New Lender??

[savings4tomorrow]

I was pre-approved for a mortgage Jan. 20th( Rate 3.375) I only went to one lender (realtor suggested) since I bank with an out of state credit union and they do not do mortgages where I am now. Lender stated I would have the pre-approval by Friday, got it late Monday. NO BIGGIE…However, I was not too thrilled with the amount, so asked him to give the scenarios if I paid down my credit cards and how that would affect my buying power. That was THRURSDAY, the 29th of January…sent a follow up e-mail on Wednesday 2/4, he stated he would work on it and get back to me no later than Monday since he had been attending meetings out of the office. Here we are Tuesday and I have not heard anything from him. I just sent another e-mail…I have lost all confidence in him and so nervous that when its crunch time he will be “out of the office”…

Now to my question, I see rates are a little higher now, do you think I can get someone to match that rate.

I am SO disappointed. I have not even been to see one house yet….I think I might need a new realtor too. She has not sent me ONE house. She says that she hasn’t found anything that she thinks I would like, but shouldn’t I be the judge of that?

Any suggestions will be appreciated. Thanks in advance.

[mynameainttracy]

IMO it is a sign of things to come. If you decide to switch realtors just be sure you haven't signed anything with them.

[ezdriver]

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@savings4tomorrow wrote:

I was pre-approved for a mortgage Jan. 20th( Rate 3.375) I only went to one lender (realtor suggested) since I bank with an out of state credit union and they do not do mortgages where I am now. Lender stated I would have the pre-approval by Friday, got it late Monday. NO BIGGIE…However, I was not too thrilled with the amount, so asked him to give the scenarios if I paid down my credit cards and how that would affect my buying power. That was THRURSDAY, the 29th of January…sent a follow up e-mail on Wednesday 2/4, he stated he would work on it and get back to me no later than Monday since he had been attending meetings out of the office. Here we are Tuesday and I have not heard anything from him. I just sent another e-mail…I have lost all confidence in him and so nervous that when its crunch time he will be “out of the office”…

Now to my question, I see rates are a little higher now, do you think I can get someone to match that rate.

I am SO disappointed. I have not even been to see one house yet….I think I might need a new realtor too. She has not sent me ONE house. She says that she hasn’t found anything that she thinks I would like, but shouldn’t I be the judge of that?

Any suggestions will be appreciated. Thanks in advance.

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Sorry to tell you but that rate you received was just an estimate AT THE TIME IT WAS ISSUED. The only rate that matters is the one that you can LOCK. You cannot LOCK a rate without a number of things having been completed [eg: have a signed purchase contract on a specific house, applied for motgage and submitted all required paperwork to support the verbal info you gave to the loan officer, etc etc]. You Realtor and/or loan officer should have explained that to you. They both failed you so replace both of them pronto!

[savings4tomorrow]

Nope...He told me the rate was good until March (something)..At least thats the assumtion I had after our conbersations. .I think I will take your advice and fire both of them!!!  There are too many out there to waste my time.  I wasn't too sure about my scores when I applied so I didnt want to go all over applying, but my scores are fine 678-723-728.

Thanks for the info!

[StartingOver10]

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@savings4tomorrow wrote:

Nope...He told me the rate was good until March (something)..At least thats the assumtion I had after our conbersations. .I think I will take your advice and fire both of them!!!  There are too many out there to waste my time.  I wasn't too sure about my scores when I applied so I didnt want to go all over applying, but my scores are fine 678-723-728.

Thanks for the info!

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EZ is right. Can't lock a rate without a property.

[DallasLoanGuy]

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@savings4tomorrow wrote:

I was pre-approved for a mortgage Jan. 20th( Rate 3.375) I only went to one lender (realtor suggested) since I bank with an out of state credit union and they do not do mortgages where I am now. Lender stated I would have the pre-approval by Friday, got it late Monday. NO BIGGIE…However, I was not too thrilled with the amount, so asked him to give the scenarios if I paid down my credit cards and how that would affect my buying power. That was THRURSDAY, the 29th of January…sent a follow up e-mail on Wednesday 2/4, he stated he would work on it and get back to me no later than Monday since he had been attending meetings out of the office. Here we are Tuesday and I have not heard anything from him. I just sent another e-mail…I have lost all confidence in him and so nervous that when its crunch time he will be “out of the office”…

Now to my question, I see rates are a little higher now, do you think I can get someone to match that rate.  doubful. you dont have that rate anyway if you arent locked.

I am SO disappointed. I have not even been to see one house yet….I think I might need a new realtor too. She has not sent me ONE house. She says that she hasn’t found anything that she thinks I would like, but shouldn’t I be the judge of that?

Any suggestions will be appreciated. Thanks in advance.

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talk to friends and family or coworkers to refer you to an awesome realtor/lender

[Anonymous]

I concur, I was given estimated rates throughout my search, started in July of 2014 but we didn't actually lock the rate until after we went into contract, completed the full mortgage application, truth in lending, and received the GFE last month.