ginger2

I thought I wanted a fixed loan, no doubt about it. After seeing 6.75 I started looking at other options. 5/1 arm or 3/1 arm seemed a loan that could work for me. I thought it was a bigger risk but much less of a payment for 3-5 years which is what I want. Met with the broker and I felt I had compromised by going with an arm and was actually ok with that. He says I will still have a 6+ rate on the first. I am very down about this as I really thought it would be much better. He explained that 100% financing put me higher (got that) and then showed my credit scores much differently from the last tri-merge I had. I told him I would never have applied if I thought those were my scores. I've read Credit Boards for too long to not know my scores and obstacles). My scores showed Equifax down from 711 to 666, ex 708 to 667 and tu from 612 to 657???????????? I said I am confused by these scores even though I realize a mortgage pull is different than a consumer pull. I had the prior tri-merge mortgage pull. Please tell me whether this is all I have to be offered on a mortgagte. I realize the bait and switch of many loan offers and I don't have time for that. Am I really only going to get 6.50 for a 3/1??? If that is it, I will deal with that, I just thought that an arm would still have a better rate even for 100% financing. So, just let me know, my feelings wont be hurt, and possibly this is what I must consider. BTW, he said the second looked like 7.75. He said normally it would be 10-11% and was a good deal. I wasn't bothered by the 7.75%. Sounded good as I knew it would be higher.

Thank you PLcl for stating this seems odd. I truly am willing to read as much as I can on what my mortgage SHOULD be, but should also expect a professional to do his legwork also. I can't say he has done anything wrong yet, I just feel that there is no real description of the loan details and that 6.75 seems still too high. I went for the family advice today and got the Italian ,boisterous advice of my father. "Stop trying to figure out what they might be trying and lay your cards on the table. Let them know you want a better rate and this needs to be dealt with now or you must find someone else". Hmmmm, it sounds better than me searching for every mortgage scam out there. Monday, the meeting will take place. And, I guess it's not as emotional as I may be making it. My rates are good(not excellent) and there are really not any major issues on my report ( broker said this). I want to look at every single option that will give me what I am looking for and there are so many options. I just am not wanting to be pressured to sign anything when I really haven't seen all terms. I don't want to waste his time or mine so I will just make it clear that I need a better rate and go from there. I actually wrote another broker to get a general idea of a rate. I am sure it must be an effort to quote people that may never go with you so I don't try to ask for many other offers until I have seen the first. I thought IO was just added to any loan, so why is it a higher rate and how much is the average higher amount. I almost am thinking the 170 in principal I save may not be worth the higher interest rate....

He did bring up arm after I said I wanted fixed, but then said this GFE was for a fixed rate although it does not state this anywhere on my paper. I still see offers for IO in the fives online. Of course I know these are just to suck you in snd I probably need much higher credit scores to get them. But, I still thought 6.75 was high as the second will be higher too. I stayed up longer to do some more research on fees for closing costs and decided to hold off calling him this morning as I had to race off for the inspection. Another 400 dollars later I am wondering if and what I should try to negotiate as there were many items I hadn't noticed the first time. I need to relax tongight and I will call tomorrow to see if he can offer a better rate. I think he can. He said he would give me a deal on the 1 percent fee of 25%. That's great as the closing costs are well over 5500 and does not include anything from the second loan and there are several blank spots on the gfe.I just hope its not a discount in one place and doubled up in another. By the way, what is pfc? It's listed in several spots. I think he will try to work with me but he also knows this needs to close shortly. I am keeping my fingers crossed but have a back up plan also.

