Asked by Adam Wood, Laguna Hills, CA • Mon Aug 30, 2010
I am trying to refi a condo 2 get some cash out & take advantage of lower rates. Last week we locked the rate & then ordered an appraisal. Lender gave me 2 GFE's One @ 80% LTV & a second @ 75% LTV to compare costs. The cost difference between the 2 at the exact same rate was about $300 so I chose gave instructions to go 80% LTV. Now I am being told by the broker that he missed something at the 80% LTV mark that will cause the 80% LTV loan to go up in cost by almost 2k from the GFE & the broker is trying to convince me now to go 75% LTV instead & blaming the lock desk for the mistake because they supposedly gave him the wrong pricing.
My understanding of HUD rules is that once an apprasal is ordered & a rate is locked a GFE can not be changed & any mistakes should be eaten by the lender or broker & I should not be expected to now have to pay extra for my loan.
What can or should I do now in this scenario, given the fact that I already paid out of pocket for my apprasial?
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