different interest rate than good faith

[Jesus90247]

What is the name of your state? california
I have contacted a loan broker for a home loan, he gave me a good faith estimate with a 3% interest rate , 5/25 years. Now i have received form the bank loan documents with a 9.12% interest rate and option ARM loan 5/25 years. I have signed the loan docs. now i do not want the loan, what i need to do??

 

[pojo2]

Well first off that interest rate is so unbelievable if you had done any research you would have know that.

I have signed the loan docs. now i do not want the loan, what i need to do??

Well you have the loan and will need to spend much money and much time if you want out of it under fraud terms.

Do you have in WRITING that they promised you a 3% home loan?

Uh Uh in WRITING, not what they TOLD you!

And finally, pardon my language, why in the hell did you sign the loan docs knowing all this?

From you previous post I assume this is not a refi. Correct?

 

[acmb05]

What is the name of your state? california
I have contacted a loan broker for a home loan, he gave me a good faith estimate with a 3% interest rate , 5/25 years. Now i have received form the bank loan documents with a 9.12% interest rate and option ARM loan 5/25 years. I have signed the loan docs. now i do not want the loan, what i need to do??

Read the highlighted part over and over again. Do you notice where it says Good Faith ESTIMATE.

the loan broker wanted your business because that is how they make money, by brokering loans. They cannot guarantee you anything, they only give estimates

 

[Jesus90247]

Well first off that interest rate is so unbelievable if you had done any research you would have know that.

I have signed the loan docs. now i do not want the loan, what i need to do??

Well you have the loan and will need to spend much money and much time if you want out of it under fraud terms.

Do you have in WRITING that they promised you a 3% home loan?

Uh Uh in WRITING, not what they TOLD you!

And finally, pardon my language, why in the hell did you sign the loan docs knowing all this?

From you previous post I assume this is not a refi. Correct?

Yes I have it in writting 3% and it is a purchase.

Now I move in to the condo, but there is a leaking from the 2nd floor and the previous owner did not disclose this situation, can i suit him for this, and how many days after move in i can suit him???

 

[Jesus90247]

Read the highlighted part over and over again. Do you notice where it says Good Faith ESTIMATE.

the loan broker wanted your business because that is how they make money, by brokering loans. They cannot guarantee you anything, they only give estimates

thank you so much for your help.

 

[acmb05]

Yes I have it in writting 3% and it is a purchase.

Now I move in to the condo, but there is a leaking from the 2nd floor and the previous owner did not disclose this situation, can i suit him for this, and how many days after move in i can suit him???

Possibly if you can prove he knew about it bfore hand.

Was the condo empty when you purchased it or was the owner living there.

Did you have an inspection done,? and if so why did the inspector not catch this.

It is quite possible that the leak just started.

Do you know where the leak is comming from? I/E bathtub, commode, broken pipe.

 

[alent1234]

Yes I have it in writting 3% and it is a purchase.

Now I move in to the condo, but there is a leaking from the 2nd floor and the previous owner did not disclose this situation, can i suit him for this, and how many days after move in i can suit him???

i was going to do a refi into an ARM a few years back and the GFE said it was an ARM. did you read the whole thing and not just the front page? all 30 pages of it or how ever long it is. I bet somewhere in there it says the 3% is an intro rate and then it will index at the LIBOR plus a premium.

scan the docs and look for LIBOR, T-Bills or something else that doesn't look like a real word since that is probably the name of the index it will use. LIBOR is the most popular one.