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Replies (24)
- Rob Cochems
- Contributions:3523
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
No you are not obligated if you have not given them anything already and you most certainly can take your business elsewhere (if you gave them an application fee, they may try tp hold on to that but with a little prodding you should be able to get that back) as for a site to educate yourself, you are on it. Ask away. Everyone will be more than happy to help you out.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Who sent you this quote hk657 ?
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Could it have gone from conventional to FHA? Maybe that is where the fees discrepency is?
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
- Geoff Cochems, "gcochems"
- Contributions:1055
or
d) Lending Tree Loans
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
HK, you are not obligated. Here's a link. You can then follow the links.
Rudi, we were just starting to warm up to you and then you do that. Tsk tsk!
- Mike Politzer, "Mike Politzer"
- Contributions:630
What's Spanish for Spam? Spam? (I'm still reeling over the menudo and churro references)
- Mike Politzer, "Mike Politzer"
- Contributions:630
Rudi - you were starting to earn your Cojones de Piedra award, now it's Cojones de Spam....
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Espam
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
It was brought to my attention already! ... I do have it on my ZMM profile. But, I wish there was a delete button here. It would be gone. It won't happen again!!!
- Kevin Hancock, "khancockloans"
- Contributions:24
hk675 - It would be helpful to find out who this lender is and if there was an explanation (other than bait and switch) for the change in fees.
- Stephen Ching, "Edmonds WA"
- Contributions:229
There are more factors then Zillow takes into account in loan pricing.
These include:
Manufactured Housing (normally need to take the loan FHA): Will add a large amount to costs and small amount to rate.
Location: Mortgage insurance is not available at all loan to values at all areas. Mortgage insurance buyout or switching the loan to be FHA insured will add a large amount to costs.
Fannie/Freddie Computerized Denial: Will need to switch loan to portfolio loan or government loan and also results in a large increase in costs. Often borrowers near 620 get denied A financing by computer and offered A- financing instead.
Mortgage credit score is not the same as consumer credit scores. The math to evaluate the ability to pay back a mortgage is different from a credit card. Lower mortgage scores then what you posted can have an enourmous increase in costs.
Cash out and loan to value: Comparables as pulled by an appraiser gives a different value then what Zillow reports. This is magnified if the loan is cash-out to create large lender risks.
Income: Verifiable income turns out not to be verifiable by lender requirements. Computer model increases risk and costs/rate.
Other: Rates and the costs to obtain a given rate changes hourly!
Find out what is going on and repost on Zillow.
- Chris Corica, "Chris Corica"
- Contributions:1075
"I was in process of locking in the rate and had given all my personal information, including my credit card number when I was informed of the increase" - There is no reason for you to give your credit card number. Place a quote on zillow, place the request ID here and you will get all the mortgage 101 you need. Good luck!
hk657 - did you PAY any fees with your credit card? If so, and if you told them to stop immediately, did they refund your money or cancel the transaction? If not, call your credit card company and ask that the transaction be reversed. Tell them you told the mortgage company specifically not to charge your card. And, if I were you, I would certainly take my business elsewhere. There's no reason to have you believe one thing, then suddenly increase the fees by $5000.
- hk657
- Contributions:2
Thank you everyone. I did go back to the lender, who I found on the internet. Although no explanation was provided for why the fees suddenly increased by $5,000, they did agree to reverse the charges on the credit card account and I'm under no obligation to refinance my mortgage with them. I have also been advised that it is best to deal with bricks & mortar banks only (as opposed to internet businesses.) Is that sound advice for a financially unsophisticated rookie like me?
- Rob Cochems
- Contributions:3523
The interent is a good place to shop...I wouldn't be afraid of it. But no matter how you find the company...you need to try to do some research to make sure they are a decent company.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Do what you feel comfortable with. You might want to check some of the government and agency websites for a little more education. As: HUD; FHA; Fannie Mae; Freddie Mac; ... Good luck!
- Michael Yaeger, "yaegermike"
- Contributions:754
HK---Most of us "internet businesses" have "brick and mortar" places that we go to everyday.
- VINO VIXEN
- Contributions:68
- keith Lassiter, "keithl7998176"
- Contributions:9
My suggestion is to go sit down with a reputable mortgage broker. You need to be able to look someone in the eyes, go through your full financial position, talk to them about your goals for the next 1yr, 5yr, and 10yrs. Mortgage Planning is a important part of reaching your financial goals. A professional Mortgage Planner will be able to help you reach your goals and will also be there if problems arise during the loan process. With all the turmoil in the financial markets presently, YOU HAVE TO HAVE A TRUSTED ADVISOR who's primary goal is to help you reach yours!!! Stay away from online lenders that are only a voice over the telephone!!
- VINO VIXEN
- Contributions:68
Keith, you could always just say Ditto.
hk657,
Never give a credit card number to a lender! If he or she request a card for payment for any reason I think I would find a new lender.
Mortgage Refi 101 needed
Am I stuck with paying the fee?
Can anyone recommend a good site for beginners to get reliable information about refinancing and possible problems to be aware of?
Am I obligated to stay with the original lender or can I take my business elsewhere?
Thank you.
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