Mortgage brokers and games?

[sk8enscars]

I think I already know the answer to this, but is it normal for mortgage brokers to play games with customers? I am ready to pull my hair out. I have a huge list of things that she is doing that certainly cannot be legal/ethical. Who do you go to when you have a complaint? She's the only one who knows the situation inside and out and she's also getting us a great deal (from what others have said). It's just a sucky helpless feeling knowing that all of this lies in her hands and she can't even answer our emails or send an update. (And when she does, she's snippy and defensive.)
GRRRRRRRRRRRRRRrrrrrrrrrrrrrrrrrrrrr

 

[dave1959]

If you are unsure or unhappy, DON'T SIGN ANYTHING...

Get a second opinion, This is just the kind of stuff that got us into this
mortgage crisis.

 

[huntr1]

I think I already know the answer to this, but is it normal for mortgage brokers to play games with customers? I am ready to pull my hair out. I have a huge list of things that she is doing that certainly cannot be legal/ethical. Who do you go to when you have a complaint? She's the only one who knows the situation inside and out and she's also getting us a great deal (from what others have said). It's just a sucky helpless feeling knowing that all of this lies in her hands and she can't even answer our emails or send an update. (And when she does, she's snippy and defensive.)
GRRRRRRRRRRRRRRrrrrrrrrrrrrrrrrrrrrr

Aren'y you the one that had issues with Jarboe Title?

 

[sk8enscars]

I believe I'm a little too far into it now. It started last Spring when we started building the house. We have awesome fixed rates locked in and we're just waiting to modify the construction loan into a permanent one. It's been 6 weeks since the house was finished and we still haven't closed. They piddle around and then charge us for extension fees.

 

[sk8enscars]

Aren'y you the one that had issues with Jarboe Title?

Since I have no idea what that is, I'd say no.

 

[aps45819]

I believe I'm a little too far into it now. It started last Spring when we started building the house. We have awesome fixed rates locked in and we're just waiting to modify the construction loan into a permanent one. It's been 6 weeks since the house was finished and we still haven't closed. They piddle around and then charge us for extension fees.

Current advertised rates are 4.75% for a 30 year fixed

 

[sk8enscars]

Current advertised rates are 4.75% for a 30 year fixed

Is that the rate before or after banks tack on their amount? We're getting 5.37 for 30 year fixed.

 

[anniemay]

I think I already know the answer to this, but is it normal for mortgage brokers to play games with customers? I am ready to pull my hair out. I have a huge list of things that she is doing that certainly cannot be legal/ethical. Who do you go to when you have a complaint? She's the only one who knows the situation inside and out and she's also getting us a great deal (from what others have said). It's just a sucky helpless feeling knowing that all of this lies in her hands and she can't even answer our emails or send an update. (And when she does, she's snippy and defensive.)
GRRRRRRRRRRRRRRrrrrrrrrrrrrrrrrrrrrr

Be VERY careful. I went through a broker who played SO many games. Everyone told me it was a great deal too...however, we missed 3 closing dates (at the last minute). we finally got to closing and 2 days later I got a call saying that there was a figure that was left out and I lost $1,000 more dollars from this "fee". Apparently when you sign a form that says clerical errors can be corrected, that means numbers too.

Anyways, I lucked out because the audit of the loan showed that they did not properly disclose fee's to me, and I got money back months later...but it was a headache and VERY stressful.

 

[Tilted]

Is that the rate before or after banks tack on their amount? We're getting 5.37 for 30 year fixed.

That's not bad - rates have gone up some lately. The average fixed 30 year mortgage rate spiked from 4.91% to 5.29% in the last week.

That benchmark represents conventional, conforming loans with a loan/value rate of no more than 80%.

 

[smilin]

Rates have definitely jumped to over 5.25% That doesn't excuse anyone in the mortgage business from jerking you around. Get an estimate from someone else, at least you will get the satisfaction of comparing the good faith estimates to make sure you are not getting overcharged.
Don't forget loan officers get paid on a commission so you have every right to demand satisfaction.

 

[ProfMoneyWise]

A bank, broker, agent, etc is "selling" you something. If you feel you are not getting the attention you require (i.e. customer service) you seek out a new vendor for the product you desire. In this case your mortgage broker is "selling" you money.

We go to a store or car dealership and grimace at the approach of the salesman. Yet we go into a bank begging for them to "sell" us their product (money.)

And remember it is not their responsiblity to tell you if you can afford it. Asking a person doing the selling if buying from them is the right thing to do is like asking a dog if it's hungry.

If you are not getting what you want in terms of service or product walk away.

 

[sk8enscars]

A bank, broker, agent, etc is "selling" you something. If you feel you are not getting the attention you require (i.e. customer service) you seek out a new vendor for the product you desire. In this case your mortgage broker is "selling" you money.

We go to a store or car dealership and grimace at the approach of the salesman. Yet we go into a bank begging for them to "sell" us their product (money.)

And remember it is not their responsiblity to tell you if you can afford it. Asking a person doing the selling if buying from them is the right thing to do is like asking a dog if it's hungry.

If you are not getting what you want in terms of service or product walk away.

I'd love to. It just seems a little more difficult for our situation. We already have a construction loan through them.. .about $160,000. We're waiting to modify it. Does that change the situation? Or should we still shop around?

 

[ProfMoneyWise]

I'd love to. It just seems a little more difficult for our situation. We already have a construction loan through them.. .about $160,000. We're waiting to modify it. Does that change the situation? Or should we still shop around?

Contact another broker, bank, lending institution and tell them you are not happy with your current "money vendor" and want to see what they can do for you. Tell them you will move your entire loan to them if their product and service is better than what you currently have.

Then step aside as they trip all over themselves trying to get the other's business.

If the current one finds out they will spit, fume, roll on the floor, threaten, pout, etc . . . I am sure but who is doing the buying here and who is doing the selling?

Take charge and flip the control of this situation. If your current broker gets indignant it is up to you as to whether or not you entertain them. The reasons you have stated are that the customer service and responsivenss is not acceptable. It is hard to intelligently argue differently if this is true. Note, I did not say it will be hard to argue it on their part. Intelligently is the key word.