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Refinance Mortgage Brokers
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 have not closed, have not we made a house payment for two months because He told us not to, and now the loan may not close because we are late with mortgage payment. What do we do?
– Always, always, always, keep your existing loan current! – Your missed payments have probably hurt your credit score too much for the loan, he had in mind. Most Mortgages are bundled together by banks and sold as a block on the secondary market, so they must follow specific Fannie Mae-Freddie Mac guidelines reqards credit score and other qualifications issues. Find a local lender who does not package and sell their loans and therefore do not need to follow these guidelines. A small community bank, for example. Explain to them what happened and they may disregard any subsequent credit score problems caused by this situation. – Reports Mortgage broker with the Better Business Bureau and the State Real Estate Licensing Board as mortgage lenders in most states have to have a Real Estate License. Good luck!