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Posted by Jdub07 (Member # 2728) on :
 
what the mother fuck!!! mortgage rates are down and my broker is trying to tell me they are up. we are so close the closing the deal and he pulls this shit thinking we wont go with another lender. Friend of my sister my ass, going to BofA to get the under six % rate. 6.25% my mother fuckin hairy polish ass. It doesn't matter if you know people, everyone wants to shaft you! MOTHER FUCKER, I'm so pissed off right now I can barley think strait FUCK.
 
Posted by BlowN67 (Member # 4229) on :
 
yup when we bought our house 6 yrs ago they did the same thing. raised it right at the end. good luck an fight that shit. JOHN
 
Posted by Jdub07 (Member # 2728) on :
 
Dude this fuck is trying to raise it from 5.875 to 6.25 on the first and on the second from a 5.5 heloc to a locked 8.5!!!!

FUCK THIS SHIT

Refuse to go with this SOB. Hella mad

we got $15K in the bank, 756 credit score AND 10% down on top of the $15K. We should be getting the best motherfuckin rate out there right now. We are more than qualified for the LOWEST OF LOW rates. This fuckin snake.

[ March 25, 2008, 04:41 PM: Message edited by: Jdub07 ]
 
Posted by venomous99 (Member # 1917) on :
 
you should just shop around yourself. lots of backdoor deals in the real estate market so a lot of times a realtor will take you to a certain lender not for your benefit but for his or her own. shop around bankrate.com to get an idea what the market is at now. you should be able to find your own deal w/out a leach of a realtor. lock in the deal once you get preapproved if youre confident with the rate.
 
Posted by 1FAST89GT (Member # 5071) on :
 
pm sent
 
Posted by Venomized93 (Member # 55) on :
 
I've never bought a house. But I would never trust a broker. They are in the business for themselves of course. At least if you go to a major bank. Most of the times they will do what's best for the client.
 
Posted by Jdub07 (Member # 2728) on :
 
Just threatend to walk on the whole deal and go somewhere else. Funny how things change when they find out they wont get shit if the client leaves. Got the Original loan I wanted from day one. This being the loan that was out of the question and wasn't "in our best interest" he said. Now today it's so easy to get,...hmmmmm wonder why.

Loan is a 90/10 at 6.25% fixed with no PMI's. Clean, simple and one loan at a decent fixed rate. I still think he could have given us a good 6.15% or even a 6% on the 90/10 but figured he's already going to be taking a loss on his commission going 6.25%.

My ONLY advise when buying a home is, DON'T TRUST ANYONE. All other advise is subject to change without noitice and is not valid unless put in writting and will expire after 72 hours. After the said 72 hours all fee's will increace ten percent unless it is deemed necesarry to rape you in the ass for further funds, which chances are this will be the case.
 
Posted by venomous99 (Member # 1917) on :
 
quote:
Originally posted by Jdub07:
Just threatend to walk on the whole deal and go somewhere else. Funny how things change when they find out they wont get shit if the client leaves. Got the Original loan I wanted from day one. This being the loan that was out of the question and wasn't "in our best interest" he said. Now today it's so easy to get,...hmmmmm wonder why.

Loan is a 90/10 at 6.25% fixed with no PMI's. Clean, simple and one loan at a decent fixed rate. I still think he could have given us a good 6.15% or even a 6% on the 90/10 but figured he's already going to be taking a loss on his commission going 6.25%.

