1000 under! Still, refund check in hand, I was not amused.) - Sharon "Gravity... is a harsh mistress!" |
dishonest Lender?
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dishonest Lender?
catalpa wrote: wrote in message ps.com... 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. Problem story follows There is no shortage of fixed rate home equity lenders, just go to another one. You can get a list of lenders for your area at www.bankrate.com . Banks such as Citizens Bank offer fixed rate home equity loans at fair rates and "No application costs, no closing costs or annual fees ". I agree. I'd also focus on the loan term and interest rate, as opposed to what the monthly payment will be. You can always make the monthly payment look smaller by quoting a longer term. |
dishonest Lender?
There are a ton of places to go to for a fixed mortgage, start calling
and checking elsewhere - why waste time being aggravated with a company you already dont feel comfortable with. Plus they need your business more than you need theirs, so chances are theyll start getting competitive once they know youre checking with several lenders. Clark W. Griswold, Jr. wrote: (Sharon) wrote: I'm curious how you were able to do that? I always insist too, but am always ignored or rebuffed. Do you tell them that the transaction will be cancelled if you don't get the paperwork? (Last year I closed on a house purchase where this happened. I simply could NOT get them to give me the final true cash amount I needed to bring, in order to complete the closing. They kept telling me to just bring a check for the amount in the GFE. The settlement agent did a double-take when she saw that our check was over $1,000 MORE than the final amount we needed to pay. We were lucky it was that way and not $1000 under! Still, refund check in hand, I was not amused.) I just politely informed the closing agent that I wasn't going to spend two hours reading documents in the title office and said that I knew they had to be prepared ahead of time anyway, so please fax or email them to me. She wasn't real happy, but when I repeated the request, she agreed. |
dishonest Lender?
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dishonest Lender?
Clark W. Griswold, Jr. wrote: wrote: Anyway, for US, it worked very well. We got the mortgage, it really didn't cost us anything I'm glad it worked out for you, but it wasn't "no cost". The person who coined that phrase should be hung up next to the person who came up with "new & improved". You're paying any closing costs in the rate spread between your loan and the actual market rate at that time. You are probably correct. When I was comparing rates at the time, the one we ended up with was not the lowest nor highest of those listed in the newspaper. However, to me the good part is I KNEW what the rate and mortgage type were, there were no games possible with "estimated costs" etc. While marginally more expensive on the rate, it was certainly easier on the brain. All of which was much easier than any of the previous mortgages I have held over the years. While there is no particular reason to go with the same mortage company (other than it seemed to work just fine, and these days that's a serious plus), my future mortgages will certainly include considering the no-cost type. |
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