Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up
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Make sure you are comparing apples to apples. Is the 30 year rate for a true 30 year amortizing fixed rate or is it Interest Only - do you even care if it is interest only?
I am totally confused by how many people call ONE banker/broker/lender and accept that word as the law. This is an incredibly important decision and a huge financial decision. Spend the time to know and understand your situation. Shop lenders, you can save a bunch of money doing this. You will have to educate yourself and you WILL have to put in some work.
Feel free to post additional questions.
I'm assuming you are in the US. Get at least 3 good faith esimates. A decent lender should be able to generate these in little or no time, especially if you have good credit. Once you have those ASK questions about every dollar on them. Make sure no dollars are missing that should be there, but also make sure they aren't giving you a good rate only to soak you with fees.
I've been in the mortgage industry for a number of years. Brokers/lenders need to make money, but they don't need to make all their money off of you!
Please feel free to post more questions as they come up.
Regards,
Joe...
Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?It depends how long you have been waiting. Normally they have the rate locked for a certain period of time. Also he's probably waiting for banks, appraisers to get back to him. Call and leave him a message voicing your concerns. If for some reason he still does not get back to you look for someone else. Mortgage Consultant.
Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?Find someone else.
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