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rates on home loans hit their highest levels since 2002
Many are luring in clients with competitive offers and then springing last-minute increases or fees, consumer advocates warn.
lot of issues with bait-and-switch, where people lock in a rate and then break it
"It's a bait-and-switch game where they drag you through fees and rigamarole until they finally say 'Oops, it's actually going to be a much higher price.
Mortgage brokers, who match borrowers with lenders, can earn premiums by steering borrowers to higher-rate loans.
about a third of the dollar volume of home loans to North Carolinians comes through companies based outside of the state
Internet-based mortgage providers and those who specialize in loans to people with shaky credit tend to be the worst offenders.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,545,926 times
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Quote:
Originally Posted by U120
Good post! What are those of us purchasing being quoted regarding their mortgage? I was just told 6.625% on a 30yr fixed with a 1% origination fee
I would personally jump at that. I've got a 6.9% but I'm doing a no doc, "not primary residence" loan. I've been with my loan guy for a year now and so I throw him the biz, I don't even look anymore as he's been good for me....
The prediction is by the end of the yr, rates for 30 yr fixed are to rise to 7%, so I agree with Mike - I do not think rates are coming down to where there were a yr ago. They may move tiny % 6.62 to 6.57 (that is what I meant by small) - but then again, who knows...
I know if I move I will hate to give up by 5 1/4 I am paying now...I will be looking for a 15 yr vs. 30 yr but its not that much difference in a 30
not sure but i think 10 years is a long time (for me), and I'll be looking for something different. maybe by then i'll be able to afford living in Chapel Hill lol.
not sure but i think 10 years is a long time (for me), and I'll be looking for something different. maybe by then i'll be able to afford living in Chapel Hill lol.
So you'll be staying NC??? I was just laughing as you just got there, not even in your home yet and you are off - but again who knows what will happen there in 10 yrs..
Reading that article this morning makes me want to scream from the rooftop...DO NOT USE A LENDER FROM THE INTERNET!
Besides, your agent should always check your GFE and if she sees anything on there that looks wrong...let her be the bad guy, call the lender and complain!
If the rates follow the same pattern that they have for the last 20 years or so, you will definitely have the opportunity to refinance to a better rate in the next 10 years.
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