Closing but disappointed

[first48]

I am currently in a rental lease that I can't get out of without subleasing.  I found a house that I put an offer in on earlier this month. However, when I signed my paperwork with the mortgage guy I told him that I didn't want to close until November so that I won't be stuck paying 2 months of house note and rent.  However, he did just the opposite after he told me it would be no problem.  He emailed me yesterday and said that everything is ready to close.  I asked him what about november. He said I could close in November but my interest rate would go up.  I wouldn't recommend him to anyone.  he had the appraisal done for a whole week before he even sent me the results.  He was just very pushy and did not worry about my needs at all.  Now I am stuck having to pay an extra 1700.00 for rent and mortgage.  When I told him my concerns he stopped answering my questions and just had the title company to call me.

[ShanetheMortgageMan]

Unless the mortgage program is being discontinued at the lender, you should certainly have a say on when your loan closes, and in your purchase contract it lists the closing day as well... so unless you, the sellers, and the loan officer agreed to close it on a different day, the lender should just need to wait until the actual closing day is supposed to happen.  I'd speak to this loan officers manager immediately and ask why the interest rate would increase if all along the loan officer knew that the closing would be happening in November.

[first48]

Unfortunately the loan officer's manager is his sister's husband.  I have gotten myself in quite the pickle. I wonder if it is too late to go with another mortage company.

[DallasLoanGuy]

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@first48 wrote:
Unfortunately the loan officer's manager is his sister's husband.  I have gotten myself in quite the pickle. I wonder if it is too late to go with another mortage company.

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maybe not

contact a loan officer right away

[first48]

To add more fuel to the fire.  I didn't know I did a point buy down because he didn't tell me and I also didn't know my rate lock expired today according to the loan officer.

[DallasLoanGuy]

demand to relock for 30 days without the buydown. You will get worse case pricing.... which means..... whatever day is worse, the original lock date or today.... that is your rate. It is likely about the same. 

If you do not get a quick response call the boss.

let us know what you get

[first48]

They wouldn't give me the rate lock and the company is a family affair.  I am going to tell everyone I know about this company and word of mouth is something.  I am even going to write up something online.  I closed on 10/21/06 at 5.5%.

[Jazzzy]

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@first48 wrote:
They wouldn't give me the rate lock and the company is a family affair.  I am going to tell everyone I know about this company and word of mouth is something.  I am even going to write up something online.  I closed on 10/21/06 at 5.5%.

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Be sure to file a complaint with your state's banking commission. In my state, mortgage brokers are overseen by the state banking commission. Also, your state's attorney general's office may be able to tell you if there are other regulatory agencies you should be reporting to.

Those regulatory agencies are out there to help protect the public. Use them...even if it's after the fact.

I often tell my children that they have a right to complain if they feel they have been treated unfairly....but, it's not only a RIGHT. It's a RESPONSIBILITY. It's a responsibility because it may help the person who comes behind you. If nothing is said, nothing changes.

I wish you luck.