Re: lender changed deal … HELP - Posted by Dimpil
Posted by Dimpil on October 25, 2003 at 17:42:38:
Okay, Did you sign? I hope you didn’t. Loan Officers know what the deal is before going to the table and he should have informaed you of prepays, rate, HELOC and all. Frankly he was not a good loan officer, he was a hit and run kind of guy.
To make more money from a lender, a Loan Officer (when allowed to by state law) will add prepays and other things that are not customer friendly.
I frankly do not know of any lenders who will do a HELOC on an investment property, let alone without seasoning.
With a 750 you could have gotten a conforming Fannie Mae/Freddie Mac 95% investor loan with PMI but a good rate or a non conforming 95% investor loan, higher rate without PMI.
If you signed these papers, you have learned a valuable lesson. If you do not like the terms of the loan and they were not spelled out to you before hand, and you are not getting what you are paying for, DO NOT SIGN.