I own my home i'm only 19.I've never got any type of loan or credit and i have no credit history just equity.I recently applied for a small equity home loan I started working with a agency febuary 14 who said there would be no problem and i'd be excepted ,i got my aprasial done march 5 th and they got clear title and the aprasial back to them march7.today is march 19 and i still dont have a closing date this lady has been avoiding calls playing,games,stringing me along for no reason and i'm fed up.i'm right there at closing so im scared go do over with different company and i want to complain to her boss,and request a different agent,but im scared that may cause denial of my loan even though its been aproved,and or cause more delays i've told her i've used all my reserves and im starving and my electric and gas gona get turned off soon and she still takes days get ahold of me or get back and says shes sent things she didnt and not giving me info till last min etc what can i do?
2007-03-19 02:18:40 · 7 answers · asked by wh1te_diamond06 1 in Business & Finance ➔ Renting & Real Estate
Please do not come off as "desperate" to this agent. You sound young and naive and you are basically putting your home up for collateral now. You owned it free and clear and now you will have a lien on it. That is serious business. Make sure you understand the terms of your loan. Get a fixed rate loan, people are getting into trouble with adjustable rate loans that adjust and then the payment is too much for them to afford. That could easily happen to you. This is not "free" money. You are risking the roof over your head in exchange for this equity line of credit. Take it seriously and it is perfectly fine to go to another company. Get a few quotes, get the best terms and rate for your loan.
2007-03-19 02:28:36 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Truth of the matter is that borrowers are often at the mercy of the closing schedule of a title company......whomever they use is probably backed up and therefore the turnaround time is slower...best thing to do is to send a letter/fax/email requesting an update of the closing status with a projected reasonable closing date. Let her know that if she does not respond to your communication within 36-48 hrs with a settlement date within the next 7-10 day period, you are going elsewhere and require what ever fees you have paid so far to be refunded and a copy of the appraisal that you have paid for be made available to you immediately. I would also copy her manager on the letter.........they will hate losing fees and she will hate her manager knowing that they re losing fees because of soemthing she could have taken care of....
2007-03-19 13:30:28 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
As a Mortgage Broker from Edmonton, Alberta here's what I would do:
1) Call and tell her she has 24 hrs to send you the commitment.
2) Write a letter to her supervisor complaining about her unprofessional work
3) Write a letter to the governing body about her unprofessional work
Speak to a reputable Mortgage Professional in your area and tell him/her what you need & when. One thing that I do recommend is be careful, most small businesses fail in the first year, so don't draw out too much of your equity and then have trouble paying the mortgage and end up losing both. Remember you will always need a roof over your head. If you are in Alberta Canada you can contact me through my website for more information http://AlbertaMortgageGuy.com
2007-03-19 09:43:27 · answer #3 · answered by Anonymous · 0⤊ 2⤋
Do you have an older relative who can help you? I know you are an adult, but you have entered shark infested waters. Adults ask each ther their opinions all of the time, so we can benefit from each others life experiances. It sounds like you need someone you can trust to look over what is going on before you sign anything. It sounds very much like you may be in over your head.
2007-03-19 10:15:39 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Get a hold of her superior immediately and explain what you have just told us. If you don't get satisfactory results right away contact the Better Business Bureau and let the agents boss know that that is exactly what you are going to do. (Only tell him/her this if they don't get things on the ball!)
2007-03-19 09:25:20 · answer #5 · answered by mental 3 · 2⤊ 0⤋
You need to speak to her supervisor and explain to him/her the situation. If this is a professional outfit it will not affect the outcome of your refi. But if it does wouldn't you want to know now that you dealing with a fly by night outfit? Good Luck!!
2007-03-19 09:36:53 · answer #6 · answered by boilerman426 2 · 0⤊ 0⤋
Tell her she has 24 hours and then you are cancelling your application and going somewhere else. And next time, go to a real bank for your loan.
2007-03-19 09:24:25 · answer #7 · answered by Anonymous · 1⤊ 0⤋