My ONLY advise when buying a home is, DON'T TRUST ANYONE. All other advise is subject to change without noitice and is not valid unless put in writting and will expire after 72 hours. After the said 72 hours all fee's will increace ten percent unless it is deemed necesarry to rape you in the ass for further funds, which chances are this will be the case.
not sure how you were able to pull a no pmi on a 90/10 w/out taking out a 2nd mortgage to make up the other 10%. hopefully you're not paying for points with this deal..far too many deals out there w/ low interest and 0points.

just the fact that this agent has been dicking you around with the deal would be enougn for me to walk away and say fuck you. there are way too many options out there so you should be able to shop around and get the service you demand. qualifying buyers are scarce today so these sharks should be bending over backwards to accomodate you to get the biz...like some real estate agents giving you a cut of the commission as the buyer if you go through with the sale.
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by Jdub07:
Just threatend to walk on the whole deal and go somewhere else. Funny how things change when they find out they wont get shit if the client leaves. Got the Original loan I wanted from day one. This being the loan that was out of the question and wasn't "in our best interest" he said. Now today it's so easy to get,...hmmmmm wonder why.

Loan is a 90/10 at 6.25% fixed with no PMI's. Clean, simple and one loan at a decent fixed rate. I still think he could have given us a good 6.15% or even a 6% on the 90/10 but figured he's already going to be taking a loss on his commission going 6.25%.

My ONLY advise when buying a home is, DON'T TRUST ANYONE. All other advise is subject to change without noitice and is not valid unless put in writting and will expire after 72 hours. After the said 72 hours all fee's will increace ten percent unless it is deemed necesarry to rape you in the ass for further funds, which chances are this will be the case.
I always say, "If it walks like a duck and talks like a duck its a duck". Walk regardless of what this person says. Very shady to try and pull this crap so late in the game. I dont know if you want a reference but I can hook you with one of the best loan officers out there. 30+ years in the biz and handled all my property purchases with class. And has her own realtor she works with which is a no non-sense type person....lmk. But definitely walk.
 
Posted by 91PONY (Member # 206) on :
 
A similar thing happened to us. We supposedly had a 'hook-up' and he was gonna get us a great interest rate, yadda yadda....
We walked at the last minute when we saw the fine print and realized he was gonna get $10,000 commission! We found our own loan through Countrywide and didn't pay any bs fees like that. Do NOT go with a broker! EVER!
 
Posted by Yaterstang (Member # 7659) on :
 
quote:
Originally posted by Jdub07:
Dude this fuck is trying to raise it from 5.875 to 6.25 on the first and on the second from a 5.5 heloc to a locked 8.5!!!!

FUCK THIS SHIT

Refuse to go with this SOB. Hella mad

we got $15K in the bank, 756 credit score AND 10% down on top of the $15K. We should be getting the best motherfuckin rate out there right now. We are more than qualified for the LOWEST OF LOW rates. This fuckin snake.
I work for a bank(loan officer), and i can tell you that the rates today were at 6.25%. Do you happen to know when he locked in the interest rate? Usually when you lock its good for 30 days. It either sounds like this jackass didnt lock you in, or is trying to get a higher yield spread premium. Which means more money for him. Or this moron found out that a lot of the lenders out there are refusing to do equity lines for the second due to soft market policies and he had to move the loan somewhere else last minute. If you want to compare what my bank's rates are hit me up on PM and ill send a estimate, but if your in the middle of a purchase you may not have any choice but to stick with this guy so you dont fall out of escrow.
 
Posted by Yaterstang (Member # 7659) on :
 
quote:
Originally posted by Jdub07:
Just threatend to walk on the whole deal and go somewhere else. Funny how things change when they find out they wont get shit if the client leaves. Got the Original loan I wanted from day one. This being the loan that was out of the question and wasn't "in our best interest" he said. Now today it's so easy to get,...hmmmmm wonder why.

Loan is a 90/10 at 6.25% fixed with no PMI's. Clean, simple and one loan at a decent fixed rate. I still think he could have given us a good 6.15% or even a 6% on the 90/10 but figured he's already going to be taking a loss on his commission going 6.25%.

My ONLY advise when buying a home is, DON'T TRUST ANYONE. All other advise is subject to change without noitice and is not valid unless put in writting and will expire after 72 hours. After the said 72 hours all fee's will increace ten percent unless it is deemed necesarry to rape you in the ass for further funds, which chances are this will be the case.
90% with no PMI? Before you sign the paperwork you better spend at least 2 hours reviewing them, because if the loan goes over 80%LTV there is usually PMI, doesnt sound like a conforming loan. Make sure there is no prepay either. There is a chance the rates might go down in the next couple of months, especially with the prime rate at 5.25%.
 
