Asked by Michael, 06525 • Thu Jul 2, 2009
I just had a closing. 20% down, no debt, credit scores as high as 840, I thought that I should had been eligible for the best going interest rate on a $128000, 30 yr. mortgage. May 1, my mortgage broker applied at providentfunding and locked in a rate of 4.875%. Provident turned me down, May 22, because they were picky, picky over the $6000 cash that I added to my savings, in Feb. Next, my broker went to franklinamerican. Mortgage rates skyrocked, and topped out the 2nd week of June. At that time, I asked my broker if he had locked in a rate, and he didn't, I could tell that he didn't like that question. He told me to first get approved, then look at the rate. franklin finally had all the paperwork in by June 22. My mortgage broker sent me an email telling me that I was approved. I emailed him back, requesting the interest rate. He emailed me with a rate of 5.875%, adding that I may someday refinance, if it made sense. Was 5.875% a fair rate? I think not. What happened? Thanks
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