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Everything seems great with this guy, except basic attraction. What to do? My friends say it’s no big deal
Got a real low arm rate offer with very low closing cost. It makes me wonder if I need to do something to verify the lender. Can they fled with my property papers 😊 Sorry if it sounds childish. First time home buyer not a usa citizen Tc 400
What's the rate?
Who is the lender and what rate they are offering? Realistically, you shouldn’t worry once the closing takes place. The only risk is if they can close within the specified time and at the agreed upon rate.
Try look them up on bankrate.com and throw them out the window if they’re not there…. Also make sure you understand the arm rates. They can get really tricky to lock in if the rates reset and it find you underwater. I had two 5/1’s on rentals for 13 years underwater and had to go out of pocket to sale them. I’d never ever advice anyone to get an arm loan - unless you have a few millions laying around for the bank call. Thank me latter bud…
What is underwater?
Passively listened to a recent Freakanomics podcast episode in which they said economists claim ARM is best from a pure dollars-and-cents perspective (but doesn't consider emotional aspect). Anyone know why?
No you dont need to worry. I bought multiple properties and they were all from no-name lenders
Look for reviews on the lender. There are checks and balances in the escrow process so I doubt they can screw you at that point. But I once dealt with a lender that became very predatory after close — insisting on more insurance and trying to charge us (it was a non issue after refi-Ing out of them), turned off online tools and required recordings of calls with them, oclaimed we may be in foreclosure literally before first payment was due. I got our mortgage broker to refi us and pay all costs to get us same rate and terms with Wells when all was said and done. Once we started digging this was common practice with the servicer of the lender. FWIW we had stellar credit and were good customers. The servicer was just doing bad things to generate more fees. Like I said we got out of it, but it was a messy and stressful few months getting everything sorted and ensuring no damage to us, our credit, etc. should have checked reviews in my case instead of trusting my broker that thought they found me a screaming deal.
FWIW this was one bad co out of at least 10 mortgages / refis without issue. So I wouldn’t worry too much just do some extra due diligence. Good luck!!
Sticky to known players. A Bankman who won't Fry you.
Hi Sam.
If you can’t openly name the lender here then yes you should be extremely worried.
I don’t understand your mentality of keeping the rate and a lender a secret. This is an anonymous platform and it is okay if someone else also benefits it. This isn’t like only one of us can win with this information. Everyone can win :)
Rate 4.5 5/5 2-5 30years. Dont want to say lenders yet. Hardly matters though since they are a no name lender
This is a good rate but not the best rate especially for 5/5 arm. Rates declined this week.
Who is the lender?