Posted by Luke87GT (Member # 21) on :
 
Guys, when you are dealing with this kind of money, there are absolutely no "hook-ups"

The best you can hope for is that you are not getting shafted imho...

Your sister works at Circuit City? Ya, you might get a hookup on some speakers. Dad works at Southwest Airlines? Ya, you might get 5% off your next flight.

Your best friend is a broker at Washington Mutual and is claiming he will hook you up on your conforming $400,000 30 year loan? You might as well ask him to include a Unicorn with the deal, cause it aign't gonna include anything out of the ordinary. Every penny is accounted for when dealing with home loans.

Best of luck to you with the purchase. And as was said, read the fine print. Is this your first house?

I just bought my first condo in August '07 in the Oakland Hills. I got in at 30 year fixed, 6.875% with 20% down at Wells fargo. I have since refinanced at 6.125%. Todays Wells Fargo 30 year conforming rate is 6.25% at WF. I could get it about 0.5% lower if I went with one of the private lenders, but quite frankly, they scare me because there is simply too much fine print. I rather pay a little more and stay with BofA, Wells Fargo, Washington Mutual, etc.

At least I know I won't get shafted or have prepayment penalties.

Watching it closely for another refinance...

[ March 25, 2008, 09:23 PM: Message edited by: Luke87GT ]
 
Posted by N8 (Member # 6048) on :
 
+1 with Luke

Best thing you can hope for is honest people that are pro-active in informing and helping. But always always read the fine print and never commit to anything if something is unclear.
 
Posted by 2tone50 (Member # 6003) on :
 
Let your sis know that her "friend" is an asshole! And let him know as well [Big Grin] . Goodluck!
 
Posted by Jdub07 (Member # 2728) on :
 
YUP situation up the air again. Fuck this guy, we walked. Have 10 days to sign our loan contingincy <---spelling. Hella fun. I'm sorry guys but I'm not going to take any more references of lenders. No offence, I'm sure you can understand lol. [patriot]

[ March 26, 2008, 12:23 PM: Message edited by: Jdub07 ]
 
Posted by Yaterstang (Member # 7659) on :
 
I think it takes some balls to walk from a deal gone bad. Most people will stick it out and sign anything in front of them, because they get so emotionally attached to the house. Homeownership is a big deal, and if your not completely comfortable with your payment then under all circumstances its not a good move to go forward. Too many people out there got sucked into this belief that you have to own a house at all costs and were willing to sign their life away to feel adequate. Look at all of those people now!
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by Yaterstang:
I think it takes some balls to walk from a deal gone bad. Most people will stick it out and sign anything in front of them, because they get so emotionally attached to the house. Homeownership is a big deal, and if your not completely comfortable with your payment then under all circumstances its not a good move to go forward. Too many people out there got sucked into this belief that you have to own a house at all costs and were willing to sign their life away to feel adequate. Look at all of those people now!
+1....I walk on anything if I dont feel it. Anything from cars to houses. If I dont like it I am prepared to walk. My wife dont even take off her coat when we got to places like dealerships or house stuff.

I think you are doing the best thing. And I feel you on referrals. Sometimes you just have to find your own person you are comfortable with.
 
Posted by Jdub07 (Member # 2728) on :
 
It's a little scarry walking at this point. We have to pay for the appraisal still $350. BofA says they pay for their own appraisal. Even if we had to pay for it twice its chump change when it comes down to it. Just cause my sister knows this guy and we are only days away from having to sign the loan contingency I feel so relieved we walked. As soon as we were "in contract" shit started jumping all over the place with the lender. Both me and the wife said FUCK THIS SHIT!! Thanks for the support guys. I have an appointment @ bank of america today so if all goes well we will go through them. Brokers are cool if you barley qualify becuase they will squeeze you in by your balls...but if you are a well qualified buyer, then there is no need for them.

