I decided to document my experiences as I’m helping clients with a refinance. They have perfect credit and employment, but what should be a slam dunk loan turned into a nightmare.
The quoted rate mysteriously increased 1/4% when it came time to lock — while the FNMA rates were essentially the same on 8/20 and 9/24.
If you want to know whether your lender / broker is honest and you applied for a FNMA loan, check the FNMA rate on the date of the original quote and compare it to the CURRENT rate when you are ready to lock:
If the FNMA rate went 1/4% up or down, your rate should go 1/4% up or down too. You can also look up VA or FHA rates.
MANY brokers / lenders double their profits when they don’t pass lower rates on to borrowers or they raise the rates for no reason other than to make a bundle — potentially costing borrowers many thousands of dollars over the life of the loan due to the higher interest rates.
I will also post my experiences with brokers during my quest to get rate quotes. It’s quite incredible what one has to go through to get a few quotes. And the lies I had to listen to … Fortunately I also found a few brokers you might want to contact if you’re looking for a mortgage.
Stay tuned …