Totally NWR - Vent

Ok so the DH and I are buying a house.
We talked to my co-workers husband who is a mortgage broker. We spoke on the phone - exchanged a few emails and he sent me a preapproval letter.

When it was time to lock in a rate, we faxed him all of our paperwork. He send back a loan application that seemed to have very high numbers. I sent him a very detailed email. What we had, what we could afford at closing. Asking why the cost was so high.

He called me back and assured me that the gov't changed the form for 2010 and required they list certain things that actually go into the mortgage and gave me a breakdown of what our actual closing costs would be. I searched this online, all was legit, didn't seem like he was ripping us off.

Well when DH and sit down tonight to fill out all the forms and sign, right at the end is a checked off box saying we agree to pay them 3 % FEE.at CLOSING, which would be an additional $8000 bucks!!

What really bugs me about this is that we discussed this, he knew what money we had and that we were worried about closing costs and didn't want any surprises at closing and he was not up front with me at all about it these extra fees

This whole thing is going to make for a very uncomfortable situation and I don't even know what to say to the guy. I hope he doesn't charge me any fees


guess i just learnt the hard way business and personal do not mix...

i'm sorry stace... did he give you the impression he wasn't charging you for his services?

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Posted by StaceYums81

Ok so the DH and I are buying a house.
We talked to my co-workers husband who is a mortgage broker. We spoke on the phone - exchanged a few emails and he sent me a preapproval letter.

When it was time to lock in a rate, we faxed him all of our paperwork. He send back a loan application that seemed to have very high numbers. I sent him a very detailed email. What we had, what we could afford at closing. Asking why the cost was so high.

He called me back and assured me that the gov't changed the form for 2010 and required they list certain things that actually go into the mortgage and gave me a breakdown of what our actual closing costs would be. I searched this online, all was legit, didn't seem like he was ripping us off.

Well when DH and sit down tonight to fill out all the forms and sign, right at the end is a checked off box saying we agree to pay them 3 % FEE.at CLOSING, which would be an additional $8000 bucks!!

What really bugs me about this is that we discussed this, he knew what money we had and that we were worried about closing costs and didn't want any surprises at closing and he was not up front with me at all about it these extra fees

This whole thing is going to make for a very uncomfortable situation and I don't even know what to say to the guy. I hope he doesn't charge me any fees


guess i just learnt the hard way business and personal do not mix...

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Stacey- i dont understand- he gave you a breakdown of the actual cost of the closing fees and then there is an extra 3% that you are paying him? Did he ever tell you his fee while he was doing the breakdown? i would call him and ask him what this extra 3% is and tell him that you were honest upfront about what you can afford and that extra $8000 wasnt in your budget and also ask him why wasnt that told to you when he broke down all the fees. Have you signed the papers yet? if not why dont you go to another broker and check out their fees.

So sorry you are going through this!

So sorry you are going through this. I believe the 3% is standard in the industry. Definitely speak to him about it AFTER you speak to another broker to compare numbers.

I agree with the ladies, go talk to another broker.

He never even told me about the fees. I assumed there would be some kind of fee related with this but I know nothing about this stuff it's our first home. If I knew the fee would be as high as 3% I never would have even called him. We went to Bank of America today we brought all the paperwork and they are able to get us one with 0 points and loan application fee of a mere 400 + appraisal fee of 465 - nowhere near the thousands the other guy will charge. I just hope I don't owe this guy any money. He spelled our name wrong twice on the applications and didn't even write down my phone number right I should have know something was up

And no we didn't sign anything
If we owe him anything it may just be 35 bucks for a credit check...

I would not use this guy .. Be very careful! Look at a lot of places before you go in ..

I bt a condo 2 years ago - it was my first purchase .. I was told that the seller pays the broker fee?

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Posted by SoontobeMrs.Brown

I would not use this guy .. Be very careful! Look at a lot of places before you go in ..

I bt a condo 2 years ago - it was my first purchase .. I was told that the seller pays the broker fee?

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Well IDK this was clearly me signing to agree to 'pay him 3% off loan at closing'