Mortgage Appraisal Higher
Bait & Switch by a mortgage broker?
I got a GFE from a mortgage broker, he had run my credit and said I can get this loan he illustrated in the GFE. Now after I have paid for an appraisal he is telling me that the lender ran my credit and my score has gone down. I subsribe to my fico and per my fico there is not another inquiry besides the one he ran. He now wants to give me a way higher interest rate, I told him I want proof that the other lender rejected me and he says he can’t provide such, and i want a copy of my credit report showing that my score had gone down. They do not want to provide me this info. either. I feel that I have a right to this information. I have now filed a complaint with the BBB and am planning on contacting the DRE. I am disgusted with this situation and mad as hell!!!!
The Better Business Bureau is not going to help you…but the BANKING COMMISSION in your state will.
You are SHARP! The broker had no business ordering an appraisal before he pulled your credit. That is putting the cart before the horse.
You bet your dollar that something is fishy…and a bait and switch is exactly what he is doing in order to pad his own pocket.
My recommendation is to tell him to REFUND your money for the appraisal immediately, so you can go to another lender. Go to a MAJOR mortgage company, such as Countrywide, Wells Fargo, HomeBanc, pick any of them just make sure they are a direct lender. Ask to speak to the branch manager, and explain to them what happened and that you need someone EXPERIENCED to move this transaction quickly, not some newbie that just got his Loan Officer’s license last week.
If he refuses, tell him if he doesn’t, you will go to the banking commission and file a complaint that he is in violation of Fair Lending (b/c he is…he won’t give you evidence of WHY he is charging you a higher rate), and watch his face turn white.
Good for you! Your story shows that you don’t have to know the ins and outs of the mortgage business to know when something isn’t right!
Option ARM Reset to higher mortgage rates 2010-2012
FHA Struggling to Stay Afloat
The Federal Housing Agency said an independent assessment found a $14 billion shortfall in its reserve fund, but again denied it is heading for a taxpayer bailout.
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Higher. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Higher
A day before closing mortgage co told me that we can not close due to the foreclosure rate.Will I clos?
After pay a fee inspector's assessment of the mortgage co, says a day before closing that has met a roadblock, says they are approved but the lender is afraid that the subdivision is too high foreclosure rate and that there are measurement issues she is trying to work through.Im never get nervous about this house?
this was common 20 years ago – which originates from banks wishing to withdraw mortgage offers, or at least I think second mortgage offerings -. the market is how much and homeowners lose money and ultimately, their homes and left banks by the side of a loan to a lot of money for a house that is worth crap now – and banks are being very cautious about where money is being paid .. As The likely fly over second bank also assume that the evaluation, which may even excersise their right to an assessment of the second or third – but long as the house you are buying is worth paying for it – then you have nothing to worry about are. And with the market the way it is now well you do not want to buy a house that is too expensive and neither does the – bank. But in the end the chances of the house is priced right and can only go up, but the bank wants be sure before investing money in you and your home. Banks are doing their homework 2 and 3 times around today and that's only because they have learned their lessons to jump out to do their homework for the past years.