Dude e-mailed me said no hard feelings and offered the appraisal to be sent to whatever lender we end up going with. Thats cool and all but I'll just be sending him the appraisal check and paying for another on if needed. I don't want anything from him now. Wont burn the bridge but I'll cut the loss.

Wish me luck today. I'll still be signing the loan contingency in ten days weather we have a finalized loan or not LMAO! I should go to vegas after all this shit cause buying a house is a major gamble.

But hardball is the name of the game. We want to take advantage of the market right now so the house we found was originally listed at $620K then they lowered it down to $550K. That is when we went to look at it. I low balled them hard and they came back with $525K. I stuck to my lowball offer and they went to $515K. Again I stuck to my offer never going up and they went to $490K. I told my realator we are walking unless they take my original offer. Low and behold we are in contract for $480K. House is NOT a repo or short sale. So if we can land a house at $140K less than the original asking price then there is no way I'm going to get shafted on the loan we get. Hence taking advantage of the market right now, in all areas being house price and loan rates.

that was long LOL
 
Posted by Yaterstang (Member # 7659) on :
 
You may run into a problem with the loan amount being over 417K. You could either have a jumbo loan at 90% with PMI, or depending on the lender's policy you might have a 80-10-10, or Bank of America has what's called their Mortgage Plus which may go the full 90%. The rate might be a little jacked up on that program though. I'm guessing you'll probably have to go with the 90% with PMi, but remember PMI is now tax deductable and can be removed(Depending on the lender guidelines). B of A is a solid lender, and if you cant find a payment you can afford with them, you probably wont find it anywhere else. All lenders rates and programs are determined by the secondary market. Stay away from the broker!
 
Posted by Jdub07 (Member # 2728) on :
 
quote:
Originally posted by Yaterstang:
You may run into a problem with the loan amount being over 417K. You could either have a jumbo loan at 90% with PMI, or depending on the lender's policy you might have a 80-10-10, or Bank of America has what's called their Mortgage Plus which may go the full 90%. The rate might be a little jacked up on that program though. I'm guessing you'll probably have to go with the 90% with PMi, but remember PMI is now tax deductable and can be removed(Depending on the lender guidelines). B of A is a solid lender, and if you cant find a payment you can afford with them, you probably wont find it anywhere else. All lenders rates and programs are determined by the secondary market. Stay away from the broker!
Technically we will would do a 89.5/10.5 to avoid PMI. The rate may be a bit higher but will still be less than homeboy.
Also bank of america is still doing second mortgages until the the first of April. We may be able to get a low rate fixed second. Idealy I'm fighting for a 5.7% first and a 6.5% second, bothing being fixed rates. If we do the 90/10 I'm hopeing for a 6.25% fixed rate.

These rates are out there so I don't see why we wouldn't get them.
 
Posted by 532Fastback (Member # 1482) on :
 
Sorry to hear about what happened, hope you find someone to help you out to get the house.
 
Posted by Yaterstang (Member # 7659) on :
 
[/QUOTE]Technically we will would do a 89.5/10.5 to avoid PMI. The rate may be a bit higher but will still be less than homeboy.
Also bank of america is still doing second mortgages until the the first of April. We may be able to get a low rate fixed second. Idealy I'm fighting for a 5.7% first and a 6.5% second, bothing being fixed rates. If we do the 90/10 I'm hopeing for a 6.25% fixed rate.

These rates are out there so I don't see why we wouldn't get them. [/QB][/QUOTE]

There you go! Get that app in now, because my bank axed those seconds in california at least. Today may not be a bad day to lock either, our bank shows 6.l25 no points or 5.75% with .75 in points. If your going with the 30 fixed, the 3/4 point will be worth it, if you plan on keeping the house for more than 3 years. Check out this website for figuring out payments and such. It also gives you a blended rate.

http://www.hughchou.org/calc/blended.php
 
Posted by turbo50 (Member # 6700) on :
 
Dude,
I don't have a 750 credit score and I just got a 30 year fixed rate at 5.25%, tell them to pound sand.