Thank you for the replies! I've been busy searching for answers and for what rates I should expect. I haven't locked anything, I just meant did signing an application with him mean that I was then obligated to him for a certain time . So, my rate was not that out of the ballpark,eh? He actually gave me the 3 yr PPP option at different rates. I guess I am just very unnerved as I don't like signing anything when I don't have a better idea of my obligations. I just was looking at the estimate and the 1st lists as being 1017.50 per month. This doesn't include the higher second which I am guessing at 300. I just looked at a 30 year fixed not IO that was for 1200 per month-but with 20% down. I'll have to go look at the calculator sheets again. I thank both of you and expected to be slammed more about not having this before I made the offer. I actually had begun before and thought I had a good idea of what I could get and wanted. The houses here go in a day and I hadn't seen one this good for a long while. So, now I get to panic about financing 24/7. I thought I understood quite a bit from reading other members experiences. I actually thought some were a little too emotional and worriers. Hah, now I am them! The more I learn, the more I realize I don't know that much and I always prided myself for my self research. I appreciate the info on the fees I would have to pay if I backed off with him after signing. Very good to know !!!!! I am calling him now to clarify some things and see if a better rate might be out there.

I'll try to make this short and will try to include info to answer my questions. I put in an offer on a home and the broker was great at getting the pre-qual letter to the agent. Since then I have asked for rates and programs. I had an idea of what I wanted but wanted to look at some other options also. I sent fax after fax with all my documents. He asked me to come in and sign an application. I said I don't even have an idea of what rates you are thinking of and asked for a GFE. More documents faxed and today I asked for thaT estimate as its already been a week and I need to be moving forward . He faxed me a GFE on the 1st (80/20) and said when I signed he could shop lenders for the second. The interest rate at the top says 6.75. I know rates have gone up a bit , but was expecting something in the fives as he entered my middle score as 680. So, I am now really confused as I have been offered better before, but didn't sign anything. Will I only know the true rate once I sign? And if I do, am I locked in with him no matter what? I just feel like I should either shop fast and now if I think I will be offered better, but am looking to get this rolling like last week. He says he can access all programs which I assume most brokers can and he's a nice guy so I don't want to ditch him without cause. I just need this to roll ahead at what feels like a rate I deserve and I realize many factore affect this. Brief figures: as of FEB 2005 (think they should be better now) eq 711, ex 677 tu 612 80% at 6.75 20% told about 1 point more. I am looking at interest only rates which he said will be higher. I can accept the 3 year pre-payment penalty if I sell. I have to go back to my e-mail to get the 3,5,7 rates , but I think 6.75 was the lowest. I can go into the listed fees on the 1st, but my main concern is the rate at this moment. Advice is greatly appreciated. I scour this site and the web for as much info as I can but I really need an unbiased opinion on this before I sign anything. Thanks!!!!

I am so sorry for anyone that has dealt with her. I've been off working and crabbing and have just checked in to see the new news of who's buying. Congrats to those of you making it work! She is a parasite! She may be just trying to get a business going, but she shouldn't hurt people's home buying ability along the way. Your credit score is your value number whether we all like to believe it or not. In the archives you can see who defended her. I am just sorry to see another post with all the same things that happened to me. She never sent anything, wouldn't answer the phone, then tried to make up excuses here before. LOSER!!!!!I just want to state that this does not reflect on the other brokers on here who give great advice. I have watched many posts and do see the ones who are actually offering,not just trying to take. Thank you for the integrity, some do notice! This really is a great site, and I am not a suck up, it really has showed me a lot and even helped me help other people with credit issues. I am not a hugger, but big hugs to Credit Boards!!!!!

Soooo exciting!!!! I am so happy for you . I can't wait to say the same thing. I hope you get us pics!

Fly Skyteam partners,they upgrade to the point of no Fc for me! Plus, it may help my paycheck and I can give you a comp drink , or may share my own food with you when the airlines will serve you nada or charge you for the overstocked granola bars we've had for years.

Congrats! I was happy too with my UP card and got a credit increase pretty quick. Beware though if you have any other Household cards, they raised my GM cards to 23. Both are sock drawered now, but they do watch every account, mine were never late! So, don't mean to be a bummer as I really like the UP card- just watch Household in general. I got an increase in 4 months I think. It feels good, doesn't it????!!!!

Hmmmmn, sounds familiar! I don't know about you, but I can't deal with people that do business this way. I am not an expert, just a consumer, but I would say find someone else. There are real professionals out there and you should not get the run around when dealing with something this important. Sorry this happened to you!!!!

