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Old 05-20-2018, 01:03 AM
 
4 posts, read 2,769 times
Reputation: 10

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Update: still working on getting set up with a new lender.

Meanwhile, our old lender just informed us that we have entered underwriting. We have not signed any disclosure documents including the loan application, have not agreed to the rate lock, have not given them a deposit, and literally have not signed a single document. Can anybody tell me what is going on here? It feels like we are no longer in control of the process and they are forcing things through as fast as possible. We are hesitant to dump them before we have some sort of backup lined up, but we don’t want it to get so far that we cannot get out if we need too. Thoughts, anyone?
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Old 05-20-2018, 01:31 AM
 
Location: Texas
197 posts, read 107,235 times
Reputation: 392
This all sounds odd to me. We just bought a house on Friday. We have excellent credit and our rate is 4.75%. We actually had been locked at 4.625% but switched houses and lost the lock and rates went up a bit. We were definitely asked if we wanted to lock before it was locked. We talked through it was it was possible it could go back down to 4.625% but it was thought more likely it would go up. We could have bought it down with a payback of about 5 or 6 years if I recall. We plan to be in the house for the long haul but didn't do it was we will probably recast at some point which would extend the payback time.

There is one thing that might make a difference on your rate. Well, really two. First, what percentage are you putting down? That might make a difference.

Also you said the house was $200,000. Does that mean the loan amount was under $200,000? When we were getting our loan, the rate would have gone up if our loan amount was under $200,000. That was the break point for the rate going up.

So - if your down payment is less than 20% and your loan amount is under $200,000 that could affect the rate.

That said, I would never do business with someone who locked my rate without my prior consent.
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Old 05-20-2018, 10:42 AM
 
95 posts, read 35,672 times
Reputation: 233
Quote:
Originally Posted by Desertrose34 View Post
I thought they have to have you sign to lock in a rate?

We signed the papers for our rate to be locked in on May 1st. 4.625% 30 year fixed, midscores 808, 3% down, conventional, Fannie MAE.

I hope that's a good rate.

We are locked in until June 15th. We are supposed to close June 8th, but still waiting to hear from owner if they will do our request for repairs.
Thatís a good rate. We also did 3% down on a conventional loan with a special grant program backed by Fannie Mae, and even with our mid scores above 800 too, we locked in at 5% just a week and a half after you. Weíd been planning on 4.6% but it took so long to get an offer approved they went up - you did good!
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Old 05-21-2018, 06:51 AM
 
Location: Gallatin Valley
480 posts, read 1,118,677 times
Reputation: 378
Quote:
Originally Posted by CapitalBat View Post
Thatís a good rate. We also did 3% down on a conventional loan with a special grant program backed by Fannie Mae, and even with our mid scores above 800 too, we locked in at 5% just a week and a half after you. Weíd been planning on 4.6% but it took so long to get an offer approved they went up - you did good!
Thanks! Very similiar stats.

Glad you found a house you liked better though. This market is rough. Hopefully you won't pay too much more. Did you get a discount on the PMI too? Think ours is $59 a month on a $165,000 house.

Now lets hope we can close on time.

The owner finally responded and I can call the lender today to schedule an appraisal.
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Old 05-21-2018, 06:52 AM
 
Location: Gallatin Valley
480 posts, read 1,118,677 times
Reputation: 378
Quote:
Originally Posted by blargus View Post
Update: still working on getting set up with a new lender.

Meanwhile, our old lender just informed us that we have entered underwriting. We have not signed any disclosure documents including the loan application, have not agreed to the rate lock, have not given them a deposit, and literally have not signed a single document. Can anybody tell me what is going on here? It feels like we are no longer in control of the process and they are forcing things through as fast as possible. We are hesitant to dump them before we have some sort of backup lined up, but we donít want it to get so far that we cannot get out if we need too. Thoughts, anyone?
I can not understand this. You haven't signed anything. WOW. Call them and see what is up? Call another lender and ask what your options are?
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Old 05-21-2018, 01:43 PM
 
95 posts, read 35,672 times
Reputation: 233
Quote:
Originally Posted by Desertrose34 View Post
Thanks! Very similiar stats.

Glad you found a house you liked better though. This market is rough. Hopefully you won't pay too much more. Did you get a discount on the PMI too? Think ours is $59 a month on a $165,000 house.

Now lets hope we can close on time.

The owner finally responded and I can call the lender today to schedule an appraisal.
Good luck moving speedily and smoothly through the closing process! We are closing this week and I canít wait!

Yep, we also have a hefty discount on our PMI. I wonder if we are using the same lender?
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Old 05-22-2018, 08:56 PM
 
Location: Gallatin Valley
480 posts, read 1,118,677 times
Reputation: 378
Quote:
Originally Posted by CapitalBat View Post
Good luck moving speedily and smoothly through the closing process! We are closing this week and I canít wait!

Yep, we also have a hefty discount on our PMI. I wonder if we are using the same lender?
Good luck to you too! Wow closing this week that is quick!

We're in Mt, what state are you in.
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