All Forum Posts by: Account Closed

Update: Seller has agreed to lower sale price and seller concession of 4.5% closing. This brings a positive net cash of approx 100-150/mo dependent on higher or lower vacancy rate. Getting an inspection this weekend, hoping all goes well! :) :) :)

Originally posted by @Joel Owens:

Hi Jennie,
You haven't mentioned what type of loan you are trying to get??

" Respect isn't demanded it's commanded"

So what that means to me is you earn respect through your actions and history. Someone creating false write ups shows no integrity.

Hi Joel! Sorry, I must have missed that detail lol. I am trying to get a conventional 30yr fixed loan, putting 20% down. My credit is great and all, I ran into problem with trying to prove my DTI ratio met guidelines. I want to avoid being days away from closing, and my bank tells me underwriting denied my application, which is why seeked a broker.

But I think I will just stick with a bank, since they can arrange all the closing costs/parties/etc and I just need to show up.

If I am approved, great. If not, then the money spent so far is a lost cause, and I will have to walk away from my dream vacation home!

Originally posted by @Shaun Weekes:

Hello Jennie,

In regards to your credit report you're not required to pay this.

In regards to pre paids this isn't an upfront fee ( The only thing you can as for upfront is the credit report fee and appraisal fee. That's it ) it's most likely 2-6 months of your taxes and insurance being escrowed or impounded which depending on the type of loan you're applying for may be required.

In regards to multiple postings by the same person that is really shaddy.

In conclusion are you buying a rental property or primary residence or doing a refinance. If you can give me some more information I can give you my opinion on how to move forward.

I hope this helps and good luck Jennie.

Ahhhh, thank you so much for clarifying the Prepaid items, so this is really aka Escrow. This is going to be my vacation home, but I don't want to be limited to being able to rent it out as I have already committed to allowing the seller to be a tenant until she finds a place, and also if I am ever tight, renting it out will be helpful. I am a renter at my primary residence, and have one investment property in GA free and clear.

Thanks everyone for your feedback, and Jerry W, thanks so much I appreciate the edification and detailed advice. Thankfully I have not entered into an agreement.

My 3 credit scores are in the 800s, never late on a payment and have a stable government job. I ran into a problem because I needed to prove my debt to income DTI ratio met the guidelines.

My husband and I are tenants, with rent of $2k, which is paid by my husband from his separate checking account. I had to furnish docs to prove the rent isn't part of my debt to income ratio, bc that would put me over the limit of DTI ratio. The original bank stated she doesn't see this as an issue, however underwriting needs to provide final approval.

I applied at my credit union, but was flat out denied, reasoning is that even though I am not on the lease, bc we are married, should my husband default then I am responsible for that rent.

On another note:

On my GFE I saw "Prepaid Finance Charge" or "Prepaid Items/Reserves" - but the broker said these are not paid until closing.

Why label them as "Prepaid"? That is confusing. I looked this up on the net and saw Prepaid Finance Charge are common fees that is paid during Closing costs. Maybe I am missing something.

Originally posted by @Account Closed:
If a third party does the appraisal, they want their money regards whether the deal closed or not. If you gave the broker permission to run your credit, you owe the broker.

Joe Gore

The appraisal hasn't been done, I haven't signed anything other than did a preliminary pre-approval. I will pay the credit report fee if that's what I owe. However, I wish this was disclosed to me before running my credit, I wasn't told that they would need to charge for this.

Hi Everyone -

Thanks for your sensible responses. I should have trusted my gut when I felt something wasn't right, I was so desperate to find a quick/responsive lender that I got carried away.

Update: Received GFE from the broker which request "Prepaid Items/Reserves" of $2.8k!! This includes processing fee, daily interest charge, credit report fee and appraisal. Do mortgage brokers charge up front fees like this?

Obviously, I will not move forward with the broker. Since they already ran my credit report, do I owe them the credit report fee of $30???? Other lenders did not charge to run my credit.

Should I be worried that I've provided my SSN (can they do anything malicious)? I am signed up for ID protection to protect against ID theft etc. Maybe I am over thinking.

I found a mortgage broker online (on lending411) as I was annoyed with my national bank (which I found is being sued by the govt!) for giving me the run around and pretty much taking so long on my application.

I looked up the mortgage broker on the NMLS, and he is listed as licensed with an MLO, and his business is licensed as Mortgage Broker. No actions against license.

The business is on BBB with A+ but it is NOT accredited.

What got me suspicious is that I took a closer look at the online reviews, I realized he/the company wrote their own reviews! All the reviewers pretty much said the same thing, and the reviewers only have one review in their history. In fact, one review the username was HIS name, passing off as another person.

My question is, should I be alarmed? Should I run away and just stick with my bank, although poor customer service, is nationally recognized?

Or is this broker legit because he is licensed on NMLS, and perhaps just wants to get his name out there on the net by writing fake reviews?

The broker didn't ask for anything out of the ordinary/suspicious, except to tell me that I would need to pay for the appraisal when it occurs (rather than at closing) bc it's done by a third party.

Please advise! I am looking to close end of next month and need to get a move on things.

I can provide link to the website but I don't know if that's permitted.

I found a mortgage broker online (lending411) as I was annoyed with my national bank (which I found is being sued by the govt!) for giving me the run around and pretty much taking so long on my application.

I looked up the mortgage broker on the NMLS, and he is listed as licensed with an MLO, and his business is licensed with a Mortgage Broker.

The business is on BBB with A+ but it is NOT accredited.

What got me suspicious is that I took a closer look at the online reviews, and came to the conclusion he/the company wrote their own reviews! All the reviewers pretty much said the same thing, and they only have one review in their history. In fact, one review the username was HIS name, passing off as another person.

My question is, should I be alarmed? Should I run away and just stick with my bank, although poor customer service, is nationally recognized?

Or is this broker legit because he is licensed on NMLS, and perhaps just wants to get his name out there on the net by writing fake reviews?

The broker didn't ask for anything out of the ordinary/suspicious, except to tell me that I would need to pay for the appraisal when it occurs (rather than at closing) bc it's done by a third party.

Please advise! I am looking to close end of next month and need to get a move on things.

Quick update- I am STILL negotiating (directly with seller as there are no agents involved). I'm offering 94-96% below asking, close by end of month. I really want this place (it's in a beautiful location and has been upgraded), but I don't NEED this place. While waiting I am looking at homepath properties, there are some promising ones in a good neighborhood and good condition. Does anyone have experience with HomePath? I may start a new forum to begin discussions. Will keep you all posted on the outcome. -Cheers