Interest rates?!?!

[Blackpony]

Long story short we had to fire our loan officer and switch to a different lender. We were locked in to a 3.62 rate about 6 weeks ago, today our new officer tells us that rates have gone up and now we are looking at 4.875!!! Wtf?! That is about $170 more per month on our payment... She said after the election rates have skyrocketed and are continuing to rise.. This really sucks

[Stephen]

Long story short we had to fire our loan officer and switch to a different lender. We were locked in to a 3.62 rate about 6 weeks ago, today our new officer tells us that rates have gone up and now we are looking at 4.875!!! Wtf?! That is about $170 more per month on our payment... She said after the election rates have skyrocketed and are continuing to rise.. This really sucks

Better than my 6.5 lol
I'm almost 15 years into it now so im just a retard

[1carcrazyguy]

On what amount? The sad thing is, not much you can do now except either walk away or accept the current rate. It's not something you can control. Just pay extra every month on the principal and knock out the loan as quick as possible and save yourself the interest.

[sc281]

Are you sure you were locked in? How long was your lock period? What happened?

[Blackpony]

Are you sure you were locked in? How long was your lock period? What happened?

Loan officer was an idiot. He locked us for 30 days, when our house wasn't finished yet. We just built a new house.

[sc281]

Loan officer was an idiot. He locked us for 30 days, when our house wasn't finished yet. We just built a new house.

Wow. What a fuck up.

[Blackpony]

Yeah pretty much, then ordered the appraisal way too early, which it came back way under what we were expecting it to be due to things not being complete ie shop isn't built, carport was built etc. he wanted to argue about the appraisal with us and said we would have to pay for the second appraisal of we wanted another one done. We told him to hit the road we would look for another loan officer at a different firm. Now we are starting over but unfourtinately rates have increased by about 25% which have added about $170 ish a month to our loan... Fml

[Torinoman]

That sucks. I refi'd my house a few months ago and got like 3.25%

[jluv]

That sucks bad. I wish I could recommend a good lender, but we weren't very happy with ours, either. My in-laws are dealing with one right now that seems pretty shady, too. Sadly, maybe that's the norm.

[black2002ls]

hit up SVTLurch

Looks like we wont be refinancing anytime soon if rates are that high.

[txstangnut]

Ditto for SvtLurch. Took care of me on my refinance. 3.875 5yrs ago. Real easy to work with.

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[juiceweezl]

If your home is still under construction, your rate was going to go up regardless. I don't think you can lock until the project is completed or very close to it. Lurch can help you though.

[black2002ls]

If your home is still under construction, your rate was going to go up regardless. I don't think you can lock until the project is completed or very close to it. Lurch can help you though.

I've seen 60-90 day locks. Depending on the builder, that is going to cover construction after paint and counter tops are installed.

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[Blackpony]

We are finished now and ready to get the final mortgage done. Just having to start over sucks. I thought we had a guy on here in the business. I'll give svtlurch a message and see if he can help.

[txstangnut]

Other thing to remember is your taxes will based on unimproved land so your taxes will go up a lot which in turn will make your payment go up a lot also

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