How to avoid broker/lender lies to get you to sign (loan officer, fixed rate)

[jco]

Okay, I'm a little upset right now. I passed up on getting the same deal/rate and saving $400 with another company because I'd already started paperwork with another guy and didn't want to screw him over. He told me in the beginning that with the holidays it would take ten days tops to re-finance my house. I gave him ALL my paperwork the same day I called him. it's been 15 days now, and his appraisal company (horrible, horrible service) said they couldn't get the appraisal in until Monday. We are renting out this house and leaving the state on Friday, so we have to close on Thursday. He said we might be able to sign on Thursday. No guarentees. Basically, my re-finance is dependent on how quickly he and his appraisal company decide to act. Yesterday he said it would be finished on Monday to keep me from going with the other company. Ah! Yes, I talked to his boss, and he's no better.

That said, I'd like to dedicate this thread to tips for other people getting or refinancing their mortgage.

My tip: Have the lender show you something the demonstrates they regularly close loans in the amount of time they're quoting you.

[St.Croix to Seattle]

Loans rarely close in the time you are told especially refinances...

[renriq02]

doesnt sound like a broker....they dont have 'appraiser' companies.
Direct lenders/banks use their appraisers....

I always use the quickest appraiser...and I find them in the yellow pages!

20-25days is average turnaround time for refinances.

with the holidays...it made things worse!

[jeffselan]

Not all direct lenders/banks use their own appraisers. It's too prone for a lawsuit. A lot of the larger lenders use a rotating pool of appraisers the originator has no control over to avoid undue influence to the appraiser. I agree though, you should have shopped around.

[TimtheGuy]

Originally Posted by jco

Okay, I'm a little upset right now. I passed up on getting the same deal/rate and saving $400 with another company because I'd already started paperwork with another guy and didn't want to screw him over. He told me in the beginning that with the holidays it would take ten days tops to re-finance my house. I gave him ALL my paperwork the same day I called him. it's been 15 days now, and his appraisal company (horrible, horrible service) said they couldn't get the appraisal in until Monday. We are renting out this house and leaving the state on Friday, so we have to close on Thursday. He said we might be able to sign on Thursday. No guarentees. Basically, my re-finance is dependent on how quickly he and his appraisal company decide to act. Yesterday he said it would be finished on Monday to keep me from going with the other company. Ah! Yes, I talked to his boss, and he's no better.

That said, I'd like to dedicate this thread to tips for other people getting or refinancing their mortgage.

My tip: Have the lender show you something the demonstrates they regularly close loans in the amount of time they're quoting you.

10 days promised and appraiser has not been out there after 15 days??

Appraisers here in MN are hungry. Their turn times are running 1-3 days.

I did have a file slowed down in underwriting with the holidays. 5 day turn time.

I would dump him and re-lock with another lender. Rates have improved a lot!

ps. I don't know what a lender could show you to demonstrates they regularly close loans in the amount of time they're quoting you.[/

[jco]

Tim, I'd totally take your advice if I hadn't already forked out $350 for the appraisal. I can tell by the accent that the appraisal company is owned by either a family or close friend, so I think that this is why he went with them. I should have called last week and told him I'll have my own appraisal company send him the report.

The other company I should have gone with sent me their weekly report outlining the number of days their refinances closed for the week prior.

[Debsi]

Originally Posted by TimtheGuy

10 days promised and appraiser has not been out there after 15 days??

Appraisers here in MN are hungry. Their turn times are running 1-3 days.

I did have a file slowed down in underwriting with the holidays. 5 day turn time.

I would dump him and re-lock with another lender. Rates have improved a lot!

ps. I don't know what a lender could show you to demonstrates they regularly close loans in the amount of time they're quoting you.[/

Texas appraisers are hungry too, with the same turn around time.

If the appraiser has not been to the house yet, then they have not spent your money yet. You should still be able to insist on another appraiser. The squeaky wheel gets the grease..

[rcarrillo]

Things are always slow over the holiday, I had a loan close 2 days late because of a delayed appraisal review last week.

That said, quoting you 10 day turn around and the appraisal isnt even done 15 days later is crazy. That is why you need to ask tough question of the broker/bank and not go on a promised rate/fees alone. Even the other lender for $400 less.... what is $400 over the 30 years (or whatever your term is)? The important part is the service that you get and that they keep to the promises they make.

So interview your loan officer as you would research a doctor, attorney or financial planner. It may be only 1 transaction, but it can ruin or establish your financial security.

[jco]

In case you're following my saga, I got a call today from the broker. He sent me paperwork for an ARM. I have the paperwork he originally sent with a fixed rate, but now he's saying there's no such loan and that he wouldn't have said that. (How he denies the paperwork, I don't know). Of course, he waits until now to send this to me (we have renters moving in on Sunday.) I called the other company who had a better deal to begin with. It turns out that right now I can lock in the same (even lower) rate even if the house is an investment, so I've decided to pay the $200 to get the appraiser to reissue the appraisal and go with the other company. He was up front with me about the closing date. I should have backed out when I wasn't happy with the other guy's work.

[renriq02]

geez louise!

Originally Posted by jco

In case you're following my saga, I got a call today from the broker. He sent me paperwork for an ARM. I have the paperwork he originally sent with a fixed rate, but now he's saying there's no such loan and that he wouldn't have said that. (How he denies the paperwork, I don't know). Of course, he waits until now to send this to me (we have renters moving in on Sunday.) I called the other company who had a better deal to begin with. It turns out that right now I can lock in the same (even lower) rate even if the house is an investment, so I've decided to pay the $200 to get the appraiser to reissue the appraisal and go with the other company. He was up front with me about the closing date. I should have backed out when I wasn't happy with the other guy's work.