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Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
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Should refinancing be this hard?
Rebekah Bastian, "Rebekah"
Seattle
Contributions: 42
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I signed all the paperwork, and then when he sent me an updated GFE I noticed he had added a $3K loan discount fee onto it. He tried explaining that my LTV had increased to over 70% after the appraisal, but really the LTV he originally told me he was looking at was over 70% already. And he keeps using all sorts of complicated mortgage lingo and doesn't clarify when I ask him to.
Anyways, that is just some background as to why I don't fully trust him...
So now, the lock on my loan is going to expire in a week, and he tells me that the lender won't have it closed by then because they have such a back-log. But he says he'll do his best to get them to keep the 4.5% rate that I locked in.
I have a feeling that I'm going to be screwed on this... that I'll lose the 4.5% rate and now rates have gone up significantly. And I can't believe it takes over 3 months to refinance a mortgage!
The lender doesn't have any obligation to give me the low rate after the lock has expired, right? What are my obligations to this broker... if I pass the lock date and the rate goes up, I don't have to stay with him anymore, do I? And will I owe him $ for the appraisal even if I'm not able to use it?
Thanks for any insights!
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