Having problems getting financed?

By
Services for Real Estate Pros with WA Real Estate Solutions

I just recently was getting financed for a property that we were buying on lease option. I was working with my mortgage broker to get financed and everything was going as planned UNTIL....a couple of days prior to closing! I get a call from my broker saying that the program that he was going to put me in is NO LONGER AVAILABLE!!

 WHAT?!?!?

How could this have happened?? I was supposed to sign docs tomorrow! Now the lender wants me to bring in $10,000 at closing AND increased the interest rate on me. I was in a mad scramble to get the loan closed.

Luckily I get a referral from a friend who told me about a bank that could get my loan through. I called him and it took me 2 weeks to get the loan through! YEAH!!

I feel bad for all the mortgage brokers out there that have to go back to their customers and tell them that the program is not available any longer and they have start from scratch again. I know it's not your fault! It's just very frustrating for everyone involved.

I just wanted to show my love to the mortgage brokers that have been going through all this mess. Good luck to you.

Roz Burton-Torres

WA Real Estate Solutions

Direct 425.894.8558

Office 425.825.0121

RozBT@WaRealEstateSolutions.com

www.WaRealEstateSolutions.com

 

We pay $500 referral fees to anyone who refers us to a buyer or seller. Paid immediately on a closed transaction. For more information go to our website.

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Rainer
40,647
KRISTINE CROWE
COLDWELL BANKER RESIDENTIAL BROKERAGE - Dundalk, MD
This actually happened to the buyers, for one of my  listings. The mortgage company seemed to be "dragging their feet" during the loan approval process. I made my weekly phone call to them to check on the approval, and never really got a satisfactory answer. 5 days before settlement, I got a phone call. The loan program they had been trying to put the buyer through was no more...
Apr 29, 2007 09:53 PM #1
Anonymous
Roz Burton-Torres
That is why I like the Rent to OWN program! You don't have to worry about  a Lender flaking out! Plus you get to work on your credit to get the BEST financing available!
May 06, 2007 04:24 PM #2
Rainer
7,465
John Barry Seattle Washington Home Loans
Home Loans - Kirkland, WA

Open communication is key. If you feel like you are not getting a satisfactory answer on the process of your loan- ask for the manager. Even though programs are changing, there should not be surprises at the end if everyone is keeping in contact.

 

Jun 11, 2007 08:36 AM #3
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Rainer
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Roz Burton-Torres

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