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Old 07-09-2014, 10:18 AM
 
Location: San Antonio
4,149 posts, read 9,311,940 times
Reputation: 3308

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Assuming you're talking about the mortgage broker. You can thank Barney Frank for a lot of this garbage. The Dodd-Frank bill is the worst thing that's happened to banking in recent history. The regulations that the federal government has placed against lenders has made things miserable for lenders and those looking to borrow money. Don't think that the lender likes it anymore than you do. They get very frustrated having to call and get more and more paperwork from you, but it's out of their hands.

There's a chance you've got a bad lender. Goodness knows they're out there. But I'd have thought your Realtor would have other options for you to choose from, correct? I know with my clients, if they work with me and don't use a lender I recommend, they typically have MUCH more issue getting their loan through. But we've always got one of my preferred lenders on standby, just in case. A good agent should have a pool of a few lenders that they KNOW can get the job done.

Also, without knowing your transaction, is it possible that there truly is an issue with your file based on income, credit, recent large purchases, etc?

You won't get any advise here that'll help your cause. You need to have a sit down with your agent and your lender and get this all figured out.
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Old 07-09-2014, 10:20 AM
 
Location: San Antonio
7,629 posts, read 14,350,246 times
Reputation: 18705
Yes, I agree a paid mortgage is wonderful, but a 2.65% interest on a 15 yr note, AND the deduction for interest, we are actually MAKING money having a mortgage and investing that additional money with MUCH better returns.
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Old 07-09-2014, 11:22 AM
 
Location: Texas
2,330 posts, read 6,262,235 times
Reputation: 1590
Quote:
Originally Posted by Paka View Post
FYI, these kinds of "issues" are not problems exclusive to those trying to purchase a home, but even to current homeowners who are trying to refinance their current loan.

We opted to refi to the super low rate and to make our mortgage a 15 yr vs 30. When I called Wells Fargo (not the institute that we initially used, but the one the loan got "sold to" as those things go), they were all peaches and cream....Oh, no problem, never missed a payment, excellent credit rating, VA insured, NO PROBLEM, we will just send you a few pieces of paper to sign and we will have it all taken care of....HA! YEAH, RIGHT!!!!!!

They ran us in circles for 3 months only needing this "one last piece of paperwork for the underwriter to approve everything"....ONE was actually a statement from Chase stating we HAVE NO BALANCE ON THIS CREDIT CARD!!!!! They would not accept the last statement (6 month ago when we paid it in full) but wanted a "monthly statement that was current". Do you realize how much trouble it is to get a bank to write you a statement on a credit card you owe nothing on???!?!? They don't SEND statements on 0 balances. Besides, what is to stop me from getting that "statement" and going right across the street and MAXING THAT CREDIT LIMIT OUT??!?!?

Anyway, long story short I told the lady, look, you and I both know that rates have continued to go down, we have excellent credit and this is your last shot, either get it approved or I walk away and work with another lender and you loose the loan YOU ALREADY HAVE when we refi with someone else and all that time/effort results in no payout for you...and Poof, it happened.

If this happens on a loan they already own, and already have responsibility/risk taken on, I can only imagine the A$$PAIN they are putting new buyers threw.

BTW, I asked a dear friend of mine in the banking business WTH in making things so difficult and she said look, you shorten the amt of time they get to collect interest (15 vs 30 yrs) AND a lower interest rate...and they already have the loan so there was no "incentive" for them to make it happen until I threatened the loss of the loan all together.

Live and learn...I wish you well in finishing your purchase. Once completed, I am certain you will be pleased with your efforts.
I actually did this recently and I was using Chase Bank.. Started the refinance paperwork in November.. and January 1st... closed... It took them less then 60 days from start to finish.. I know this is not the norm.. but reading some of this is just horrible!
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Old 07-09-2014, 12:40 PM
 
5,624 posts, read 6,415,941 times
Reputation: 3594
Quote:
Originally Posted by Paka View Post
Yes, I agree a paid mortgage is wonderful, but a 2.65% interest on a 15 yr note, AND the deduction for interest, we are actually MAKING money having a mortgage and investing that additional money with MUCH better returns.
I don't think I can get my mortage down to 2.65% on a 15 year note even with the good credit I have. I am just better off avoiding paying the interest at all and investing my money in something else at my age.
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Old 07-09-2014, 02:02 PM
 
Location: San Antonio
7,629 posts, read 14,350,246 times
Reputation: 18705
Quote:
Originally Posted by Azure110 View Post
I don't think I can get my mortage down to 2.65% on a 15 year note even with the good credit I have. I am just better off avoiding paying the interest at all and investing my money in something else at my age.
I should clarify that we did this a while back, I have no idea what interest rates are now on mortgages.
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Old 07-09-2014, 05:05 PM
 
Location: Northeast
1,887 posts, read 1,788,323 times
Reputation: 3737
Quote:
Originally Posted by elnina View Post
I am not sure, but looks like the broker is playing with the time. Maybe he got a better offer?
Couldn't agree more. Been in the game many years ago and what the OP posted are classic signs of the an agent getting a better offer and more commission for themselves...
No agenda against RE agent's but there are way's around everything and at the end of the day they ONLY care about the money..no matter how much they tell buyers how much they care about their best interests and blah, blah..

