Posted by Nate(DC) on August 23, 2003 at 20:23:47:
Yeah, I can do math!!! 
NT
Interest Rate Foul Up - Posted by Michael Devine
Posted by Michael Devine on August 22, 2003 at 18:32:57:
I applied for a loan and was pre-approved on 7/1/03 at
5 3/8% valid for 30 days. The same day I placed a bid on a house through a realtor through the fax. The pre-approval letter was faxed to the realtor with the contract to purchase and I communicated via phone the contact information from the lender. Between 7/22 and 8/1 my realtor several times indicated to me that she was âchecking with [the lender] on my loan.â On 8/14/03 I was called by the lender that I had no mortgage because no one had faxed them a copy of the signed contract. The rate on that day had risen to 6 5/8%.
I had expected âmyâ realtor to fax the contract when the contract was signed by the sellers. Our closing date was supposed to be today and I had to scramble to get another mortgage to close on 8/29/03 at a higher rate. The contract stated that the sellers may request the lenderâs letter of commitment after 7/18/03. That day came and went without any word from either realtor; had I been informed, I could have resolved things and kept my rate but my realtor gave me the impression she was taking care of things.
Meanwhile, wife and 3 kids under 3 years old are completely out of pocket in another state as our house closed on 7/19/03.
Any help or advice will be appreciated. The property is in north Carolina.
Was my realtor negligent?
Re: Interest Rate Foul Up - Posted by deb v
Posted by deb v on September 01, 2003 at 22:33:45:
Read the fine print on your pre-approval letter. It probably says that âthis is NOT a loan commitment, it is subject to receipt of all information required, that the information received confirms all that was stated to the lender, etcâŚâ Your pre-qual letter was a tool to use to show that you had the capability of purchasing. Your realtor sounds inexperienced in that he did not ânagâ you to do what you should have been doing which was to communicate with the lender and provide documentation. Certainly the lender was either lazy or you got lost in the shuffle, but it was up to you to follow up.
Next time will be easier.
Re: Interest Rate Foul Up - Posted by Nate(DC)
Posted by Nate(DC) on August 23, 2003 at 09:10:24:
Check what your preapproval letter says; if it was written 7/1 for 30 days, that generally means you have to CLOSE within 30 days, not just send in a ratified contract.
If that were the case, then you didnât close by 8/1 so youâre out of luck.
NT
Re: Interest Rate Foul Up - Posted by Tom-FL
Posted by Tom-FL on August 23, 2003 at 16:50:10:
>> you didnât close by 8/1 so youâre out of luck.
7/31 actually.