Should I report my mortgage broker to better business bureau?

I dont understand why my broker didnt lock my rate when I recieve the contract my rate was 9.87 I told him I agree, and lock it. He didnt want to at the time because he said he was still shopping for a better rate. A month went by and the rate went up a little so i ask him to lock so it wont go up again he never did it. now just a few days away from closing he called me, and said that I need to come up with $ 4500 to bring down my interest rate or I wont be qualified for the loan because the rates went really high, and also if my credit score goes one point down I wont be qualified, the only reason my credit went down from the time he check it because he had submitted my info to more then one bank. Right know I feel that my back is against the wall, I have no choice but to come up with the money, I believe he scam me, he knew exactly what he was doing. Will my complaint to BBB will help me get this guy out of business

Should I report my mortgage broker to better business bureau?boat loans

In some states you have to have a license to be a mortgage broker. If you are in one of those states you should report him to the state and to the BBB.

Should I report my mortgage broker to better business bureau? loan

I%26#039;d ask to talk to his supervisor and tell his supervisor you plan to take it to the BBB and your states attorney generals office.|||I don%26#039;t know where you are located but the going rate is much less then 9.97 with paying no points. Think you should get to a new mortgage broker. To get an idea of what the rates are and the closing costs go to amerisave.com.|||You could report him but you can hurt him even more by going to another broker. What he is doing is charging you a point upfront so he can make more money. It sucks but what he is doing is what alot of scum brokers do. So if you have an extra two weeks I suggest finding another broker.|||Go ahead and complain to the BBB if the broker won%26#039;t make things right.. Unless this broker has several other complaints it won%26#039;t mean much. If you had it in writing that you asked them to lock it in and could prove they saw or received it, they would be liable. Without it, you are pretty much screwed. Raise the roof with the broker. Go to the mortgage company that he was supposed to lock the rate with and talk to at least a VP and explain your predicament. You have nothing to lose and everything to gain by doing these two things. DO NOT BE BASHFUL or embarrassed. All you are doing is asking for them to do what is right.

Good luck and I hope you enjoy the house.

I would send a certified letter to the head of the company (If it is more than a one person office). When large amounts of money is involved, always have an expert with no ties on your aide, Even if you have to pay for their advice, it could be a bargain in the long run.|||The BBB will get you nowhere.

Better to talk to Real Estate Board in your state.|||You learned a hard lesson here in dealing with a mortgage broker. What people don%26#039;t realize is each time he sends you to another lender they pull a new credit report and if you get too many inquires it makes your credit score go down. I work for a well know bank I do mortgage loans- we also broker out loans if we can%26#039;t do an in house loan.

Did you have 3% down (which means 3% of the sales price?). If you did that may an FHA 203B Loan may have been a better option for you as the rates are conventional 30 year fixed $320,000 loan amount rate is around 6.875%.

Is your mortgage broker doing a fixed rate loan or an adjustable rate that you can refinance later? If you are a subprime borrower, generally those rates don%26#039;t get locked in and especially when they are brokering to other lenders.

The market is changing so much, a lot of programs are being eliminated and maybe he got caught up in that one.

Hold off on doing that loan if the seller will let you. Having to come up with $4500 is a lot of money for you at this point. You%26#039;ll be buying a new home, you want to have some money in the bank and not dump it all in the loan.