Mortgage Lender Services

Claude Said:

Am I getting ripped off from my mortgage lender (countrywide), they locked in a rate without my permission?

We Answered:

First thing..... your rate and loan term is really "locked in" the day you sign loan documents. That is when it becomes legal and the deal. Until then, everything is just "an estimate", hence the title "GOOD FAITH ESTIMATE".

Now asking is it right that they change the terms that they promised you before signing and at signing? That is an ethical question more than it is a legal question since nothing is guaranteed until you sign in escrow that 200 page stack of documents they call "loan docs". And it goes both ways, your loan officer believes in good faith that you are going to close the loan with them but nothing prevents you from deciding at escrow you don't want to sign.... regardless of all the hours and work your loan officer put into your loan and despite the fact the rate and terms were exactly as you discussed and expected.

If you are unhappy with your lender, you have three choices:

1. Talk to your loan officer and discuss the issues that you have and only sign loan docs for the rate and terms acceptable to you.

2. Find another lender and explore loan options to see if they are closer to your expectations.

3. Accept what you get and sign anyways (not really recommended).

Maybe not the answers you wanted to hear but real estate is not like the grocery store where you can look at the produce and look at the sign for a price. And it certainly isn't the "Triple Back Guarantee" that if the price is higher at the register you get the item for free or triple back the difference.

Make sure you read EVERY document you sign and don't sign anything you do not understand or accept!

Tyrone Said:

should I change mortgage lender?

We Answered:

Change. Their service isn't likely to magically get better.

The only point I would consider is if you should refinance at all. I mean, you obviously got a variable rate for some reason. And it's going to cost you to refinance. Not trying to get you to change your mind, only want to point out that you might benefit from remembering why you originally took a variable instead of a fixed rate.

Tammy Said:

Mortgage Lender Asking for Docs 3 Months After Closing?

We Answered:

They should have been more careful. Talk to your lawyer that you used for the transaction, just to protect yourself

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