Posted on: 11th Aug, 2009 04:42 pm
please help. i went to the bank about a month ago. he gave me a good faith estimate of 0 point, 53/8ths. told me i needed an appraisal which was done within 10 days of applying for loan. tried calling this mortgage guy a week ago 2times and didn't get a call back. called the appraisor today to make sure he submitted his work and he said he did "that he had a deadline" called mortage guy after that and he finally called me back. he said that he did receive the appraisal, but that the "matrix" changed and that i would need to pay 4.5 points and refinance more so that i could pay the increased costs. this amt. to an additional 6,000 dollars.
so, i guess i have two questions:
what good was the good faith estimate?
and i thought you paid points to decrease the interest rate that in this case went up to 57/8ths. this is a reputable bank. not a broker or some fly by night.
so, i guess i have two questions:
what good was the good faith estimate?
and i thought you paid points to decrease the interest rate that in this case went up to 57/8ths. this is a reputable bank. not a broker or some fly by night.
sunnydiane
Welcoem to the forum
Rate do change evry day unless you lock it, but 4.5 points does not look correct especially in this martket
Check this also
http://www.mortgagefit.com/gfe.html
Good luck and feel free to ask
Welcoem to the forum
Rate do change evry day unless you lock it, but 4.5 points does not look correct especially in this martket
Check this also
http://www.mortgagefit.com/gfe.html
Good luck and feel free to ask