Hi all, just got in from a 6 day trip-good to be home! Anyhow, I am not sure I understand the headers issue. AOL does send mail to a spam folder, even on the lowest security level. It is easily read and I check it daily. I'll re-read later to see if I understand what is being brought up, but I am well aware of my spam folder. Off to look at a house!

Wow, an apology after you've seen that I posted your disregard for the security of my private information. You couldn't have done that directly before, or wouldn't. You had all my numbers, address,e-mail, and this e-mail on credit boards. Empty apologies after the fact, and only after being caught are for losers. Had you acted like an adult when you should have, I would have gladly accepted your excuses. And don't worry, I have NO WORRIES of you suing me for defamatory remarks as the entire senario I stated is true. Now, I am off to work to make an honest living. Please try to do the same.

Just FYI for liverichy- I don't feel much need to have all creditboards members on my side, I was just trying to help someone else not be damaged as I was. How you feel she seems decent after pulling my credit multiple times, never getting back to me, dodging my contact attempts, and then pulling my credit again after 6 days knowing I was already upset with 2nd unauthorized pull is beyond me. I should be able to expect a professional to act like one. Possibly, we just differ in this area.

It hurt my score. 25 points,now it's going back up with some paid down balances. You can always ask for a lender to view your current report before pulling again. They should be able to give you an idea of what rates you can get along with your income and debt. They will have to pull it to give you an offer I believe, but any professional should realize why you wouldn't want any more inquiries than necessary on your reports. Only authorize what you are comfortable with, it's your credit and mortgage!

After reading MSGULFCOAST's posts, I thought she sounded very positive and experienced. I read more and finally wrote her. I explained I didn't want my credit pulled yet as I had worked hard to improve my credit and didn't want any adverse actions until my scores were good enough to take it. I told her my scores at the time and asked what my choices would be. She told me I had much going for me and that my rates should be very good. I actually was getting excited again after having many medical bills last year, and having my scores drop. I had done my work and felt ready to have my scores pulled to find out exactly what I could afford as I was viewing homes at the time and was ready to make an offer based on the rates I could get and my income. I asked Chrissi Runnels (MSGULFCOAST) to pull my credit and to tell me the rates with the restriction that only one pull, not multiple would be pulled. She assured me there would be just one pull and she would get me the results in the morning. This was on February 21,2005. On February 22, I was very eager to hear the rates as there was a house that I wanted and could afford if the rates were good if I moved fast. I waited all morning. No news. I made excuses for her thinking she may just be busy. No news the next day, or the next. My cedit had been pulled and I e-mailed her to let her know I had seen the inquiry and was wondering on my rates. NO reply. I called her personal cell phone, no answer and no message service. I called the office number and left a message to contact me and my phone number. NO reply! I now have 2 inquires on each credit bureau! I am mad. So, I call from my boyfriends cell and surprise, she answers. After asking why she didn't get back to me, she makes excuses as to not having my info. Uhhhh, she had ALL my info including phone, address, e-mail, and credit boards address. She hemmed-hawwd and said do I want my quotes. What does she think I wanted!!!!! She e-mailed me a generic quote with no other information and my credit was also pulled for a 3rd time 6 days later. She will not reply to my e-mails and possibly thinks that what she did was of no issue. It is! It is illegal to pull another persons credit unauthorized when there is no business relationship. So, after the trauma of knowing I gave my personal information to a **** and that she put 3 inquiries on my clean report before I purchase a home- I warn you all to research the people you deal with. I normaly do and am disgusted with her and myself for putting my info out there for a stranger to hand out. I have already contacted one of the offices listed on my credit report. I look forward to meeting Chrissi in person in court. I am able to sue in my own state as the damage has been done here, but guess what? I can also fly to her state for free for damages. I truly resent people that do this to hard working, honest people. I wish everyone a good mortgage experience and believe we need to notify others of low lifes like this. For any doubters- I have a very clear paper trail. Please do not have that one moment of blind faith as I did. Save it for Easter. Happy Easter everyone!