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/u/Waste-Weight-6437
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So, a little context: I'm currently in the process of trying to buy a home. We have the purchase agreement signed since Christmas and the inspection looked great, with our closing date set for 1/16. I called one of the recommended mortgage lenders that my boyfriend referred me to, and the person sounded nice. We ended up talking with 3 hours going over everything, from taxes, to home insurance, to closing date and common things mortgage companies will do. After a long chat, he proposed a 5.875% interest rate for a 30yr fixed conventional. The lender I was working with had an interest rate of 6.99%, so after hearing this and so many other positive things, I decided to switch to this lender.
Now fast forward to yesterday, he forwarded me all the estimate documents on the 30yr mortgage, however instead of the 5.875% interest, the rate said 6.99%, the exact same interest as my prior lender, defeating the point of having to switch in the first place. When I asked him about this, he said he never said anything about 5.875% and suggested that I was making all of these numbers up, despite me having all our notes written down. This royally pissed me off, and I'm thinking about switching again to a different lender. However, they already have the appraisal ordered, and it's getting past the deadline of switching lenders. I feel like I should morally, but in the grand scheme of things, there might be no point in doing so, since the average interest rate in Michigan for this type of loan is 7% I'm worried that switching lenders might just be a waste of time and money, as I'm not sure if they may transfer the appraisal to the new lender. What would you guys do in this situation?
submitted by /u/Waste-Weight-6437
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My mortgage banker switched interest rates on me and say I'm making it all up. Is it worth switching lenders at this point?
Continue reading...
Now fast forward to yesterday, he forwarded me all the estimate documents on the 30yr mortgage, however instead of the 5.875% interest, the rate said 6.99%, the exact same interest as my prior lender, defeating the point of having to switch in the first place. When I asked him about this, he said he never said anything about 5.875% and suggested that I was making all of these numbers up, despite me having all our notes written down. This royally pissed me off, and I'm thinking about switching again to a different lender. However, they already have the appraisal ordered, and it's getting past the deadline of switching lenders. I feel like I should morally, but in the grand scheme of things, there might be no point in doing so, since the average interest rate in Michigan for this type of loan is 7% I'm worried that switching lenders might just be a waste of time and money, as I'm not sure if they may transfer the appraisal to the new lender. What would you guys do in this situation?
submitted by /u/Waste-Weight-6437
[link] [comments]
My mortgage banker switched interest rates on me and say I'm making it all up. Is it worth switching lenders at this point?
Continue reading...