What do you do when your mortgage broker lies to you about your refinance?

Working with a mortgage company to refinace my home and the agent keeps telling me not to worry, we will close guarnateed. Now after a month and we still havent closed, we havent made a house payment in 2 months because he told us not to, and now the loan may not close because we are late with the mortgage payment. What do we do?

Can I withdraw my mortgage application from a mortgage company without paying a fee?

We are in the middle of applying for a mortgage with a mortgage company. We have submitted documents and has signed paperworks but we want to switch to another mortgage company. Can we still do it and since they have worked on our papers already , are we going to pay a fee?

What is the difference between Collateralized Mortgage Obligations and other mortgage backed securities?

How do CMO’s differ from any other mortgage-backed bundles? I know fannie mae finances primarily by selling the latter, so what is the benefit in CMO’s in comparison to them?

What is the difference between a mortgage APR and Interest Rate?

My mortgage interest rate is 6.875% and the APR is 7.504% Does the APR of 7.504% sound right if the interest rate is 6.875% ? My mom said that the 2 numbers should be closer together than that. Also, my mortgage banker never even mentioned an APR, and since we are 1st time home buyer’s, we were unaware of it. We only knew about the Interest Rate. Thanks for the help.

What is the difference between a mortgage and a home equity loan?

I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I’m not interested in HELOC’s.

How long will mortgage interest rates continue to drop?

I am going to re-finance my interest only mortgage and need suggestions on when to lock in an interest rate. How long will they continue to drop?

Can our 2nd mortgage company attach our wages once our home is sold as a short sale?

Our 2nd mortgage company is suing us for $25,000 (the balance on our 2nd after they signed off the lien for the short sale). They have submitted paperwork to attach 25% of our wages until it is paid off? Is their any legal way out of this?

How do I get the best deal on a mortgage? What kind of questions should I be asking the mortgage broker?

My partner and I are first time home buyers. We have saved almost 20% of the property and both have secure well paying jobs. Unfortunately we do not know much about mortgages and want to get the best deal possible. Should we see more than on broker? Should we get our own mortgage quotes as well? Do we have to pay trailing commissions?

Where can I find others’ opinions on reputable mortgage companies?

We are looking to refinance our mortgage. We had a bad experience with a mortgage broker the first time around. Aside from the BBB, are there any websites where I can find others’ opinions/experiences with mortgage companies?

Having received some offers already, there are a few which look too good to be true. The majority of the offers so far are at the same, somewhat higher rate (which seems to be the normal rate for our area). I just want to do some background research on the few companies that are offering the lower rates before we accept one of them.

Thanks!

How do I choose who to get my mortgage through? Major banks or smaller mortgage companies?

I have an established relationship with Bank of America however there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?

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