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Can I negioate loan after approval?

I have been approved for a loan for an investment property. Suddenly, my rate increases and my closing costs increase right before closing. Not sure if it is negiotable. Not sure if I should pull it and go with a broker. Any advice???
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August 27 2011 - Wilmington
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Answers (7)

What Shenanigans TC?

Appraisal came in lower than the OP belives the property is worth.  Change in LTV will impact pricing.  That is not shenanigans!

Shenanigans would be telling folks that loan officers have control over appraised values!
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August 30 2011
Of course you can always negotiate.   If they're pulling shannanigans, get out while you can, I say.   There's no excuse for surprises. 
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August 30 2011
Well, if the value came down and and your loan amount remained the same, then your LTV went up.  Increase the LTV, increase the rate; standard pricing procedure, especially on investment loan.
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August 28 2011
If you are a licensed real estate broker for 13 years, you should know the deal.  If the rate is locked then any changes to that loan are based on that rate lock.  It does not matter that the market has improved.  Your value came in lower and thus the rate is going up because of it. I am sure if it went the other way you would be insisting that the rate be lowered.  Bigger question I have is why are you not using someone you trust and can explain the situation in a way you are not going on Zillow asking for advice from a bunch of strangers.  All we here on this site from agents is that people should use mortgage professionals they know b/c they are the only ones that can be trusted to complete the deal.  I guess that may not trully be the case. 
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August 28 2011
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Yes, my loan was locked and I received a good faith estimate. Now, they are saying the terms changed because of the appraisal. when rates dropped, I tried to get it lowered and was unable to because they said it was locked. How can they go up then? The appraisal came in a lot lower than I expected. It was 215,00 and I am borrowing around the 160,000 mark. I can sell the house tomorrow for 240,000 and find the comps to back it. I am a licensed NCREB and have been for over 13 years. It is so frustrating!
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August 28 2011
That sounds way off base, especially in our industry's current regulatory envionment.

Unless you changed the terms and type of lender commision voluntarily, there should be zero reason for such change.

Investigage before you close.
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August 27 2011
Was your loan locked prior?  Exactly what increased?
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August 27 2011
 
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