I don't pay PMI, however.
 
Posted by Jdub07 (Member # 2728) on :
 
Leaving right now to B of A. Wish me luck!

Yup our first house and thus far the whole experiance fuckin blows.
 
Posted by Black88GT (Member # 394) on :
 
Have you guys ever heard of www.naca.com ? There are a few guys at work that have used them. The only drawback I see is they only can get you into a 450000 house here in Alameda county.Check it out, Id love to see you guys pick it apart..... That will save me the time [Wink]
 
Posted by NorCalRydaz (Member # 3233) on :
 
what's PMI ??
 
Posted by Dag302 (Member # 4682) on :
 
quote:
Originally posted by NorCalRydaz:
what's PMI ??
private mortgage insurance. when your loan to value is not a certain amount they tack that on to your payment. I believe its usually 80% LTV.

[ March 27, 2008, 12:47 AM: Message edited by: Dag302 ]
 
Posted by Jdub07 (Member # 2728) on :
 
B of A still does 80/10/10 until the 1st of April. Last night we locked in the rate of 5.875% for our first and a 7.5% for our second,...both being a locked rate for the deration of the loan. Our closing costs are $5k less than they were going to be.

FINALLY!! But I'm not going to hang up the gloves just yet. April 25 we should get keys. Only then will I be happy.
 
Posted by venomous99 (Member # 1917) on :
 
quote:
Originally posted by Black88GT:
Have you guys ever heard of <a href="http://www.naca.com" target="_blank" rel="nofollow">www.naca.com</a> ? There are a few guys at work that have used them. The only drawback I see is they only can get you into a 450000 house here in Alameda county.Check it out, Id love to see you guys pick it apart..... That will save me the time [Wink]
quickly glimpsed at the site at work. there has to be some sort of catch with this. 5% fixed 30 loan, 0 points is unheard of today.
 
Posted by N8 (Member # 6048) on :
 
good luck man. What are you gaining by going with a split loan may I ask? All my purchases have been 1 loan so I never encountered this.
 
Posted by venomous99 (Member # 1917) on :
 
quote:
Originally posted by N8:
good luck man. What are you gaining by going with a split loan may I ask? All my purchases have been 1 loan so I never encountered this.
its not so much for the borrower but for the main lender.
its done as protection to the main lender doing the 80%. a bank would do the 90/10 if pmi in involved but most new home buyers would rather sacrifice the higher rate 2nd mortgage to fund the 10% to avoid pmi. in the past pmi was non tax deductable but now it is.

hey jdub. if you want more advice i woudl suggest posting on trulia. always good to get as much info as u can...buying a house is a huge step obviously and u dont want to get burned by not reading the fine print... them stack of papers u gotta sign at the escrow office is scary. u may be signing ur life away in the fine print..lol jp

[ March 27, 2008, 02:39 PM: Message edited by: venomous99 ]
 
Posted by Yaterstang (Member # 7659) on :
 
quote:
Originally posted by N8:
good luck man. What are you gaining by going with a split loan may I ask? All my purchases have been 1 loan so I never encountered this.
Just like Venomous says, anything over 80% would require PMI but also in jdubs case a single loan of the 90% will run you into the jumbo rates. Jumbo rates have been garbage, even with fannie mae picking some of the loans up over 417K. The rates for jumbo have been typically running a percent and 1/4 higher than a conforming loan amount >417K. Also any loans that were done in the past five years, you know stated income one loan to 100% with no PMI have been pretty much been wiped out because nobody on wall st are willing to buy the loans. So the majority of loan programs that are left are the conforming loans, which due to all the defaults doesnt seem like a bad idea now.
 




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