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I'm so upset right now! (NWR)

Original post by GraceAndAdam

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!
woobie113007 Posted:

Re: I'm so upset right now! (NWR)

If you didnt lock in the rate then nothing is guaranteed.

Lucky0510 Posted:

Re: I'm so upset right now! (NWR)

Thats an old trick a lot of mortgage companies try to right before closing because they know you are excited about the house and will probably let them get away with it. They did it to my father (at closing) with his last house. He stood up and basically refused to close on the house until they fixed it. Once they saw he was serious... they fixed it quick. Believe me...as soon as they see you won't stand for it.. .they will drop that .5%

LitBallerinaGirl Posted:

Re: I'm so upset right now! (NWR)

Didn't they send you a morgage agreement with the interest rate, as well as the date in which you needed to close by in order to get that rate? If you signed that, and you are within the time frame then you should definitely fight it!
Good Luck and sorry that happened to you!
Flutterbye922 Posted:

Re: I'm so upset right now! (NWR)

give us an update!

faithandkevin Posted:

Re: I'm so upset right now! (NWR)

Yes, let us know! Buying a house is so stressful- but it usually works out in the end! And when all is said and done, you will be sooo happy! It's worth the fight!

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