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len979 · Joined: 13 Mar 2007 Posts: 1 2.04 Dollars($)

Hi all. I am in urgent need of a lender. My present deal with my broker is about to fall apart because of ridiculous rate increases. Here are my stats:

I have a Chapter 7 bankruptcy that was discharged 14 months ago.
I'm buying the condo in Connecticut for $107,000. The offer was accepted about three weeks ago, and the commitment date on the sales contract is tommorow March 14th.
I make about $70,000 a year so I can easily afford the mortgage.
I have been with current employer for about 3 years.
I currently live with my girlfriend, and although i'm not on the lease, my name is on the rent postal money orders.
I'm putting 5% down.
I have verifiable cash in the bank to cover the 5% downpayment and my $2500 share of closing costs. Seller agrees to come up with the rest of the closing costs...$2500.
My FICO score is 640 - 656.

I have only one credit card with a balance of only $480 on which I'm paying $37 a month. I have no other debts.

Here's the dealbreaker.... My broker told me my rate was going to be 8.5% and even stated so on the GFE he sent me. Exactly two days later I got the loan commitment letter from the lender (Option One Mortgage) and the rate had jumped to 9.15%. When I called my broker to complain about the rate increase, he gave me a bunch of excuses.

I feel he's been stringing me along, with his lowballing of offers. The first time I conctated him, he said based on my situation, I should get a rate of about 7.5%. Then because of one thing after another the rate jumped from 7.5% to 8% then 8.5% and then now 9.15%, two days from the commitment date on the sales contract. I now realize I made a mistake by not insisting on a rate lock commitment letter earlier. His broker fee is $2185 as stated on the truth in lending I received from the lender, but I feel he's getting more jacking up our rate.

Can anyone get me 30yr fixed at 8.5% or better with $5000 in closing costs. The Inspection and Appraisal have already been done and paid for by me, so those will not be part of the closing costs. Here are some other costs to consider:

Condo fee ...................... $178.00
I am NOT going to escrow for taxes.
Attorney fee ................... $550.00 He will also do the closing for same fee
Title Insurance fee .......... $415.00

I'm looking to close on March 30th, and would need a loan commitment letter and rate lock letter by this FRIDAY, MARCH 16th. I know it's very short notice, but the commitment date on the sales contract is tommorow March 14th. I'll try to get the seller to extend the commitment date to friday. I have all the documention ready to fax or email immediately..... payslips, W2's, rent money order receipts , bank statements, Inspection report, Appraisal report.

Respond to.len979@yahoo.com or on this thread.

Please no lowballers. Serious offers only.

Thanks,
Len

wablola · Posted: Tue Mar 13, 2007 2:09 pm Post subject:

len979,

Please PM me and provide me your contact # ASAP so that we can get this rolling for you.

Thank you

Guest

With the details you have provided about your income and credit score, you can get much better rate than a 8.5. Current rates on 30 yr frm are about mid 6, you have a chapter 7 on your report but that has been 14 months now and despite that your score is around 640 which is reasonably good. In my opinion you can qualify for a 7 - 7.5 which was actually offered to you at the beginning.

Belushi

Caron · Posted: Wed Mar 14, 2007 1:48 am Post subject: RE: loan offer

Hi Len,

Welcome to our forums.

I understand you are not comfortable with the broker as he has been increasing the rates without prior notice as such. It's not always necessary that you will qualify at the rate which the broker thought could be offered to you. Perhaps he gave you an estimate based on your financial situation. And, after carefully reviewing your paperwork, he must have felt that you could only qualify at a higher rate.

However, the rates offered vary with respect to the lenders and brokers in the business. Different lenders/brokers have different criteria for evaluating their customers and hence the variation in the rates.

In my opinion, you could have approached some more lenders, though I am just assuming that you haven't. It is actually helpful when you approach more people and compare the probable offers they are likely to provide you with. Anyway, now that you are looking for some other lender and that too very quickly, you may consider looking at the offers made by our community lenders.

The lenders in our community offer loan programs at different rates of interest to suit customer needs. If you are interested, you may send us your request for Mortgage Quotes. As soon as we receive your request, we shall forward it to the lenders and they may contact you asap.

Thanks,

Caron.

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URGENT! need a lender by friday