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Thanks to all of you who may have responded to my earlier posts. Long story short we paid to lock into a rate of 5.75 on 9/21. It expired b/c the bank took to long to proccess. Broker says as of yesterday best rate was 6.25, today he can get 6%. This is our original GFE. Would someone mind reveiwing it to see if we were on the right track from the get go? My husband wants to demand our money back and go to a local bank...where rate is 6.75 (he's very loyal to the local small town businesses....not me) He feels that alll of these changes draw up too many red flags for him. I feel that from 9/21 to know the economey has been rocked which has lead to rise in rates and slower processing. Thank your for your time.
Thanks to all of you who may have responded to my earlier posts. Long story short we paid to lock into a rate of 5.75 on 9/21. It expired b/c the bank took to long to proccess. Broker says as of yesterday best rate was 6.25, today he can get 6%. This is our original GFE. Would someone mind reveiwing it to see if we were on the right track from the get go? My husband wants to demand our money back and go to a local bank...where rate is 6.75 (he's very loyal to the local small town businesses....not me) He feels that alll of these changes draw up too many red flags for him. I feel that from 9/21 to know the economey has been rocked which has lead to rise in rates and slower processing. Thank your for your time.
Yes...we paid this up front, to lock the rate...which we now lost due to slow processing on their end. This supposedly will be coming back to us at closing.
how do you enlarge your attached thumbnail? i couldn't see where/on which line you were charged for the lock in fee. i looked every where on our good faith estimmate and wholesale lock letter and couldn't find a charge?
doesn't matter any way: we are trying to purchase a property on the big island of hawai'i. got the pre-approval letter and went shopping with said letter in hand. made an offer and plunked down $1000 in earnest monies. both us, the buyer, and the seller have been meeting the contingencies of the purchase contract. now, we've come down to the wire and no one wants to give us a loan commitment. we've sinced spent app. another $2000 for credit reports, the home inspection, appraisal, airfare and faxing fees. it's terribly frustrating and disappointing. mind you, the loan amount would be less than $150,000. the purchase price is $185,000 and we were going to put down 20% or more.
Thanks to all of you who may have responded to my earlier posts. Long story short we paid to lock into a rate of 5.75 on 9/21. It expired b/c the bank took to long to proccess. Broker says as of yesterday best rate was 6.25, today he can get 6%. This is our original GFE. Would someone mind reveiwing it to see if we were on the right track from the get go? My husband wants to demand our money back and go to a local bank...where rate is 6.75 (he's very loyal to the local small town businesses....not me) He feels that alll of these changes draw up too many red flags for him. I feel that from 9/21 to know the economey has been rocked which has lead to rise in rates and slower processing. Thank your for your time.
9/21 was a Sunday so if the rate was locked that day, then 9/19's rates would have applied... and on 9/19 5.75% with no points on a 30-day lock would've been fantastic to get those terms. One might say too good to be true.
Today, assuming your score is excellent... 6% is more appropriate on a conventional 30-year fixed rate. Might be able to find 5.875% but you aren't getting ripped off at 6%.
how do you enlarge your attached thumbnail? i couldn't see where/on which line you were charged for the lock in fee. i looked every where on our good faith estimmate and wholesale lock letter and couldn't find a charge?
doesn't matter any way: we are trying to purchase a property on the big island of hawai'i. got the pre-approval letter and went shopping with said letter in hand. made an offer and plunked down $1000 in earnest monies. both us, the buyer, and the seller have been meeting the contingencies of the purchase contract. now, we've come down to the wire and no one wants to give us a loan commitment. we've sinced spent app. another $2000 for credit reports, the home inspection, appraisal, airfare and faxing fees. it's terribly frustrating and disappointing. mind you, the loan amount would be less than $150,000. the purchase price is $185,000 and we were going to put down 20% or more.
i most definitely empathize with you.
Aloha,
I had to click on the thumbnail twice, once to enlarge it a little, then the second time to get it full screen.
Also, you might want to create a brand new thread for your own situation. That way it'll avoid cross posting of yours and the original posters situation, and lead to less confusion among readers and people who are trying to help. I've quoted you to make sure everyone knew I was replying to you.
Why isn't the lender who pre-approved you able to give you a loan commitment? Sounds like you've applied a couple other places too - what was the reason for you not getting a loan at those other places? I'm thinking it has something to do with the property since your credit & income obviously checks out at first, then you don't get the loan after an appraisal...
Are you buying this as a second home or non-owner occupied home?
Where on the Big Island? Is the home in a lava flow zone 1 through 3?
Welcome eire. The application fee is a bit on the high side but there aren't any other lender/broker fees so that evens out. If those fees are what is being offered to you on your current rate of 6.00% then it's still an OK offer.
This was the original GFE....the new one will be 6% w/ $250 less in fees. Please tell me why you feel not so good about this GFE I value your opinions. Also, please note we paid$750 to "lock" that is not shown here. Supposedly we will be getting it back at closing...how would that show up on newGFE?
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