[MtnBikerChk]

I've heard lots of people say that their mortgage co called them the day before their closing telling them to bring extra money with them they weren't planning on.

How does this happen?

got a story? please share...............

 

[BostonBullit]

haven't had anything like that happen to me, but then again I was the best man at my brokers wedding recently

whilest we were out doing the bachlor party thing one of his mortgage broker buddies was tellin a story about another guy from the office (who has since been fired) who screwed up and put all the papers through for "the wrong product"...meaning that the lendee thought they were getting a 30yr fixed and the guy did everything as like a 5+1 ARM or something. no one noticed until the closing and the dude basically had to sign the papers or loose his deposit

you gotta read EVERYTHING, and keep EVERYTHING....

 

[pixelninja]

Yeah, that happened to us once. Tried using a different broker for a re-fi and they were a bunch of sharks. The kept putting us off until the VERY last day (that way, we either had to sign the papers, or come up with that months payment which they said we didn't have to pay) then gave us some sob story about how so-n-so wouldn't eat some costs and could we come up with $1200? Luckily, their underwriter was a total ditz and brought the wrong papers, so we had the night to think it over. Decided against it and told them to take a hike. Ended up going back to our regular loan guy and got a MUCH better deal.

This happens a lot because nobody seems to know what the final numbers are going to be until the 11th hour. Not sure why. I don't understand the process very well.

 

[Tweek]

I have no faith in my underwriter(s) right now. They're dragging their feet like they're wearing cement shoes, appear to be giving the wrong info to the lending institution (NYS), and are keeping me in the dark about things. They've already sprung the "need more $$" routine too. :angry:

 

[Echo]

Tweek is not a good person to pose this query to right now

 

[black sunshine]

I HAVE BEEN IN MY 1963 HOUSE SINCE OCTOBER AND JUST GOT A BILL FROM GMAC SAYING THEY WANT 1000.00 AND 130.00 MORE A MONTH FOR AN ESCROW MISTAKE, OR NO 1000.00 AND 180.00 A MONTH AS A OPTION ?

 

[Snacks]

Originally posted by MtnBikerChk
I've heard lots of people say that their mortgage co called them the day before their closing telling them to bring extra money with them they weren't planning on.

How does this happen?

got a story? please share...............

Happened to my ex and I on the first house we bought. I'm not sure why or how this happens...all I know is that my ex dropped off the extra $$$ and by the time he left the lady was in tears.

Oh, and I'll never use that Escrow company again.

So, in situations like this who made the error? The mortgage co, or escrow?

 

[Ridemonkey]

Does anyone know if there are sites online for reviewing mortgage brokers?

 

[Tweek]

Originally posted by Ridemonkey
Does anyone know if there are sites online for reviewing mortgage brokers?

I'd Google it. Looks like it varies from state to state as far as sites go. I couldn't find one nationwide site, yet.
Incidentally, I just got off the phone w/my underwriter (again). I'm so facking pissed right now that my mortgage is being handled like a hard-hit grounder in remedial gym class.

 

[Ridemonkey]

Originally posted by Tweek
I'd Google it. Looks like it varies from state to state as far as sites go. I couldn't find one nationwide site, yet.
Incidentally, I just got off the phone w/my underwriter (again). I'm so facking pissed right now that my mortgage is being handled like a hard-hit grounder in remedial gym class.

Maybe I should start a site like that. I am close to retaining a lawyer and pursuing legal action against my mortgage broker. I've been conned. Seems these guys think they can get away with anything. Time to make them accountable.

 

[BostonBullit]

one thing that mortgage people do is 'play the float'. they'll tell you that you're locked for a rate but in reality they are sitting there hopeing that the rates will go down and they can pocket more $$. but if rates go higher than what they 'locked' you at then someone has to eat the cost to get the loan from the bank at the previous rate. I guess that's one way your costs can all of the sudden jump at the last minute, you're essentially paying hidden points to bail out your shady broker :angry:

other times they sell you the world to get you to go with them but then oddly things change at the last minute, when it's too late for you to back out.

Like I said, my broker is a good friend and even he didn't have the final numbers until the 11th hour with our refi, so it's not always the broker. you have shady brokers, overworked lawers, and tightwad banks all teaming up to make sure you get screwed :angry: :angry: :angry:

 

[I Are Baboon]

And people say we're better off buying instead of renting.

 

[Echo]

Ya know, I didn't even use a mortgage broker when I bought my house, and I didn't use one when I refinanced either. I checked around the web for who had good rates, called a few banks directly, got approved, and got my mortgage.

What the heck does a "mortgage broker" supposedly do anyway?

 

[SkaredShtles]

Originally posted by Echo
<snip>
What the heck does a "mortgage broker" supposedly do anyway?

Charges you a hefty fee to do that legwork.............

-S.S.-

 

[Silver]

Originally posted by Echo
Ya know, I didn't even use a mortgage broker when I bought my house, and I didn't use one when I refinanced either. I checked around the web for who had good rates, called a few banks directly, got approved, and got my mortgage.

What the heck does a "mortgage broker" supposedly do anyway?

You have good credit, correct?

Try getting that mortgage from the bank with a bankruptcy and a 520 FICO

 

[pixelninja]

Originally posted by BostonBullit
other times they sell you the world to get you to go with them but then oddly things change at the last minute, when it's too late for you to back out.

Yeah, these jokers we tried using promised us AT LEAST a $200 reduction per month. By the time we got around to sitting down to sign, that number had gone down to about $60 per month.

 

[Crashby]

I suppose it’s like finding a new hairdresser/barber, or a good chiropractor... You have to ask 20 of your closest friends and family who they have interacted with, who they have long standing relationships with, and who they would recommend.

For my mortgage, I used a local Mortgage bank, and chose a broker that graduated from my high school...

For my attorney, a managing partner who is close friends with part of my family...

They both took great care of me, and the whole thing was effortless...

Referral, referral, referral...

 

[NastySid]

Originally posted by Crashby
...chose a broker that graduated from my high school...

Yeah.. If you can trace them back to Highschool you can allways flush him out and ebay his kidneys if he should decide to do you wrong

 

[strack]

Originally posted by black sunshine
I HAVE BEEN IN MY 1963 HOUSE SINCE OCTOBER AND JUST GOT A BILL FROM GMAC SAYING THEY WANT 1000.00 AND 130.00 MORE A MONTH FOR AN ESCROW MISTAKE, OR NO 1000.00 AND 180.00 A MONTH AS A OPTION ?

I'm closing tomorrow on my new house and I can already foresee a similar situation, so I plan to rectify it very soon.

The reason, in our case, is that we've built a new house. The appraisal that the tax "prepay" to fund the escrow account is based on was done before the house was built, so it's just the value of the lot. The house is worth several times the value of the land and if I don't point out their erroneous calculations soon, they'll come a-knockin' in a few months.

This way, though, my closing costs are significantly lower, so I'm not going to point it out until after we've closed.