I need help. Mortgage consulting only please?

I need help I think my broker is milking for money. The loan program he got me into he never took the time to explain with that program he wasnt able to lock the rate until closing time. now I am days away from closing he called me stated that I need additional 4500 for me to buy down points because the rate went higher and I wont be qualified for the loan. I am doing 100% finance and going stated. my credit score is 680. now the second issue is he says that if they check my credit again and my score goes down one point or two I will differently be disqualify. The only reason my score went down because he had submitted it to different bank. I never really got a chance to shop around because he said if i have someone else check the credit my score will go down, I believed him because this my first time buying a house. and by the way the rate he quoted me was 10.175 and now he said it went up to 11. ? I dont what to do, I believe it is to late to turn away now.

I need help. Mortgage consulting only please?student loan

dude I deal in houses everyday, I would tell you to run away. Your situation sounds very familiar and I don%26#039;t believe this is the appropriate time to purchase a home. I think you will be house poor in an adjustable rate mortgage and this house will break you.

I need help. Mortgage consulting only please? loan

it%26#039;s never too later -as long as you have not signed escrow papers at closing.

get out nnow if you feel uncomfortable.....shop around and get yourself a new broker or better than that ...a %26quot;licensed real estate agent%26quot;.

good luck to you|||I am pretty sure that you can back out of any mortgage before the closing date. Tell your broker right anyway that you are uncomfortable with the new information. What I would suggest is getting ride of that broker. My future husband works for a mortgage/life insurance company and it is great. Its called Centenal and they have great stuff from mortgages, life insurance, and Roth IRAs. The main company is called Capital Choice. If its not to late look them up on the web and the will hook you up with someone in your area and get you some great deals. If you in the New Mexico area let me know we have some great people here. Good luck...|||You have come across the kind of guy that gives loan officers a bad name. You need to drop everything with this moron and find another mortgage company.

You should contact your realtor and possibly the seller to see if you can get an extension on the contract. Just let them know you are getting screwed over by your LO and you are looking for a new one. Worst case scenario they won%26#039;t extend your contract and you have to find a new home- but that is highly unlikely in this market as it is a buyers market and avg. market time on homes is over 90 days in most markets.

Your Loan Officer should be your consultant in the home buying process. This guy is just taking advantage of you. For starters:

1. You can have your credit run by 50 mortgage companies in a 14 days period and they will count as 1 cumulative credit pull.

2. With a 680 score even going stated 100% you should be well under 11%- should be no higher than7-8% at most.

3. Your LO could have locked the rate the same day he ran your credit. All you need is a name and a SS# to lock a rate and it does not cost anything.

4. Your LO is playing you for a fool now by thinking you can%26#039;t do anything else and now they are just stacking up the fees on you trying to make more money.

5. Banks generally use the credit report from the LO and even if they do need to pull your credit again- see answer #1.

Pull the plug on this moron you were unlucky enough to get hooked by. You might consider filing suit against them for unfair lending practices. I%26#039;m confident they have made several mistakes in your paperwork that could make them liable for damages. At the very least contact the BBB on the company.

I would be willing to look at things for you to help steer you in a better direction if needed.|||That broker is milking you.

Here is what you do. My guess is your sale contract is based on being approved for financing. Get turned down by your current lender.

Then try to get an FHA loan. You can get an FHA loan approved with a 620 fico score.

Let me know what state you are in and I can help you out a little more.