We need to close in 3 weeks and have had such problems with GMAC- we were supposedly locked in with them, but now we are being told that we will have to pay points (supposedly, Fannie Mae charges 3/4pts on 100% financed loans), when we were never told that to begin with. We can always use them, however, they don't seem like a decent lender after what we've been through with them.
2007-08-29 04:18:57 · 9 answers · asked by Sarah C 2 in Business & Finance ➔ Renting & Real Estate
We would not have a hard time getting a loan, we both have good credit and excellent income.
2007-08-29 04:43:04 · update #1
You have to remember alot of the times it is not the company that is at fault but the people they hire are. Too many loan officers can and do their own creative financing. You may want to check out Chase, Bank of America, or Wells Fargo and see if they aren't still doing 100% financing. They are easy to work with and will let you know upfront exactly what the terms of the loan are. All Fannie Mae and Freddie Mac loans usually add points to their 100% loans, but I just read where they may not even do 100% financing at this time.
Locks are only good for a certain amount of time and what happens is the conditions from the Underwriter are not met and so therefore the lock is lost.
GMAC's Underwriter might be trying to follow new guidelines and may in fact try to keep the loan themselves instead of brokering it out to someone else even though that is where the banks make their money.
2007-08-29 04:34:43 · answer #1 · answered by Anonymous · 2⤊ 0⤋
If you locked in with them and you have not had to change loan programs, they are squeezing you for more money. I'll bet the loan officer waited to lock your loan, hoping rates would improve, to make more money on your loan. That did not happen and now, he/she has to charge you 3/4pts just to get you the rate that he/she promised. Fannie Mae does not charge people points! This will probably be one of the biggest financial decisions of your life. I'll bet you could find another lender willing and able to do it within three weeks. Who knows, your current lender may be willing to eat the 3/4 pts just to keep your business.
2007-08-29 11:43:07 · answer #2 · answered by ? 4 · 0⤊ 1⤋
A lot of "lenders" resell to Fannie Mae, so there isn't much hope for you to avoid the cost. Anybody who is making a 100% loan knows it's a high risk deal and will charge accordingly. Keep your life simple: just keep what you have with GMAC.
2007-08-29 11:26:42 · answer #3 · answered by Ted 7 · 2⤊ 1⤋
country wide and indymac are the #1 & #2 top lenders in the country, call and speak to a mortgage broker and they can explain their financing, etc. most places charge points so for someone to charge u 3/4 is not that bad, most charge 2 point on the back end without u ever knowing.
2007-08-29 11:27:44 · answer #4 · answered by spadezgurl22 6 · 0⤊ 1⤋
I can lend in all states except NY, DE, HI, and have 100% available for qualified borrowers. Feel free to email me or apply online at Banker4Life.net, Code 145
Oh, and unlike some on here, I won't promise you a closing time frame until I have seen the file because I don't over promise and under deliver.
2007-08-29 11:39:45 · answer #5 · answered by mazziatplay 5 · 0⤊ 1⤋
In today's market if you take out a 100% loan you better be prepared to be upside down for several years.
2007-08-29 11:33:32 · answer #6 · answered by Seano 4 · 0⤊ 1⤋
There are lots of company which offering..Just take look at the link below to get free quote.
2007-08-29 11:35:19 · answer #7 · answered by Anonymous · 0⤊ 1⤋
check out gaurenteed rate.com i went through them. i am 21 and own my own house now. 7% nothing down and i had the owners pay all closing costs. 30 year fixed.
2007-08-29 11:29:01 · answer #8 · answered by Anonymous · 0⤊ 1⤋
there are plenty. if you are in florida you can email me at shamieya@yahoo.com and i can help you.
2007-08-29 11:26:15 · answer #9 · answered by cashmaker81 6 · 0⤊ 1⤋