Home Buying in Canoga Park>Question Details

Ali, Home Buyer in Canoga Park, CA

My broker told me that my loan was done!

Asked by Ali, Canoga Park, CA Sat Mar 14, 2009

My agent asked me to sign them & he said that everything is ready! Then after afew weeks we realkized my broker was having problems with the bank!

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5
Ali with what bank? The owner of the home or the loan officer?

Dyanna
0 votes Thank Flag Link Sat Mar 14, 2009
First of all, while it is good to give your agent the ability to talk with your lender, YOU should be the primary contact person, and when there are problems, the lender should speak directly with you as well as your agent. And Kim is exactly right... loan products and rules are changing daily. However, if you're a viable borrower, a good mortgage broker will find you another source of funding. Consider this: a few months ago, I had a contract on one of my listings, loan approved, closing date set, then suddenly, the bank told the borrowers they weren't lending on land anymore, sorry! We (the buyer's agent and I) were trying to figure out what to do to save the deal, and two days later the bank comes back and says, "oh, loan is on again" --SAME BANK, and we closed the next week!

All that said, call your agent and your lender on Monday and find out what's going on. YOU talk to the lender. Good luck!
0 votes Thank Flag Link Sat Mar 14, 2009
There are also changes to loan underwriting guidelines happening every day. A person that qualified for a loan program last week may find that their loan program does not exist anymore, and that they do not qualify for any of the new loan programs. Also check with your lender on when your loan lock-in expires, as many loans are going past this date due to the number of loan refinances going on.
0 votes Thank Flag Link Sat Mar 14, 2009
Hi Ali,

When is your scheduled close of escrow date? Your agent should not be your point of contact for the loan. It sounds like something fishy is going on here and you simply need to find someone you can talk to and get to the bottom of things.

The lending markets have changed considerably in the past year and a half or so and there is not a lot of "creativity" that unethical lenders can get involved in. You either qualify or you don't. The most troubling thing here is that you don't know what the problem is!

I don't like to promote our bank here, but if you would like a second opinion, let me know and I can forward you the contact information privately so you can get an honest assessment of your situation
0 votes Thank Flag Link Sat Mar 14, 2009
You need to go to your real estate agent or their broker. If you don't have a real estate agent, then go to the loan officer that you contacted to do your loan application and/or the office manager of the mortgage brokerage co. and get to the bottom of why your loan has not closed.
0 votes Thank Flag Link Sat Mar 14, 2009
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