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Interest rates are a product of market conditions, the borrower's credit rating and the loan-to-value ratio on the home. Besides, in January you can refinance at a better rate and make no prepayment penalty. As my friend tells me, loan officer is the only job you can get paid good money for such little education. I kind of see things from both sides, I can understand when you feel like someone has taken advantage of you and you're so pissed off you can barely see.
I am interested, Steven, to find out why this particular complaint is important to you. I work for the company whose name is being dragged through the mud on this complaint, so I have a vested interest. By the way, the retail outlet regularly runs in to the same customers as brokers using our programs are working with, because people are shopping at multiple resources. I have never lost a loan to a broker using our loan programs, because maybe you can beat a rate, but by the time you add in your broker's fees our deal is better. I'm not knocking the value of broker shops; I am refinancing my house right now and using a broker, because my particular situation makes it difficult for me to qualify for conventional loans, while at the same time my fico scores are solid A-paper. My entire point is that in the situation of the complaint that was made initially, any and all of the fault falls on the broker who put the loan together OR the borrower for not shopping to find the best deal.
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I would happily provide you with that contact information if you need it. The good point that you bring up is that until the underwriter signs off on the loan, and the notary is sitting in front of you with the loan docs, it's all talk. Even a loan lock is not a commitment to give you a loan at any given rate. Many loan officers/companies even put in writing a better offer than they can deliver on. You need to go with your gut, find a loan officer broker you feel you can trust, and bottom line if the deal changes and you're not happy DON'T SIGN. Many things change your rate and term form when a proposal is made to when the loan signs... Appraised value, title issues or leins that need to be paid, payoff amounts, all of which we are estimating when we make a proposal.
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How to Avoid High Interest Rates
My broker parked me with Accredited with the following explaination...i requested that he find me something that had no PMI requirement, even if the interest rate was a bit higher. I even told him that I could pay more monthly than what the mortgage payment came to. He said no, I would be better off make darn sure that that payment was on time, everytime.
Now one of the owners loses their job and attempts to explain this to customer service since being laid off. The rude staff continue to state that they have looked over your paystubs and that you can afford the house. The staff also tells you that if you can't afford the house then sell it. In the meantime, you end up in Pre-Foreclosure status because the staff and company don't really care that you lost your job because they will inform you that you are not looking hard enough.
*Consumer Comment: Avoid High Interest Rates
In response to your complaint, whatever broker you went through made his money by charging you more on rate and points than what Accredited would charge you if you used their retail outlet and got the loan directly. Accredited is not responsible for how much brokers charge on top, and bottom line you were responsible for not making sure you were getting the best deal. I have seen a lot of people complain about Accredited Home Lenders and thought I would chime in with my opinion.
Before I can respond, someon else looking at the home chimes in and starts arguing that he can offer a better deal to me. I am laughing at the fact that these two brokers or loan officers or whatever are fighting for my business, and I wasn;t even on the market for it. Jason, your comments have nothing to do with the complaint at hand. Point is Accredited was blamed for charging a customer high rates and the facts show that in no way was the wholesale lender, in this case Accredited, to blame for what happened in the initial complaint. If you don't have comments that are pertinent to the original complaint go find a blog somewhere to tell your little stories on.
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Accessing docket sheets also incurs a fee if we do not already have the full docket sheet (again, max of $3.00). These fees are only incurred for Federal Courts and Bankruptcies. If we already have the document in our database, you will not be charged anything. However, if we do not, then we must retrieve it from the court and incur their access fee.
Certain state courts, mostly in California, charge for access to some documents. When accessing for-pay state courts, you will always be given an option to accept or decline the payment. On March 9, 2007 a real property mortgage foreclosure case was filed byAccredited Home Lenders Inc, againstMarco Island Civic Association Inc,Mortgage Electronic Registration,Stone, Warren et al. in the jurisdiction of Collier County.
I also was totally aware that Accredited would sell the servicing to this mortgage almost immediatly and sure enough they did. It is very difficult to provide low rates if the borrower does not bring good credit and often a large down payment to a purchase loan. Many banks can not even offer 100% financing on a purchase as Accredited did in this instance.
I used to work for their retail division and honestly the rates are not competitive at all to what you probably would have gotten out there. Your not alone and this type of comments I hear all the time from clients trying to refinance their current loan to a lower rate, the best thing is to know what your credit report has on it and also what type of loan you are looking for. The higher the amount you borrow the higher the risk to the investor, which in turn leads to higher rates then if you were to put a down payment on the purchase. Another big factor is how you report your income, do you have enough to prove you can afford the property or do you need a specialty program that will make the income work so you can buy the property?
I listened to the advice of a close friend, that is the only reason I signed the papers in the end, knowing I could refinance in 2 years. I stopped working with a loan officer from another mortgage company (gave up a 7.5% one mtg loan with no PMI) to accept this deal because I honestly believed in the crap the Home Funds Direct officer was feeding me. I did want to reply to John, who seemed pretty happy that no one mentioned having problems with Home Funds Direct. Well I will say that although in the end, I did sign my mortgage paperwork with Home Funds Direct , I was really pissed about the way my situation was handled. I was blatantly lied to about the deal the Sr. loan officer said she would bring to the table.
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