Mortgage Broker Ethics

[Daniel Nieves]

Hello Everyone!

Was so excited 3 weeks ago as I agreed with a seller on a 1 bedroom condo in Florida for $72,500. The seller referred me to her Mortgage lender who had me apply as I sent in all of my documentation. A few days later the Mortgage broker calls me stating how great my profile was and how I should have no problem getting approved. After not hearing from him again for a week I decided to send an email. After not hearing from him for another week I decided to call and send an email. He finally emailed me back with what looked to be a preset email containing a cartoon video of Fast Freddy and Thorough Theodore. I decided to give him some time, however after another week the seller contacts me stating that she was told by her mortgage broker that they were unable to do any deals under 100k.

Sticking to her word the seller stated she knows another bank or credit union that will help us. What was initially an exciting first process has turned into an anxiety filled burden. Should I stay with the deal which is giving me a 12% COC return? Should I look for my own mortgage broker? The seller wants to keep her word and is not trying to jack up the price.

Why did the mortgage lender deny a deal when he knew the price point initially? Please advise.

Thanks.