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9/22/2017 12:11:25 AM
Posted: 9/2/2005 3:00:12 PM EDT
To make it VERY short, they'll try their very best to make you get a loan through their in-house lender. For the past two months, they have been giving me a hard time since I want to get a home loan through a lender I choose since their lender's rates are ridicuously HIGH. I put down a $8000 deposit on the house but it seems like if I don't choose their lender, I may be in default and I can kiss the $8000 goodbye.

I complained to the Department of Mortgage Lending Division in my state already, but there is nothing they can do.

GRRRRRRRRR!!!!!!!!!!!!!!!! This is the very first house I'm buying, but it it's this fuckin hard to buy a new house, then I guess I'll have to go buy a re-sale house next time..
Link Posted: 9/2/2005 3:04:07 PM EDT
I don't know what it's like there, but here that's bullshit. Did you sign an agreement or intent to buy that stated that you HAD to use their lender?

Need more info.
Link Posted: 9/2/2005 3:05:31 PM EDT
I thought that was illegal.

Link Posted: 9/2/2005 3:05:56 PM EDT
Link Posted: 9/2/2005 3:12:54 PM EDT

Originally Posted By Airwolf:
I don't know what it's like there, but here that's bullshit. Did you sign an agreement or intent to buy that stated that you HAD to use their lender?

Need more info.

they tried to make me sign one, but i didn't. i told them that i have the RIGHT to choose whatever lender i want and they agreed. but, they want the lender i choose to provide an unconditional loan approval with an underwriter signature. of the 5 lenders i spoke to, they said they cannot get an underwriter to sign it unless i lock in the rate. and i can't lock in the rate until 30 days before closing (which is 2-3 months from now). so, basically, they said, "well, since your lender can't do this for you, just go with our lender."

GRRRRRRRRRRRRRR!!!! i'm thinking about getting a lawyer, to get my $8000 back, but i doubt i might be able to do it.
Link Posted: 9/2/2005 3:13:58 PM EDT
[Last Edit: 9/2/2005 3:19:19 PM EDT by fxntime]
A mortgage company cannot force you to use their lending agency. However, you should have gotten the one you wanted and approval for the amount you think you need before you ever look at houses. Most in house lenders are scammers who will add as much BS "fees" as they can, before during and at closing. Always put down as little as possible as earnest money. What you need to do is spend the money and get either a lawyer that specializes in land and such or get your OWN real estate realtor to play the game. You can also cut the $$$ paid to the listing agent and company that way. Fun to do if they screw you over. First time home buyers are shafted all the time by scuzzy realtors, but we were ALL first time buyers at one time. You need to get ALL paperwork, fees, inspection costs........................everything, and take it to someone who knows the game. It will be money well spent.

An unconditional loan amount is BS because if the house is appraised below loan cost or they find $$$$$$ problems they will grab your money. Always make sure you have a way out based on the info on the house as it comes in. I walked on 2 houses because problems came up on the house, one on flooding basement and one on septic problems caused by the lay of the land. Always got my money back tho they can be arseholes about it.
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