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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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I think the mortgage bank is trying to screw us...
so we are in contract for an REO property that we are buying from a bank.
We are using the same bank for the mortgage. We were supposed to close on Friday, the the bank lawyers weren't ready.
The mortgage guy has all paperwork ready for our closing this week, but told us not to lock in a rate yet because he said he's trying to get us a lower rate.
He JUST told my husband, the mortgage rates are a little higher for condos vs. houses and we could end up with a percentage point higher!!
WTFF! We're about to close and this guy is trying to pull this SHIIT! He is giving us the run around.
Anyone ever hear of this kind of crap?
Message edited 1/26/2009 1:12:37 PM.
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Posted 1/26/09 1:11 PM  |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: I think the mortgage bank is trying to screw us...
Wow, I know the rates were the same for condo and house when we bought! Does the bank have that in writing? This is something that shouldn't be coming as a surprise the week you close!
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| Posted 1/26/09 1:19 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: I think the mortgage bank is trying to screw us...
When we bought, the rates for a condo and a house were exactly the same.
I don't know if the same holds true for co-ops - I'm sure someone on here would know. Could he be confusing condos and co-ops? (Shot in the dark)
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| Posted 1/26/09 1:22 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: I think the mortgage bank is trying to screw us...
Posted by nov04libride
Wow, I know the rates were the same for condo and house when we bought! Does the bank have that in writing? This is something that shouldn't be coming as a surprise the week you close!
I know!!!! I don't get it.
they said it was a requirment from Freddi Mac or some crap.
This is VERY frustating.
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| Posted 1/26/09 1:23 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: I think the mortgage bank is trying to screw us...
Posted by Sandy55
Posted by nov04libride
Wow, I know the rates were the same for condo and house when we bought! Does the bank have that in writing? This is something that shouldn't be coming as a surprise the week you close!
I know!!!! I don't get it.
they said it was a requirment from Freddi Mac or some crap.
This is VERY frustating.
I will say that our current mortgage was with Bank of NY, and they did pull a fast one on us and left us with so little time that we were forced to stay with them and buy a point to stay with the rate we were assured we would get.
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| Posted 1/26/09 1:29 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I think the mortgage bank is trying to screw us...
Posted by Kara
When we bought, the rates for a condo and a house were exactly the same.
I don't know if the same holds true for co-ops - I'm sure someone on here would know. Could he be confusing condos and co-ops? (Shot in the dark)
You may pay a premium on a co-op. But I have never heard of the interest rate jumping more than .5% more for a co-op.
A whole point for a condo is insane. Tell them forget it and you will bring your financing yourself (from another bank).
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| Posted 1/26/09 2:12 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: I think the mortgage bank is trying to screw us...
Posted by nov04libride
Posted by Sandy55
Posted by nov04libride
Wow, I know the rates were the same for condo and house when we bought! Does the bank have that in writing? This is something that shouldn't be coming as a surprise the week you close!
I know!!!! I don't get it.
they said it was a requirment from Freddi Mac or some crap.
This is VERY frustating.
I will say that our current mortgage was with Bank of NY, and they did pull a fast one on us and left us with so little time that we were forced to stay with them and buy a point to stay with the rate we were assured we would get.
BASSTARDSSS! As it turns out, as of 1/14 there is a "new rule" that a fee is charged for condos. Thanks for letting us know Mr. Bank!!
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| Posted 1/26/09 5:10 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I think the mortgage bank is trying to screw us...
Posted by Sandy55
BASSTARDSSS! As it turns out, as of 1/14 there is a "new rule" that a fee is charged for condos. Thanks for letting us know Mr. Bank!!
I wouldn't accept that. Fees are made to be waived.
Tell them either waive the fee or you are going to get your financing somewhere else.
Play hardball with them. I am sure they want to sell the house quickly enough. You won't get anywhere until you show them you mean business.
You said you will be paying a percentage point higher. Does that mean your mortgage you thought carried a 5.5% rate will now carry a 6.5% rate? If that's the case NO FREAKIN' WAY would I agree to that.
Not in a million years.
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| Posted 1/26/09 6:22 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: I think the mortgage bank is trying to screw us...
Posted by ave1024
Posted by Sandy55
BASSTARDSSS! As it turns out, as of 1/14 there is a "new rule" that a fee is charged for condos. Thanks for letting us know Mr. Bank!!
I wouldn't accept that. Fees are made to be waived.
Tell them either waive the fee or you are going to get your financing somewhere else.
Play hardball with them. I am sure they want to sell the house quickly enough. You won't get anywhere until you show them you mean business.
You said you will be paying a percentage point higher. Does that mean your mortgage you thought carried a 5.5% rate will now carry a 6.5% rate? If that's the case NO FREAKIN' WAY would I agree to that.
Not in a million years.
ITA!!!
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| Posted 1/26/09 11:38 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: I think the mortgage bank is trying to screw us...
FM... I had a similar problem with my mortgage lender.
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| Posted 1/27/09 8:33 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: I think the mortgage bank is trying to screw us...
Posted by ave1024
Posted by Sandy55
BASSTARDSSS! As it turns out, as of 1/14 there is a "new rule" that a fee is charged for condos. Thanks for letting us know Mr. Bank!!
I wouldn't accept that. Fees are made to be waived.
Tell them either waive the fee or you are going to get your financing somewhere else.
Play hardball with them. I am sure they want to sell the house quickly enough. You won't get anywhere until you show them you mean business.
You said you will be paying a percentage point higher. Does that mean your mortgage you thought carried a 5.5% rate will now carry a 6.5% rate? If that's the case NO FREAKIN' WAY would I agree to that.
Not in a million years.
I just called the guy and he is going to speak to upper management about waiving the $1200 fee.
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| Posted 1/27/09 9:48 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: I think the mortgage bank is trying to screw us...
Posted by Sandy55
Posted by ave1024
Posted by Sandy55
BASSTARDSSS! As it turns out, as of 1/14 there is a "new rule" that a fee is charged for condos. Thanks for letting us know Mr. Bank!!
I wouldn't accept that. Fees are made to be waived.
Tell them either waive the fee or you are going to get your financing somewhere else.
Play hardball with them. I am sure they want to sell the house quickly enough. You won't get anywhere until you show them you mean business.
You said you will be paying a percentage point higher. Does that mean your mortgage you thought carried a 5.5% rate will now carry a 6.5% rate? If that's the case NO FREAKIN' WAY would I agree to that.
Not in a million years.
I just called the guy and he is going to speak to upper management about waiving the $1200 fee.
Good! If he comes back and tells you they can't waive the fee. Ask him who he spoke to and get that upper level person's number. Speak to them directly if necessary!
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| Posted 1/27/09 11:47 AM |
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philsdeezy
LIF Adolescent
Member since 12/06 643 total posts
Name:
Dee
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Re: I think the mortgage bank is trying to screw us...
It might be true, go to MORTGAGENEWSDAILY.COM, its a web site strickly about mortgages, it's frequented by many mortgage brokers, loan officers etc. Sign up, browse thru the different blogs as well as RATE watch and MBS commentary, there are many people capable of answering all your questions.
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| Posted 1/27/09 7:43 PM |
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