NJ asked in Business & FinanceCredit · 9 years ago

Can my mortgage lender screw me at closing?

A week and a half ago I was on the phone with a mortgage broker who ran my credit and made me an offer on a 15 yr fixed. I emailed him the next day saying I would agree to the deal if he were to give me 4.1% with zero points and $1k credit toward closing costs. He agreed via email (I have all the emails back and forth stating that he agreed to these terms). I then got a good faith estimate stating my rate was 4.35%. I emailed him asking why it says 4.35% and not 4.1%, and he said it was a mistake but I'll be getting a new Good faith estimate. I still haven't received the new one. Should I not be worried considering I have all the emails back and forth clearly stating I should be getting the 4.1% and $1k credit to closing costs?

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  • 9 years ago
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    Yes, you should be worried.

    Wait until you get that good faith estimate with what he promised you before you move forward. If he wants the commission for this loan, he will make it work.

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  • 9 years ago

    4.1% would be a pretty odd rate so yes, might be a little worried. It's good that you have it in writing though. Mortgage rates generally go in eighth of a point increments. So you see 4.125, 4.25, 4.375, etc, but not typically 4.1% (or 4.35% for that matter). Good luck, hope you get it worked out.

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