Amanda Petrus
Phoenix,#2Consumer Comment
Wed, November 19, 2008
I am in the mortgage industry and currently work for a mortgage broker. Unfortunatly I see this to often, and unfortunantly there is nothing you can do about it. You probably signed to an "option arm" and whoever did your loan (broker, mortgage banker etc.) lied to you to get you to sign it. Now i know that not everyone understands the terms used in this industry however i cant stress enough to people READ WHAT YOUR SIGNING. I can almost gaurantee if you look at your loan it will say on the NOTE "ARM" or Adjustable Rate and if you flip a couple pages back it will tell you when your loan is going to go up, how often, and how much. I have seen people think they were signing to a 5.5% but within two yrs they were already up to 10.0%. If you buy in the future here is what you want to look at: HUD- this will give you a break down of the loan and how everyone who is working with you(brokers, realtors, appraisers etc. will get paid on the loan. NOTE- This is a break down of the Loan, type of loan, loan agreements, what can happen if you default etc. This will also show you what your Rate is. TIL(Truth In Lending)- Very Important: This is the rate the lender has agreed to(not what your broker, banker etc came up with.) This is Rate the Lender is willing to give you. Now if all these docs are fine and you see everything is the way you want proceed with the process. And finally look at the Lock Comfromation this is the actual Rate they gave you.(everything is final) FYI the rate the broker or mortgage banker gave you can not be more than an 1/8 higher than what the lender actually gave you so if i offer you 5% but then you sign to a 5.78% (ILLEGAL)
Julie
Long Beach,#3Consumer Suggestion
Wed, February 06, 2008
When is/was the sale scheduled? Julie