Rebekah Bastian's Q&A

Just to clarify, the $30K heloc was already part of the total loan amount before he added the $3K on... that's not what caused the increase. He said the increase was caused by the appraisal coming back slightly lower than expected, which changed the LTV. So that's why I took the $30K heloc out of the loan, to get the LTV back down. And all of that would be ok, but my problem was that he didn't tell me that $3K was being added on... it just appeared and I happened to notice it. And, based on what he had previously told me, the LTV that he originally calculated was already above 70%, so his explanation that the increase to above 70% was what caused the additional fee didn't make much sense to me.5 days is the extension you get for .25%. I'm not sure what the other extension options are.

You guys are so helpful... I worked on Advice and I'm so glad it's useful :) In answer to a few questions... I did request the lock paperwork... he submitted a 45 day lock on 1/7, it expires next Monday on 1/23. The 0.25% lock extension would only extend it 5 days, so I'm still not sure it would go through in time... he said they're estimating the end of the month. The fees that he is charging are a .25% loan origination fee (line 801) and a $1.5K processing fee (line 810). There's also a $600 "lenders underwriting fee" and a $75 "lenders tax service fee" (no line #'s). And actually, as I look at the original GFE vs. the newest one, I just noticed that he increased the appraisal fee from $400 to $450. Ugh! The total loan amount is $360K (I had wanted to pay off my $30K heloc with it too and refinance for $390K, but that was what he said would push me over the LTV mark and add the additional $3K loan discount fee, since the appraisal came back at $520, so I decided not to do that). Despite how much this guy is driving me crazy, I do still want to see if the loan will go through, because I'd really like to get the 4.5% rate that I was quoted. Is that crazy?

Thanks everyone for the feedback!He had told me that I could extend the lock if I pay .25%, but I don't think I should have to pay extra on the loan when the processing time has been out of my control. He did tell me the lender is Metlife... not his firm. Based on all your advice, I think the best approach will be for me to give him the option to either pay the extension fee himself (or find some other way to keep the 4.5% rate without penalizing me) or I'll go elsewhere. I didn't pay out of pocket for the appraisal, so really the only cost to me is the time I've spent, plus losing the opportunity for a low rate, which is what I'm most bummed about. Yes, I'll definitely be rating him on ZMM! I just want to wait to see what the final outcome is before giving my rating. And no, he's not one of the top lenders :)

Well, I got the $3K removed now. But still... shady, right? Yes, I work at Zillow. And I found him on Zillow Mortgage Marketplace... which I found to be a great experience :) I just happened to pick the wrong guy!

I'm having such a painful refinancing experience! I contacted a mortgage broker at the end of December and decided to go with a quote he provided me with. 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!

I'm refinancing and the appraisal fee I've been quoted is $450 for a full appraisal. However, we refinanced a couple of years ago and I still have the appraisal for that. I've seen a product called "appraisal update" for about $250 on some appraiser sites... is that something I could do in this case to save some $ on closing costs? 

Yes, you can! The entire Zillow community, including over 200k knowledgeable real estate professionals, will be able to share their expertise by answering questions that get asked and contributing to discussions. Enjoy! 

It depends where you're looking... my home is pretty nice, and it's near a coffee shop :)