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Tfor3
LIF Infant
Member since 9/06 291 total posts
Name:
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I'm so mad at our mortgage broker...
We met with him in mid-Dec. We have an "on or about" Feb 15th close date. He said he was going to lock us in at 6% for 45 days, and I said no - lock us in for 60 days because 45 days from mid-Dec only put us to the end of Jan. I knew we wouldn't close by end of Jan with a Feb 15th close date. So I just found out that he did in fact only lock us in for 45 days and our 6% rate expires tomorrow. I am so mad. If he listened to me, we would have had the rate for another 2 weeks. Now he wants to file for an extension but that will of course cost me $$ (points). This is his fault but I guess I have no recourse, right?
I'm SO mad.
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Posted 1/30/07 4:28 PM  |
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Prudential Douglas Elliman Real Estate
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: I'm so mad at our mortgage broker...
OMG, what company????
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| Posted 1/30/07 4:30 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: I'm so mad at our mortgage broker...
i am so sorry.
i would hope since it was his fault he would pay the difference.
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| Posted 1/30/07 4:44 PM |
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Tfor3
LIF Infant
Member since 9/06 291 total posts
Name:
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Re: I'm so mad at our mortgage broker...
No offer from him to pay the difference. I was a little late in getting some paperwork to him, so he'll probably say we wouldn't have made Feb 15th anyway so it doesn't matter. Does anyone know how long it takes after they have all the paperwork they need? Would it take longer than 2 weeks?
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| Posted 1/30/07 4:51 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: I'm so mad at our mortgage broker...
what kind of paperwork?
Cause from my experience u dont need any paperwork to lock in a rate.
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| Posted 1/30/07 5:01 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: I'm so mad at our mortgage broker...
Posted by Tfor3
No offer from him to pay the difference. I was a little late in getting some paperwork to him, so he'll probably say we wouldn't have made Feb 15th anyway so it doesn't matter. Does anyone know how long it takes after they have all the paperwork they need? Would it take longer than 2 weeks?
to lock in a rate or get the commitment? once your appraisal is completed and all is okay value wise you should have a commitment within a day or two. ask to speak to his supervisor! they should pay the fee to extend the rate lock.
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| Posted 1/30/07 6:08 PM |
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Tfor3
LIF Infant
Member since 9/06 291 total posts
Name:
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Re: I'm so mad at our mortgage broker...
Sorry - I didn't mean paperwork to get the lock on the rate, but the paperwork to actually process the loan. We locked in at 6% right away, but then he needed our bank statements, proof of assests, 401K, etc etc to actually get the mortgage. Most of it I got to him right away, but there were a few outstanding things that I got to him just in the last week (one thing was the signed contract that I was waiting on the seller's attorney for). So I'm wondering if he'll tell me since I was late in getting some of the paperwork to him, that we wouldn't have closed by Feb 15th anyway and even a 60 day lock wouldn't have mattered. I'm not sure how long a bank takes once they have all the paperwork to give you the mortgage.
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| Posted 1/30/07 7:28 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: I'm so mad at our mortgage broker...
Just because you told him you wanted 60 days doesn't mean he could lock that rate in for that length of time. It's possible that the 6% was a short term offer, only good for 45 days. Did he agree to the 60 days when you requested it? If so, then I would think he should offer something in compensation, but as you say, it's probably a moot point anyway since the closing still won't happen within that time.
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| Posted 1/30/07 7:46 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Blank
Message edited 1/30/2007 8:41:05 PM.
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| Posted 1/30/07 8:40 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: I'm so mad at our mortgage broker...
there is always something with brokers. I will never go with a broker again - the fees are crazy, points are unnecessary. I got screwed by a broker.
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| Posted 1/30/07 8:40 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: I'm so mad at our mortgage broker...
Geez...I wonder if you have the same broker I did. He made me furious!
I'm sorry you're going thru this...I feel your pain. Maybe you can switch lenders?
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| Posted 1/31/07 9:26 AM |
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