Profile picture for user29778799

Help on Mortgage Interest Lock/ Information

First Time Buyers- So we found a home and got offer accept and already were pre-appove for the loan. On May 27 we went to the Lender to complete the application and all the disclouser forms and pay for the appraisal of the home. Loan Officer said he would order the appraisal and should take 2 weeks to get back. At that point our interest raing was at 3.87%. Kept call to touch up and they said should be done this week and soon. On Thursday another Loan Officer called me and said it would be another $150 for the appraisal because they had to find another company to do the appraisal, they give me different excuses and said the appraisal should be done yesterday and I asked what the rate was and she stated 4.27% I ask again if I could lock it and she said not until the loan is approved. 
  • June 25 2013 - Harrisburg
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (14)

Profile picture for user29778799
After weeks of calls back and the apprisal yet not complete and now rate at 4.625 with closing next monday, I am been a stress breakdown away from losing it. Calling all day the lender with no return calls. We finally got in touch with corp branch and talk to them , they help us out as well and it's just like they were playing hot potatoe from one branch to another. They said they were trying to reach a higher ups for over a week, well right before they closed today they called me and said they got word and locked us in at 4.125% and would send the docs to sign via email. I guess it's better then 4.675% but not as good as 3.875%. I hope to god this goes well from here, I need to move out by end of month. I keep you all posted thanks for the advice
  • July 08 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Did you end up getting your loan closed yet?
  • July 05 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

That is really unfortunate I recommend talking with another lender. I am able to lock my clients as soon as I have a completed application. This is also the reason we offer multiple lock periods; 15, 25, 40, and 55 day locks.
  • June 26 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You should lock in ASAP, rates have been and are most likely will continue to rise in my opinion.

[Content removed due to spam. Please refer to our Good Neighbor Policy for more information.]

It should only take 48 hours to obtain your approval, I would recommend you search a few different lenders if you haven't already.
  • June 26 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user29778799

   Don't have many options to considered, since the rate is about the same every where else and the closing date is second week of July.  If they don't honor the rate because of there miscommunication between themselfs I have limited options to choose from and rather not wait long for another lender to go through the applicaction process in which I will end up paying the same rate.  I am doing these for my wife and 8 month old son and we need the extra room for him to grow.  If they would of had communication I would of never been in this situtation, i pray they would honor it but thats all i can reallly do.

  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I am sorry about your situation, rates have moved up dramatically from a month ago and many borrowers who were not locked are going through this also in the current market. I agree with a few of the above posts, you might want to consider looking at another lender or two and maybe they can lock you in right away. Make sure and ask if another lender's appraisal is transferrable because if not, you are going to spend $$ on another full appraisal. Something to consider for future - the lowest price/cost isnt always the best deal.

  • June 25 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user29778799
I was told that the reason they went with a different apprasial company was because of conflict of interest between the company and the seller of the home. Then said they were shopping for the best rate apprasial company so I would not have to pay more which I end up paying an extra $150 for the apprasial anyway and thats why it took extra weeks
  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If they honor the interest rate originally quoted, you are one lucky person. But it sounds like their operations are a mess, so I wouldn't have high hopes for the entire process.
  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You have fallen into a monkey cage. You need bananas.
It sounds to me, with the benefit of some reading between the lines, that the house is not appraising for the contract price that you and the seller agreed to. This is ironic because an appraisal is supposed to determine the "market value" of the house, and the definition of market value is basically what a willing and able buyer has offered to a seller. It also sounds like the first appraisal company told the FCU that the house wouldn't appraise and now they are trying to shop appraisers to get the value you need, which is dubiously legal these days, even though you agreed to the price, and would likely consider it to be in your interest for the house to appraise for that amount. But, it wouldn't be in the FCU's interest, and let's face it, they are more important than you.
You are probably going to end up having to go back to negotiations on your contract. If I were you, I would get the highest person I could reach at both FCU's on the phone and ask point blankly, is the problem the appraised value? I might go to the local FCU with some bananas for motivation. [Content removed due to self-promotion. Please refer to our Good Neighbor Policy for more information.] Ive got 30 years of monkey wrangling behind me.
  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user29778799
Even gets better, just got a call from the apprasial company asking us if we can let him in to see the house, had to explain that we are the buyers not the lenders, he explain that this the only number he had.  He to pass him all the information about the realtor so they could let him in on the house.  He said he just got a response today to get the home appraised after waiting over a week for a respond and talk to someone at the bank who did not know anything.  After talking to him he said he gets the home completed withing 48 hours of getting the go ahead, he thank me for the information and promise he would be out there first thing tomorrow to get it completed for me after hearing how long I have been waiting for it. This after the LO at the bank said he talk to him and he would get it done yesterday
  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user29778799
They said the loan can't be approved until the appraisal is completed.  At the time we were looking for who to go with This Credit Union was the best choice at that time, I really did not mind paying the extra $150 was bothers me is the time it took and now pay thousands more in interest rate of the next 30 years. What even more bothersome is the Credit Union who does the mortgages allows there customers to lock the rate at time of the application but does not allow customers of the credit union that we went through.  
  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for joshmay
Have you called multiple banks to compare rates and gather different quotes? Some banks wait till later in the process before the rate is locked in. There are plenty of banks out there that should be able to get your information and the rate locked in that same day. I would suggest shopping around with other banks to see if you can 1, get a lower rate and 2, get your rate locked in right away. I would either shop around or call your bank and request that they lock in the rate. Good Luck

Also, you should not be responsible for the $150 either. 
  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for joshmay
Have you called multiple banks to compare rates and gather different quotes? Doesn't make sense that a bank would order an appraisal but not have your loan approved. If you were pre-approved and provided your financial statements and credit information then the bank should have been able to approve your loan and lock in a rate. I would really consider calling around to different banks if this one if giving you a hassel. Try smaller banks too such as credit unions. That way you will have a good comparison on rates between big and small banks. In most situations, if you are able to provide all the information the Loan Officer needs, you should be able to get approved and your rate locked in the same day you apply. Good luck.

Also, you should not be responsible for the $150 either. 
  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user29778799
Part 2  He's here, the kicker the Credit Union I put the application in through does there mortgage loans through another Credit Union Lender, so my mortgage is under that lender. I called to get information from that lender and I was told they can lock the rate at the time of the application. One I brought this to the Credit Union i used they sound surprised and said that its the other Lenders policy not theirs. When I talk to the other lender they told me thats its not there policy but my Credit Union policy and as of today the rate has jumped again til 4.6%. Its been 36 days since I applied for the mortgage for the appraisal to be complete and still have to wait for the appraisal company to send the report back to the Lender. After talking from my Credit Union to the Credit Union that doing the Mortgage I don't know what to do next. I talk to the Loan office from the Bank doing the Mortgage and ask why it took so long- she states that it was a conflict of interest in the apprisial company and they were trying to find another company to do it for the price i paid but had no luck. I ask why I was not contacted and give a choice to pay more right away instead of keeping me out of the loop, she had no answer and said she would talk to the Manager to see if they can honor the Interest Rate. Any advice or help- I invested to much time already but just sick on how it rate jump so much when loan should of been completed by now.
  • June 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.