What is the name of your state?What is the name of your state? Georgia
My husband and I are in the process of refinancing our ARM and getting a HELOC on our home for debt consolidation. This process started in February with an online broker (not a big company) and he said he could get us over 100% (which I wasn't expecting , we were just looking at 100%) and gave us GFE with really great rates and reasonable cc. and didn't act like it would be any big deal at all.
Fast forward over three months now and the loan still isn't closed. We told him a little over a week ago just to go for 100% to get it done. We have been "1 to 3 days from closing" for 2 months now. Not to mention the rates have gone up to 7.648 on the first 80% mortgage and 9.596% on the 20% HELOC. And the cc are now up to $5000 just in origination (2%) and junk fees(processing, underwriting, broker fee, lender's admin, etc.) The first mortgage is a 2 yearARM so we will have to refinance again in 2 years so when you add those cc in, the rate for 2 years is close to 10%! My husband and I are fed up. Last week he told us "docs will be ordered by friday (5/28), if not friday then tuesday (5/31)." Well here we are still.
On tuesday when he wouldn't respond to my messages, we went to a local broker and showed her our GFE and paperwork. She spoke with her lender and explained our situation and she said they are shooting for a 6.6% first and a 7.8% HELOC with much lower cc. And she's sure she can help us and get us closed by the end of the month.
I emailed my current broker and explained to him that we are tired of waiting and tired of the rates and fees going up, but we understand all the hard work he has put into this and don't want to leave him high and dry. He responded hours later and explained that the 115% was what was holding us up and there have been no delays with the 100%. He said all of the fees are paid to this person and that person and the state etc. and he doesn't see a dime of them, just his origination fee. But everything I read online says that these fees are junk fees and go to the broker and are negotiable. He says he is at the mercy of the underwriters, but never addressed why he keeps telling us he's sure it will be tomorrow when we close. If he would have given us a straight answer at any time during this process, we would have gone elsewhere months ago.
My question is, what do I do? I don't want anyone wasting time and energy for me if I'm not going to use them. I don't trust this guy anymore after getting run around for 3 months, but I am so scared that we really are 1 day from closing and I call it off and the local broker tells us a month later she can't help us or her rates and fees wind up creeping up to what his are. The difference in rates and fees she is offering make me want to go with her, wouldn't I be a fool not to? Even if he tells me we can close tomorrow, wouldn't I want to try for the lower rates and cc? He says he has a guarantee to match any verifiable rate I get elsewhere, so should I let them both keep going? And if I do decide to go with her, I need my appraisal I paid for in March. Does he have to get it to me right away? I imagine he would be pretty upset if I ask to get a copy of it for someone else?
By the way, we have good credit, but are self employed with some income that is kind of hard to document which is why we've had a hard time. I'm sorry this is so long, but I am so frustrated and confused, this has been going on for over 3 months and I just want to put it behind me and stop thinking about it. Part of me is so tired that I just want to take his rates just to get it over with, but I don't want to sell us short. Thanks for any advice you can give me. Jennifer
My husband and I are in the process of refinancing our ARM and getting a HELOC on our home for debt consolidation. This process started in February with an online broker (not a big company) and he said he could get us over 100% (which I wasn't expecting , we were just looking at 100%) and gave us GFE with really great rates and reasonable cc. and didn't act like it would be any big deal at all.
Fast forward over three months now and the loan still isn't closed. We told him a little over a week ago just to go for 100% to get it done. We have been "1 to 3 days from closing" for 2 months now. Not to mention the rates have gone up to 7.648 on the first 80% mortgage and 9.596% on the 20% HELOC. And the cc are now up to $5000 just in origination (2%) and junk fees(processing, underwriting, broker fee, lender's admin, etc.) The first mortgage is a 2 yearARM so we will have to refinance again in 2 years so when you add those cc in, the rate for 2 years is close to 10%! My husband and I are fed up. Last week he told us "docs will be ordered by friday (5/28), if not friday then tuesday (5/31)." Well here we are still.
On tuesday when he wouldn't respond to my messages, we went to a local broker and showed her our GFE and paperwork. She spoke with her lender and explained our situation and she said they are shooting for a 6.6% first and a 7.8% HELOC with much lower cc. And she's sure she can help us and get us closed by the end of the month.
I emailed my current broker and explained to him that we are tired of waiting and tired of the rates and fees going up, but we understand all the hard work he has put into this and don't want to leave him high and dry. He responded hours later and explained that the 115% was what was holding us up and there have been no delays with the 100%. He said all of the fees are paid to this person and that person and the state etc. and he doesn't see a dime of them, just his origination fee. But everything I read online says that these fees are junk fees and go to the broker and are negotiable. He says he is at the mercy of the underwriters, but never addressed why he keeps telling us he's sure it will be tomorrow when we close. If he would have given us a straight answer at any time during this process, we would have gone elsewhere months ago.
My question is, what do I do? I don't want anyone wasting time and energy for me if I'm not going to use them. I don't trust this guy anymore after getting run around for 3 months, but I am so scared that we really are 1 day from closing and I call it off and the local broker tells us a month later she can't help us or her rates and fees wind up creeping up to what his are. The difference in rates and fees she is offering make me want to go with her, wouldn't I be a fool not to? Even if he tells me we can close tomorrow, wouldn't I want to try for the lower rates and cc? He says he has a guarantee to match any verifiable rate I get elsewhere, so should I let them both keep going? And if I do decide to go with her, I need my appraisal I paid for in March. Does he have to get it to me right away? I imagine he would be pretty upset if I ask to get a copy of it for someone else?
By the way, we have good credit, but are self employed with some income that is kind of hard to document which is why we've had a hard time. I'm sorry this is so long, but I am so frustrated and confused, this has been going on for over 3 months and I just want to put it behind me and stop thinking about it. Part of me is so tired that I just want to take his rates just to get it over with, but I don't want to sell us short. Thanks for any advice you can give me. Jennifer