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Old 06-01-2010, 12:23 AM
 
4 posts, read 7,636 times
Reputation: 10

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i thought buying home supposed to be fun, boy,,,,,nothing but headaches especially trying to beat 2010 deadline. as 1st time buyer i research the ins & outs of everything but more confused than ever. i have very little trust in this risky business. my loan officer is unwilling to clarify confusions or answer questions. i mean my loan application is in progress for final approval. i just signed a bunch of documents i dON't understand. i was told i had to lock-in my interest rate. i'm not even giving aN exact closing date. my gfe is missing the detail breakdowns of charges, the overall estimated settlement cost are extreme $8,343 for a $98,000 loan. i have summary of unexplained charges in lump sum numbers only....the origination fee was $2,000. i wasn't aware of my options for title servicing until after the facts (everything signed). we flew through the documents and everything signed with little or no explanations. PLEASE HELP...I REALLY DON'T FEEL GOOD ABOUT THIS LOAN DEAL BUT DON'T KNOW HOW TO GET OUT OF IT EITHER...

I'VE GONE TO NONPROFIT LOAN COUNSELING-NO HELP EITHER
I'VE GOOGLE FOR LOCAL VOLUNTEER REAL ESTATE LEGAL SERVICE TO HELP GO OVER DOCUMENTS TO CONFIRM OK. BUT NO LUCK....I ONLY HAVE UNTIL TOMORROW TO SUBMIT A COUPLE OF ITEMS IN FOR UNDERWRITER. BUT DESPARATELY NEED TO KNOW IF IT'S SAFE TO GO AHEAD....
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Old 06-01-2010, 04:15 AM
 
20,793 posts, read 53,962,236 times
Reputation: 10530
Does that figure include your downpayment? If so, that number looks about right, on the low side actually. Are you going through a bank or who are you using for the loan? Mortgage people are SWAMPED right now so that could be the reason for your mortgage person not getting back to you.
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Old 06-01-2010, 06:46 AM
 
Location: Minneapolis, MN
6,449 posts, read 12,696,338 times
Reputation: 2931
When I signed through all those documents they asked me if I wanted a copy and I said I did. I'm sure you could get a copy of all those documents if requested. That would give you an opportunity to go back and read all of them over which should better help you understand what you signed off on.
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Old 06-01-2010, 06:47 AM
 
6,745 posts, read 8,291,617 times
Reputation: 1846
The origination fee is 2% and that's about right. Sometimes you can negotiate a lower percentage. But you didn't get ripped off. (at least on that fee)

If the loan officer is being unhelpful, You need to speak to management. You must demand that they explain this to you and get a breakdown of all fees.
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Old 06-01-2010, 07:32 AM
 
4 posts, read 7,636 times
Reputation: 10
Quote:
Originally Posted by golfgal View Post
Does that figure include your downpayment? If so, that number looks about right, on the low side actually. Are you going through a bank or who are you using for the loan? Mortgage people are SWAMPED right now so that could be the reason for your mortgage person not getting back to you.
hasn't been very helpful from the beginning of process. i think it's a mortgage broker because they plan to sell my loan right after settlement. nope, does not include downpayment this is just the closing cost and all other settlement charges.
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Old 06-01-2010, 07:34 AM
 
4 posts, read 7,636 times
Reputation: 10
is it 1% or 2%? i've read online and told by my loan counselor and real estate agent that it's supposed to be 1% of loan amount. i'm confused...
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Old 06-01-2010, 07:36 AM
 
6,745 posts, read 8,291,617 times
Reputation: 1846
Something is askew if that amount doesn't include the down payment.
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Old 06-01-2010, 07:37 AM
 
4 posts, read 7,636 times
Reputation: 10
i do have copies of the documents but it's very hard to understand them especially knowing that i've signed my signatures on all the pages and not understanding what they meant.
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Old 06-01-2010, 07:53 AM
 
Location: Minneapolis, MN
6,449 posts, read 12,696,338 times
Reputation: 2931
Here's some advice to you for the future. Never sign off on anything you don't understand. If you need help that isn't being provided to you, use an attorney.
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