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arnoldporche | Not happy with interest rate on Closing, Can I still get another Loan from another company? |
I am a first time homebuyer. Is this a good deal?
Selling Price: $232,000 House on Lennar - Las Vegas, NV
Benefits:
Seller will pay 3% Down Payment: roughly $7000
Seller will pay Closing Costs up to $10000
Seller will also pay 2-1 Buydown (1st year: 2% less, 2nd year: 1% less, 3rd year-30th year: fixed): roughly 5700
Seller will also pay 2points Buydown: $4600
There was also a $1000 Lot Premium discount (from $1500 to $500)
Closing: Oct 20ish 2008.
The loan will be in thru a 30 year FHA Fixed Loan.
I signed the Purchase Agreement Contract, opened the escrow with $1500 deposit, signed the Initial Loan Application.
The house and loan is thru the same company. Lennar & UAMC.
The realtor showed me a 5.7% good faith estimate rate before I signed the Purchased Agreement, but when I got the Loan Application package, good faith estimate rate was 6.750.
I am afraid that my rate would go higher when I close.
Can I still get another loan from another company on time of closing |
 |
 
Holly R
 |
Yes...you can get quotes from as many lenders as you want and go with the best one. The deal itself sounds very good (quite honestly, probably too good to be true). The 5.7% interest rate is great...The points that the seller is paying is what is making your APR appear higher (as well as any fees that are being rolled into the loan)....They have to disclose the APR...although technically since you aren't paying the points it doesn't really matter. In this market...5.7% is great. I'd take it...especially if the credit crisis continues...With IndyMac failing and Freddie and Fannie getting bailed out, we could be in for some pretty high rates in the near future. We are in what we are considering to be a rising rate environment...(the bottom is here and the next move will be to raise rates). Again, this is my opinion, but the short answer is yes....you can talk to as many lenders as you want... |
|
Real Estate Guy
 |
Unless you have locked in to the interest rate then, YES the rate can move up or down. Usually you can lock in 60 days before settlement. If you plan to settle in Oct 20, the you could lock in around Aug 20.
In regards to changing loan companies. It usually takes around 4 weeks to close a loan. So you would need to change lender at least by Sept 15.
However, I'm betting that the builder has tied all their help on using a referred lender and settlement company. READ THE CONTRACT. If you don't use UAMC, I'm 99.9% sure that you will lose closing help, etc.
EDIT******
In regards to what the lender is paying. I'm believe you are using sometype of down payment program like Genesis, etc.
However, there is a limit to what a seller can pay. FHA has a 3 or 6% limit. Based on our numbers, they are paying almost 10% (plus the 3% down). I don't see how they can be doing this. FHA just will not allow this. |
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QsAs
|
There is still time to shop for a better loan. However, do the terms of your contract stipulate that you would finance through the seller? Are any of the purchase incentives subject forfeited if you finance through another lender?
Is it possible that the 5.7% loan was a different type of loan or had shorter loan term? That would explain the rate difference.
Banks do offer rate locks, just look for a rate lock term that will last at least until 10/20/08. However, if this is new construction, the closing might be delayed.
Read everything you signed before you shop for a new lender. |
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Big daddy
|
you can try, but you forgot one very important piece of information, have you locked in. Rates are volitale to say the least, I got over 30 rate sheets friday alone, that's a lot. You must remember one thing, the rate of the GFE doesn't mean squat if your not locked in. If also depends if they were able to run do or lp findings before giving you the gfe. If they didn't, running the loan may have found hiccups that brought up the rate. Or plainly, they gave you that rate just to bring you in, it's hard to say, NV may have state adjustments, your credit may take a hit, but if you don't lock in, your not guaranteed. Now the situation is your going to play russian roulette with the rate, trying to time the market, get a solid rate AND TERM that you can live with and lock in. It looks like your getting a great deal fron the seller, I wouldn't walk too quickly, and if your not locked and rates go down, you may save yourself a bit, hope this helps and good luck |
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godged
|
You can and you should.
What the seller is contributing will not change if you change lenders. That bait and switch stuff is crap and alot of lenders do it thinking either you won't check or you think you are locked in. |
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penny p
 |
I am a maine realtor and closings only take 30 days here! Also never heard of getting a loan with a realtor. Why is realtor showing you a rate? |
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frak1a12345
 |
Yes, you can get your own financing. The seller can not force you to use their lender.
The question is should you get your own financing? Maybe is the best answer. Checking and double checking rates and actually applying for a loan takes time. It could save you thousands of dollars in interest. That makes it worth looking into. But it can create problems with time constraints. It is your responsibility to have your financing arranged at the closing. Good luck!! |
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sinyorita
|
Do shop around for another interest rate and lock it that interest rate if the contract you signed does not specify the lender. Consult with the lender though to find out how long your lock would be good for since you are closing in October. If your lock expires before the closing date, the lender might need to run your credit again |
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Expert Realtor
|
Yes you can.
There is nothing that states that you have to stay with the company that you are with now.
No seller can force you to go with their lender...but understand if that was one of the conditions on them paying closing costs, they do have the right to withdraw paying it.
Call them and see if you can lock your rate now....most of them will.
PS: Something is seriously wrong with what you have posted...you have posted TWO buydowns...and the "lot discount" is nonsense.. |
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