Signing disclosure for cash out refinance (loan officer, interest rate, escrow, real estate)

[Fener6]

Hoping someone can confirm what I am being told by my loan officer...

In the process of doing a cash out refinance. He is asking me to sign the electronic disclosures without going over them with me. My concern is that there are rates and numbers on these disclosures that are over the amounts that have been discussed, specifically the interest rate.

He said that I can sign the docs and not worry about the interest rate shown because the docs also state that it’s a floating interest rate. And until I sign those docs he can not lock the rate.

So, am I safe to assume that I can...sign the docs...then discuss rates/points with him...and then lock the rate at what I want,, be it today or tomorrow?

Any insight is appreciated. Thanks

[Pfhtex]

End all conversations with that lender.

Find a lender who will explain every page and every penny to you before you sign anything.

That kind of behavior gives the industry a bad reputation.

[Fener6]

Thank you

[Fener6]

And another note, this guy also told me that rates can’t be locked after the stock market is closed. I asked him what they do on the west coast at 1pm, and he said “I don’t know”.

Thanks for your quick reply

[SmartMoney]

BS, he can't lock when the markets are closed. Many/most of us have after-hours protection.

Anyone that can't explain the forms, even without the forms being in front of them, should leave the business.

[illuzionx]

Don't sign anything that does not makes sense to you until they fix it, period. I went thru this recently. I continued with things when I shouldn't have, and trusted people too much (including my lawyer). It got so bad that my closing was nearly bungled on the day of, when I refused to sign any more paperwork. They ultimately fixed it after giving me attitude and lip service like it was my fault (I was more prepared then they were thanks to this forum and other resources). I wanted the house and things worked out, however, I recently complained to my lender about their mistakes and things they didn't do when I asked them. My letter reached the VP, so now they are refinancing me to even a lower rate then I had requested last year, I guess its good my idiot officer didn't do his job, as i will benefit from this. However, I wouldn't advise you to sign anything now unless it makes 100% sense to you. There are too many lenders out there that offer good rates, so no need to waste time with people trying to pick your pockets. Good luck!

[adjusterjack]

Originally Posted by illuzionx

Don't sign anything that does not makes sense to you until they fix it, period.

Amen to that.


My friend sold one house and bought another. Used the same escrow company for a concurrent close. I went with him when he went to sign the final instructions for each of the houses. There was nothing in there about applying the money from one house to the other. Leaving it alone would mean he would have gotten a check on the sale but would have no way of paying for the purchase that same day because he would have had to deposit his check and wait several days for his bank to allow funds to be available.


At my insistence he had them redo the instructions and the concurrent close went the way it was supposed to.


You've got to read and understand every word of real estate documents and make sure that what you want is specified in the documents.

[AndroidAZ]

I agree the broker seems shady. However, in my experience, you can sign electronic disclosures and it won't lock you into anything.

It's when you sign the final closing docs that you must really make sure you understand everything. Even then, in my state, there is a 3 day right of rescission to cancel for any reason after signing.

A broker explained to me that there is no cost to lock into a rate, but they may make less money from the lender by locking in vs leaving it floating.