It's all about the buck and always will be!
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Old 07-09-2014, 07:01 PM
 
Location: Boerne, Texas
309 posts, read 463,442 times
Reputation: 240
After reading some of these posts, I wanted to add my two cents related to one of the topics at hand. When refinancing your home, you will almost always get a worse deal then the market would offer if you only call your incumbent lender. Don't do it! It will cost you more in fees and interest then if you were to call several lenders or hire a mortgage broker.

Yes, your lender may act very friendly and offer great service and a quick close, but it will typically cost you quite a bit over the term of your loan. An extra hour of checking around can easily save you thousands of dollars, especially if you have great credit and lenders are hungry for your business (and they are hungry today).
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Old 07-10-2014, 07:20 AM
 
Location: San Antonio
437 posts, read 777,102 times
Reputation: 282
Quote:
Originally Posted by brienzi View Post
Couldn't agree more. Been in the game many years ago and what the OP posted are classic signs of the an agent getting a better offer and more commission for themselves...
No agenda against RE agent's but there are way's around everything and at the end of the day they ONLY care about the money..no matter how much they tell buyers how much they care about their best interests and blah, blah..

It's all about the buck and always will be!
It's pretty obvious the OP is referring to a mortgage broker, NOT a real estate broker or agent.

And as far as "getting a better offer and more commissions for themselves"...do the math. Do people really think a real estate broker would screw up a transaction on purpose? For what? An offer that's higher by $10,000 only means a couple hundred bucks difference in commission. It would be unethical, could lead to a lawsuit, penalties, loss of license. Definitely not worth it!!
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Old 07-10-2014, 07:23 AM
 
Location: San Antonio
4,149 posts, read 9,311,940 times
Reputation: 3308
[Mod cut: response to deleted post]

From the outside I can see what you're saying, however, when a Realtor signs an agreement to represent someone on the purchase or sale of a house, there are terms within those agreement. We, as agents, are held to a VERY high standard by the Texas Real Estate Commission (TREC), though many agents act as if we're not.

What we had here was someone frustrated with the buying process due to lending regulations. They obviously were working with folks on a professional level. When this other agent came on stating how they'd love to help if their other broker "didn't work out", that's soliciting their business. It was a very passive aggressive way of doing it, but that's what it was. The broker with that buyer likely had a buyer's rep agreement that was active.

That's a HUGE violation for TREC and they'll bring a hammer down VERY hard on anyone soliciting business from someone with a contractual agreement.

Plus the fact that this agent offering all their expertise and wisdom was just licensed a few months ago, but that's another story.

That post, if you could go back and see it, was a blatant solicitation of someone who was under an active agreement with another broker. It's horribly unethical to attempt to steal another's client.

Last edited by elnina; 07-10-2014 at 04:40 PM..
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Old 07-10-2014, 08:16 AM
 
5,624 posts, read 6,415,941 times
Reputation: 3594
Quote:
Originally Posted by kevcrawford View Post
[mod cut: orphaned. That post is deleted]

From the outside I can see what you're saying, however, when a Realtor signs an agreement to represent someone on the purchase or sale of a house, there are terms within those agreement. We, as agents, are held to a VERY high standard by the Texas Real Estate Commission (TREC), though many agents act as if we're not.

What we had here was someone frustrated with the buying process due to lending regulations. They obviously were working with folks on a professional level. When this other agent came on stating how they'd love to help if their other broker "didn't work out", that's soliciting their business. It was a very passive aggressive way of doing it, but that's what it was. The broker with that buyer likely had a buyer's rep agreement that was active.

That's a HUGE violation for TREC and they'll bring a hammer down VERY hard on anyone soliciting business from someone with a contractual agreement.

Plus the fact that this agent offering all their expertise and wisdom was just licensed a few months ago, but that's another story.

That post, if you could go back and see it, was a blatant solicitation of someone who was under an active agreement with another broker. It's horribly unethical to attempt to steal another's client.
Makes more sense to me now. Thanks for the informative post there.

In a free market, shouldn't the seller or buyer have the freedom to go to whoever offers the best service for that seller? For example if Best Buy says I have to buy their stereo with a crappy warranty and long delivery time because I am bound by contract to do so, even though Wal-Mart is selling the same stereo for a better price with better warranty and they have it in stock for pick up. Does that seem right? It seems like these rules are more to protect the real estate agents rather than the customer.

Maybe I am just not seeing the big picture here, although I do understand what the violation is by you stating the rules of the TREC earlier.

Last edited by elnina; 07-10-2014 at 04:41 PM..
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