We are buying a home and got a rate of 5.175% locked in. Loan went to the underwriters and got approved. Then we went back in to give them some more information and they had our rate at 5.375% on the paperwork. We asked them about it and they told us that the rates had gone up before we submitted the loan! I checked the current rate for home notes and the rates had actually lowered, not a huge amount, but never raised any amount.
They raised the rates because they did not offer the loan that we wanted and had to farm it out to another lender. The other lender agreed to the 5.175% but that would mean Security Mortgage would not make a profite on the back end of the note. So they went ahead and bumped the rate up to 5.375% and blamed it on the rates going up. I guess they were not happy with making 1% of profit on a 210K house. Talk about a poor excuse for a lender. The diffrence between 5.175% and 5.375% for the life of the loan is $36 Thousand dollars!!!
0 comments