Financing in Elizabeth>Question Details

Andreyna23, Home Buyer in Elizabeth, AR

It is normal that the good faith estimate origination charges go up? My charges when up 2 times already. I didn't close yet. Is that normal?

Asked by Andreyna23, Elizabeth, AR Thu Mar 17, 2011

When I applied for the loan back in December I was charge $551.00 I was supposed to close on Jan. Then the closing date was change, and the new charges when up to $954.00 still no closing date, now the charges when up to $1300.00. The lender keep requesting the same paper work over ...over and over...As soon they request the information I submitted to them, this is what the call hidden fees or surprises from the bank? Where I can complaint about this procedures with the customers? I keep asking about the charges and no one is been able to give me an explanation, am concerned that they don't approve my loan and I waste all this time... I can't afford to loose the house, time and money...HELP!!!!!

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You are not alone! Dealing with mortgage lenders can be extremely frustrating if you are not familiar with the process. Even if you are it can be difficult. We refinanced our house late last year with similar problems - and I am a former mortgage broker who knows the process! My book, "Getting To Closing" was written to help navigate through the murky waters of residential real estate financing. My suggestion to you is to ask friends and co-workers if they can recommend someone they used and trusted. When you talk to a loan officer, ask a lot of questions. Does he/she give you straight answers? Return phone calls and e-mails promptly? Do you feel comfortable working with them? Most importantly, ask for the final settlement statement a day or two before closing (federal law allows you to do this). If the deal isn't what you were promised DON'T CLOSE! Don't let anyone pressure you into a bad deal! Hope things work out for you!
Cheryl Peck
http://www.CherylLPeck.com
Web Reference: http://www.CherylLPeck.com
0 votes Thank Flag Link Fri Mar 18, 2011
Follow your gut and find a new lender
0 votes Thank Flag Link Thu Mar 17, 2011
Follow your gut and find a new lender
0 votes Thank Flag Link Thu Mar 17, 2011
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