This screwed financial system

A

A Snake

Member #024
Location (City)
McLeansboro, Il
First Name
Mike
Last Name
Woley
I need to vent!!!!!!!!!!!!!!!
My daughter and her husband are trying to purchase a ten acre/with pond/27X40 out building and a LOG HOUSE. With 25% down
They can't get financed because of several reasons:
1. The bank is selling the mortgage on the secondary market(Freddie Mac in this case)
...the appraiser cannot find 2 comp sales within 24 months(Freddie Mac requirement)
...the lending institution told them last Friday they are good to go for closing(a lie)
...the lending institution has offered a 5 year arm at a much higher interest rate(bait and switch ?)
...Freddie Mac orginally wanted to gig them $2800 for a low credit score on my son in law($120 fee put on from thier last mortgage that he know nothing of and never received a bill)
The lending institution agreed to drop it immediatly but the reporting agencies will take 6-90 days to clear it)
...they ran the mortgage thru on only my daughters salary(she is a school teacher and there was no problem(the $2800 fee went a way!!! she has good credit . 750+

They have 2 options at this time: go with the ARM at higher interest rate.
Go to a 15 year fixed rate at a much higher interest rate because they will keep it in house.

I am ready to cash some CD's and loan it to them...what do you all think?

If only my daughter was purchasing the home she would qualify....but she has done the right thing and is married with 2 children
These kids(not really)have done everything correct in the 10 years they have been married. Saved. They owe nothing except a house payment on thier present home, which by the way is sold already. They have made me proud of thier finances. They are frugal.

Isn't the adjustable rate mortgage what put Freddie and Fanny as well as many other large lending institutions where they are today. Read that as bailed out.

Thanks for looking...I am still pissed. Thought pounding the key board would relieve some anger/anxiety but it didn't work!!!!!!!!!
 
Might wanna try to find a different lender if there;'s time. They should be able to get a 30 year fixed around 6% or lower. They still might require PMI insurance (which sucks). What were these "higher rates" that they were quoting them?
 
Now we have a good credit rating, but we closed in Nov at 4.86%. They may have gone up, but I don't know if that much. Try Carpe Kid. I think he's working for a mortgage lender now.
 
A 15 yr fixed at a HIGHER rate! What's up with that crap? Oh you mean in comparison to the ARM. Don't go there. ARM's are bait & switch. Sure the 15 yr fixed is going to be higher INITIALLY, BUT in the long run it will be MUCH better than the ARM. What was the 15 yr fixed rate? What was the initial ARM rate? I've ALWAYS gone with 15 yr fixed. Never have gone wrong that way.
 
Dan's is correct. I am now in the mortgage biz. If they want some help. Have them call me. I will take care of them.
 
My boy is trying to buy a town house and is getting the same run around. These issues are a result of the freakin banks lending $300,000.00 to any semi functional idiot that had a job at Burger King. Now all of the normal, hard working young folks will have to pay for it. It was tight like that when we bought our first house many years ago. Pretty much treated us like dirt even though both of us had good jobs.
 
Work hard, play by the rules and get your reward....SCREWED and no KISS.
Sometimes I wonder who is the smartest.
 
Mike B and Mike Woley - try your best to get a hold of Brandon E (Carpe Kid) for your mortgage.
One of the neat things about this club - and our ability to support each other.

Brandon - this thread is in the secured paid members area - so feel free to post your contact info.
 
Sounds good. First, I just got into this business after being a Financial Advisor for 8 years and owning my own business for 5 years. You guys are correct, BUT there is garbage in every industry and every company. I could down what others do (as we all could), but to make a general statement is not the right thing to do. There are costs associated with everything we do. That being said if you want someone to be honest, up front and take care of you or your kids have them call me. I will do the best I can.

I am at Homestead Mortgage (800-granny8)

Brandon Eckardt
314-995-9315 direct office
636-627-8192 cell
 
Boy that sounds like something Dave or Mike W would ask:D. Yes. We write some of our own paper, but mostly do correspondence and brokered loans. A correspondance loan is basically where we are able to write loans in-house for multiple banks. Because we broker loans out there obviously are costs involved, but I promise there is not another person out there that will present a more fair deal then I will.

All loans are contingent on credit, income and collaterral. The programs that banks offer me(and they are more stict than a couple years ago) change if any of the above change, so it all depends on personal situations.
 
You must log in or register to reply here.
Back
Top