I have givin him everything he said he would need after he looed up me and my husbands credit, but now he is saying I NEED A CO-SIGNER he suggested asking my mother to co-sign for me than refiance in six moths and take her name off the loan?? What do you think about this?
2006-11-29 07:16:39 · 8 answers · asked by sam a 2 in Business & Finance ➔ Renting & Real Estate
He told me the price of the home is 65,000 and after he finanace the closing cost for me it would be 70,000 ,what kind of stuff is he doing, he got my cousin into a house with no cosigner and no money down, he put 12,000 in her bank account untill it closed, he did the same for my younger sister he gave her the closing money to bring and included it in the home price, but with me he is saying the guidelines have changed?
2006-11-29 08:32:50 · update #1
Why would you want to pay closing costs twice, by refinancing?
There are too many variables for a specific answer, but
you need to be asking this broker some questions- why do I need a cosigner- what's the rate- how much do I need to bring to closing- is it a fixed rate-for how long-is there a prepayment penalty?, etc.
Read all the paperwork and don't sign it unless you understand it, and don't give anybody money until you are comfortable moving forward.
Shop around, but don't let people keep pulling your credit. Get your scores from the broker and be honest when you are talking with another broker.
2006-11-29 07:24:29 · answer #1 · answered by jenay672001 3 · 0⤊ 0⤋
Credit problems can cause inexperienced lenders to fall down like this. It comes down to product knowledge.
Files with credit problems fall into a category known as SUBPRIME. In the case of a lesser experienced loan officer this usually means the lender will shop the application and credit profile with his various sources and see who will take it. It can take up to a week and then result in a different quote than originally offered. This would be why you are being asked for a co-signer. The loan officer does not know of a product to match your credit profile. That doesn't mean it doesn't exist though. Again, if it doesn't exist this still falls under product knowledge. He should have been able to tell you that as soon as he saw your credit profile and application.
Here is some additional info. Hope this helps.
2006-11-29 08:12:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
2 things happend:
1. he knew you were going to need a co-signed and just did what ever he could to get you to put in an application with him. Some Loan Officers, just sing to borrowers untill the closing and you get stuck at the closing table with figures and interest rates you werent expecting. Then its too late to walk out of the deal.
2. something happend that was unexpected, example your fico scored dropped, or the reported income is not enough to finance the loan. Sometimes things happen during the application process that can just kill a deal, that is just unexpected.
What you can do, is get another opinion from another mortgage broker... get a copy of your credit report (Dont pull it again, just request a copy of all the scores) go to a mortgage broker and explain your situation.. sometimes, a different broker might have different loan products for your situation, and would either meet or beat your current interest rate beig offered to you (in some cases, some loan officers offer rates that dont even exist anymore just to get your deal... be careful!). Good luck
2006-11-29 07:29:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Holy cow.
Your mortgage broker is one fraudulent piece of crap. Sticking money into someone else's bank, and representing that it's the other person's money, is fraud. And now he's got your family involved. Honestly, they could end up in prison over this.
Get the hell away from this guy. Go find a new loan officer. Today.
And really, what could possibly change so dramatically inside of 6 months where you could refinance and take Mom off the loan? Did he mention you'd pay another $5000 in closing costs in 6 months too? Where's that money coming from, since you're already financing 100% of an inflated value.
RUN LIKE HELL IN THE OPPOSITE DIRECTION!!!!!!!!!!
2006-11-29 08:53:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would never let my mother co-sign for me.
You could ruin her credit and if something happened she could lose her home!!
Find out how much you can afford without a co-signer. That's a bad sign that the morage company is making you spend more money then you can afford!! And if you can't afford it now, what's going to change itn 6 months?? Plus you have to pay thousand of dollars to refiance your home, they don't do it for free.
2006-11-29 07:24:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
This is mortgage fraud all the way. Run like he--. Get a lawyer. We did what you're describeing and we ended up in foreclosure, and now we have a lawsuit against the realtor and mortgage broker because they falsefied income and documents.
He is doing predatorial fraud. Nothing will change in 6 months with your credit unless you win the lottery and pay off your creditors.
2006-12-01 18:37:33 · answer #6 · answered by shawngthgirw 2 · 0⤊ 0⤋
It sounds as if instead of him trying to find a loan program that fits YOU, he's trying to fit YOU to a loan program! Probably NOT intentionally, but from lack of knowledge and experience on his part! Youre obviously not feeling that 100% trust...i'd go with your instinct. A mortgage is not just a loan, it is the single most important financial decision you will probably make in your entire life! Good luck and you should keep looking until you find a TRUSTED ADVISOR!
2006-11-29 08:02:15 · answer #7 · answered by ALEGNA 3 · 0⤊ 0⤋
Definately get a second opinion. It sounds as if this guy will do anything to make his money. If you can't afford it now, then wait. Find out why you do not qualify, and take steps to correct the problem. This will save you thousands in the long run.
2006-11-29 07:38:56 · answer #8 · answered by Ron B 3 · 0⤊ 0⤋