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Be a savy borrower

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Anonymous
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Be a savy borrower

I see so many people come in the office that got suckered into arm loans, thinking they were getting a fixed rate loan. 
 
If the brokerage industry was as regulated as the big lenders, we probably wouldn't be in the mess were in.
 
I'm old school and if something sounds too good to be true, it probably is.
Message 1 of 4
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newstuff2003
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Re: Be a savy borrower

I just stopped a deal on refinancing my home, (check out my previous post), and now know that I saved myself.  The lady would mail me my documents... I live in maryland and she lives in georgia.  she would email, and mail stuff back and forth. then the chick that came out to do my appraisal did not even want to discuss my improvements... and then called me back a few days later to ask me "did you have a basement"?  I dont get it...
Message 2 of 4
Anonymous
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Re: Be a savy borrower

I'm not sure the loan bankers know their telling you wrong information. You would think if they do this every day they would know it, they honestly don't or so I believe. I've been to some experienced loan "experts" that were experts in not knowing. It is up to us to learn how the contracts work.

As someone once said to me, take the paper work from one lender and show it to another. They will miss all their own stuff but find every bad thing about their competitor. lol. Smiley Happy
Message 3 of 4
Anonymous
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Re: Be a savy borrower

Newstuff,
 
please file a complaint with the Real Estate Commission here in MD against the appraiser.  Unless,  it was meant to be a drive-by appraisal (frowned upon by me) - the appraiser needs to go back to school.
 
Out-of -the-area banks are infamous for sending an appraiser to an area they don't usually work.  Had an appraiser from Baltimore for a townhouse in Montgomery County  and he missed comps (appraisal came in low) -because he didn't know the area (and how to spell the advertised subdivision).   Needless to say, both the listing agent and I were livid - both of us ended up faxing him comps for the place.
 
Now as the Buyer's Agent why would I want to get an appraisal up?  Because the TH down the street was settling the next week for 20K more than my buyer's were paying and it appraised.  Didn't want the contract voided and then the Seller's raising the price.  In Buyer's best interest to keep the contact price.
 
If you want/need comps for your house - PM me with the address - I'll be happy to run a CMA for you so you know where you should be at.  It is unofficial - but at leat you will know what the appraiser should have seen.


Message Edited by Lady_Scarlet on 10-11-2007 08:19 PM
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