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Truth about Mortgages

Going to the closing for my home to find many little fees and cost which was not mention during the last weeks and many  phone conversations. Total over $5,000.00 Loan officer said that is very little payment increase over the 15 year loan. What can you do now.  I walk out and said I will Pay cash. 2 hour latter they called about me signing the loan. I said I will pay cash. Holding out . NO I paid cash.  They said this has never happen before.  Both times when buying my homes they  made their play.  I paid cash both times.  So I ask anyone ever have this happen?

  • January 28 2009 - Roscoe
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Answers (6)

Are you saying the costs INCREASED $5,000 or that your total settlement charges were $5,000? Not knowing what " little fees " appeared, it is hard to tell if they were ripping you off. List the closing costs and prepaids, seperate, from your good faith estimate. Then list the same from the HUD statement. If they raised fees that they were collecting and / or raised the interest rate, report them to your state regulators.
  • January 28 2009
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Yeah Clay.  Prove had another post, the closing costs were supposed to be $2k and the rate in the high 4's, it ended up being a rate in the low 5's and an additional $5k in closing costs.

PMW, I'm really sorry for your experience9s), it's unfortuante that you have dealt with these types of lenders.  Trust me, we are not all bad. 

Again, sorry for your problems.
  • January 28 2009
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My care is not as much for me but the ones who have little choice. It is a small monthly increase  over 30  years. I will not fight about money  but fight for Principle, Honor , Respect  I'll fight the devil and win.
  • January 28 2009
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There are ways to to accomplish, what you are looking to do. Calling a local bank, may be an easy way to get their expertise. QUOTING a rate and certain fees, should be accompanied by a good faith estimate, so that when you go to the closing table you can match up their quote, and make them honor it

Click on my picture for my info if you need further details

  • January 29 2009
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I doubt this is a Zillow lender BUT if it is, LIST THEIR COMPANY NAME AND THE LOAN OFFICERS NAME. If not a Zillow lender, you should contact the banking regulators in IL, mail them a GFE copy and a Settlement Statement copy, along with a copy of the note. You will be helping many other people that come after you that can not afford to get up from the closing table and walk. These people will tell clients who are refinancing not to make their mtg payment for the current month, then when they go to closing and the terms have changed they are told if they dont close they will take a 30 day late on credit and not qualify somewhere else ( have refinanced several in the past that this happened to ). Go ahead and list the company's name anyway, to see if the Zillow lenders in IL know them. 
  • January 29 2009
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Prove, you choose this lending entity because of their low rate and fees, didn't you? You received a Good Faith Estimate, didn't you? You didn't do a speck of due-dillengence, did you? Who's really to blame here for allowing this to happpen to you? Could it be you? 

When you only make your choice by:
1. "What's your best rate?"
2. "Oh, your fees are high, compared to what I've been offered."
Odds are, your going to get hurt!
  • January 29 2009
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