Shady Lender? What should I Do?

[timothyjames14]

The mortgage broker is a dying breed. I was in the industry for 18 years before i moved on...complete disgust. There was a time that banks couldnt even come close to what i was doing. Then greed from the industry took over(2ndary market).

Sue your mtg broker??? I think you need to look at your REALTURD. actually both.

Now, i would file a complaint with the dept of banking and finance. Missing doc's?????WOW....so where is all your personal info??

A pre-approval is just that...somewhat worthless.

WAIT.....This was a BANK???? Not a broker????

[EdgeCity]

I agree that this mortgage broker seems slimy. He "accidentally" entered the wrong income? Not likely...More likely he was trying to finagle the system.

But... When I read the OP's post, what came to my mind first was that OP and fiancee are really stretching to afford this home... borrowing from relatives, taking money from the 401 K which is going to hurt you not only by reducing your retirement but also amounts withdrawn from your 401(k) plan and used towards the purchase of your home will be subject to both income tax and a 10% early-distribution penalty. This $11,000 from a relative, that is a lot - is this a wedding gift? Will you be expected to pay it back? Also, have you worked through whether this home remains affordable if one of you loses your job?

OP, I am really not trying to be harsh. I have learned the hard way not to buy too soon, as I bought back in the 2007 bubble and learned some lessons. I personally know that I am NOT in the financial position to own a home right now, and have opted to wait and save more money.

If I was OP, I would want the loan to be denied so I could start over again later either (1) with a less expensive home (2) in a better financial position. Being married already will make financing easier too, I think.

From what I have read, Denver house prices are in a mini-bubble and are likely to stagnate or decrease as mortgage rates rise.

Dave Ramsey says "there's a house on every corner..." - it's true! If this does not work out, you may well have dodged a bullet.