FH and I are supposed to close on our first house tomorrow. We are so excited, but today we got a phone call from our mortgage lender, and we are starting to feel like we are being taken advantage of. The lender is trying to tell us that our interest rate will be about .5 % higher than what was stated in our Mortgage Commitment. This is very annoying and upsetting for us since it means quite a bit of extra $ each month for our mortgage payments. We are especially annoyed because the lender said it was because of what sounds like a paperwork error on their end that was not our fault. And they waited until the day before closing to tell us, so now we can't even go and try to get a mortgage elsewhere! I called our real estate attorney and she said she'd try to fight it since she said it looks like they are going against what they agreed to in the mortgage committment. FH and I are so upset and anxious right now waiting to find out if we will have to pay the extra money. Instead we should be excited about getting our first house, but this $h!t is ruining it!
courtand25
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Re: I'm so upset right now! (NWR)
That seems really fishy....You will have a lawyer with you at the closing tomorrow, right? You should DEFINITELY have him (or her) speak to the mortgage representative and find out what can be done. You certainly shouldn't have to pay for their mistake!
emcheung
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Re: I'm so upset right now! (NWR)
i'm sorry you're having such a hard time with your mortgage and stuff. i'm sure everything will work out. i will have to deal with this very soon and am not looking forward to it. good luck!
jteach711
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Re: I'm so upset right now! (NWR)
My fh is a mortgage broker and I know that rates change constantly from day to day and if the rate you get is a little higher than you thought you can always refinance. He has people who do it every 6 months so they can keep getting a lower rate. I would not let this deter you from enjoying the fact you are buying your first home
dancerandchef
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Re: I'm so upset right now! (NWR)
We are really sorry to hear about this. Here are some hugs. Our thoughts and prayers are with you that everything turns out fine. They should be taking care of their mistake. You should not have to pay extra for their mistake.
~dancer and chef~ charlotte and michael
cindyandkevin
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Re: I'm so upset right now! (NWR)
Omg, your lawyer is right, they put a certain number on the commitment then they have to stick to it!!!! I'm glad they're fighting for you, good luck!!!!
Hope all goes well tomorrow!!!! You should still be excited!!!!!
Julybride08
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Re: I'm so upset right now! (NWR)
I am sorry you are having such problems. You shouldn't have to pay for there mistake i am sure your layer will straighten thing sout.
FutureMrsRice
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Re: I'm so upset right now! (NWR)
Same thing happened to one of my bridesmaids and at closing they got to keep the interest rate they signed to originally.
HTH!!
PS: Enjoy your new house -- how exciting!!
chatxleau24
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Re: I'm so upset right now! (NWR)
its common. alot of companies know that ppl will close anyway. maybe THEY can drop what they are charging you to make up the difference.
Renee615
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Re: I'm so upset right now! (NWR)
Didn't you lock in your rate with the company? If so, they really can't raise it.
diva7531
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Re: I'm so upset right now! (NWR)
That suck!!!!!s I really hope, your lawyer can fight it!
Jackie012100
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Re: I'm so upset right now! (NWR)
Ick! I'm so sorry to hear about your mortgage rate. That stinks! I hope your lawyer can fight this for you. Try not to let it get to you.
Flutterbye922
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Re: I'm so upset right now! (NWR)
Posted by Renee615
Didn't you lock in your rate with the company? If so, they really can't raise it.
thats what i though too
GraceAndAdam
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Re: I'm so upset right now! (NWR)
Posted by Flutterbye922
Posted by Renee615
Didn't you lock in your rate with the company? If so, they really can't raise it.
thats what i though too
no, we never locked it in because we were never given that option. That's why we're so upset. Because we're first-time home buyers, so we really didn't know what to expect with the mortgage. So we thought that the rate on the committment was our actual rate. But now the lender is acting like it's typical for the rates to go up. Our lawyer says this is true, but she feels that we were mislead since the lender never explained this to us when he must have realized we wouldn't have known it since we've never bought a house before.
lilone9
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Re: I'm so upset right now! (NWR)
Wow. that's horrible. I hope that your lawyer will be able to fight it for you. Best of luck tomorrow.
Christys0925
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Re: I'm so upset right now! (NWR)
It ***** but when I was a mortgage broker. We did it all the time. That's how many of these companies keep their clients. I'm so sorry. I hope it all works out for you!!
Renee615
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Re: I'm so upset right now! (NWR)
When we signed out good faith estimate, it stated that we had to call our mortgage broker to lock in a rate. Was there anything like that on yours? If not, it's kind of like they withheld information.
futuremrsfab
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Re: I'm so upset right now! (NWR)
awww so sorry that this is happening to you.. my suggestion would be to call the attorney general- if you have a mortgage committment it doesnt sound right that they can change that.
kag1610
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Re: I'm so upset right now! (NWR)
OMG.....that is wrong. Who are you using? You can get a mortgage through me adn I will give you the best rate out there! I work for Mortgage Line Financial Corp. FM if you want anymore information......Also anyone else who wants a great rate for their mortgage please contact me at anytime :)
Good Luck!
SusiBtoM
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Re: I'm so upset right now! (NWR)
Posted by Renee615
Didn't you lock in your rate with the company? If so, they really can't raise it.
That's what the committment is for. Good luck with your closing.
