| JAMES JEROME 2005-06-17, 11:27 pm |
| Well how was your credit first of all ?
--
JAMES JEROME
Performance Mortgage
Loan Officer
"Richard Hofheimer" <rick.hofheimer@gte.net> wrote in message
news:DG67b.33383$Dg7.8074@nwrddc02.gnilink.net...
quote:
> In June I signed up for a $190k refi on a $270k property. Pretty good
terms:
quote:
> 4.5% 15-yr fixed, 1/2 pt., stated-income. The broker estimated 45 days for
> the complete process. Things proceeded slowly. Eventually I received
papers
quote:
> to sign from the underwriter and the title company.
>
> But after almost three months I became impatient and started the process
all
quote:
> over again with another lender, and I alerted the original broker to his
> fact.
>
> Today I received an email from the oriinal broker saying that my loan was
> "approved" but not at the rate I had hoped for (new terms: $178,750.00 on
A
quote:
> 5/1 ARM @ 6.375%.), and that I could be signed within 10 working days. I
> wrote back that since the oriinal terms are gone it is a rejection, not an
> approval.
>
> What is going on? Is this normal? Is it a bate-and-switch? Should I
> complain to regulators? I understand from other sources that with the low
> rates we had an extremely busy summer, and lenders were slammed with many
> refis. But to let me know three months after start that my loan was
rejected
quote:
> (he said approved but he hiked up the rate) is very frustrating. The bad
> timing will end up costing me thousands.
>
> Any advice would be appreciated.
>
>
>
>
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