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I bought a house half year ago, with full cash. So now I'm trying to get half of my money out because I'm paying too much taxes as a single young professional.
I started with a broker; they locked the rate, did the appraisal, and came back 3 weeks later saying "sorry we can't get you this loan because you don't have enough lines of credit, even though all other things were fine." OK, I'm sorry to be a debt-free-spent-what-I-have-guy. Anyway, that's reasonable, we will just move on with other bankers that don't require 3 lines of credits. Then they started with another lender, and again came back 2 weeks later saying that there is a time gap between my work experience and my training. So we are in this mess five weeks and back to where we started again, nice! They told me once the rate is locked I can't change my mind, then how come they got to change the agreements all the time?
I was sick of this broker and decided to prepare some backup plans. As I bump into another big bank, I was trying to get a quote. That guys first said he was not eligible to give me a quote, so we started with information collecting, and then he gave me a quote. Funny he said he couldn't. "Wait, we are not locking the rate today are we?" I stopped him when he asked for credit card number. Then he told me that he already locked the rate for me. I was speechless, because I stated at very beginning that I would go comparing quotes, and he never asked me clearly if I want to lock it. Then he assured me that nothing will be charged until the closing day, and no appraisal until everything is ok.
So what's the deal with the all the loan business, it seemed so chaotic to me. Can you lock the rate twice from different lenders? Can they just blow you off with excuses where they previously said it was no big deal? How can I be sure that they aren't wasting my time and money(coming back 5 weeks later with empty hands)?
You're finding out the hard way about a lot of things.
A lender that tries to force-feed you a rate lock is likely a call center, like Quicken or some other horse**** sweatshop, wherein people are not paid well, and thus the talent level sucks.
You are on the right track with your frustration. Were I you, I would seek a lender that will talk with you about the things that stopped the process at other lenders, such as "Do you have minimum tradeline requirements?" and "What is your rate lock policy?"
If you find a place that can roll without needing several tradelines, hopefully they will gain your approval to lock the rate, NOT charge an up front fee (except for appraisal), and hopefully allow you to inspect an official opening Disclosure package prior to collecting $$ for an appraisal. That's how it should be done.
You should be able to either get a refund on the prior appraisal you paid for, or get it transferred to a lender that will listen to you, take your direction, and do as you say, and they promise.
You're finding out the hard way about a lot of things.
A lender that tries to force-feed you a rate lock is likely a call center, like Quicken or some other horse**** sweatshop, wherein people are not paid well, and thus the talent level sucks.
You are on the right track with your frustration. Were I you, I would seek a lender that will talk with you about the things that stopped the process at other lenders, such as "Do you have minimum tradeline requirements?" and "What is your rate lock policy?"
If you find a place that can roll without needing several tradelines, hopefully they will gain your approval to lock the rate, NOT charge an up front fee (except for appraisal), and hopefully allow you to inspect an official opening Disclosure package prior to collecting $$ for an appraisal. That's how it should be done.
You should be able to either get a refund on the prior appraisal you paid for, or get it transferred to a lender that will listen to you, take your direction, and do as you say, and they promise.
Getting a loan for a tax deduction doesn't make a lot of sense unless you are going to be doing something else with the money.
Your first broker sounds like they sucked, just paper collectors probably not in the business very long or just advertises in the internet waiting for suckers to call.
Yes they can blow you off, but it is the underwriter that has the approval power.
Lender will get you to order the appraisal so you feel locked in with them.
Locking the rate twice? A broker can take your business somewhere else, but it is not in their best interest to seek multiple locks on the same loan in process. You can also extend a lock at a fee. Some lenders will let you get a lower interest rate if rates fall enough.
Getting a loan for a tax deduction doesn't make a lot of sense unless you are going to be doing something else with the money.
Your first broker sounds like they sucked, just paper collectors probably not in the business very long or just advertises in the internet waiting for suckers to call.
Yes they can blow you off, but it is the underwriter that has the approval power.
Lender will get you to order the appraisal so you feel locked in with them.
Locking the rate twice? A broker can take your business somewhere else, but it is not in their best interest to seek multiple locks on the same loan in process. You can also extend a lock at a fee. Some lenders will let you get a lower interest rate if rates fall enough.
Yes, I would invest my money else where. But getting the tax reduction it's pretty much the main reason. I just found another lender seems cool, guess I will move forward with them. But this time I'm going to get all the documents done before they charge me anything.
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