12 Jul Mortgage broker may be taking advantage of me.
We've been working with this mortgage broker for a few weeks now and I was finally sent the loan application yesterday but it reflects a higher interest rate, 3.99, than what she had led me to believe I was already locked in at(3.75). When I question her about this she states that she was waiting on the contract from my realtor to lock in the rate and as of yesterday the rate was 4.25. When I asked how I was given a 3.99 rate then, she said they had to apply point to lower the rate from 4.25 to 3.99. When I reviewed the loan application, under origination fees I see a line it under the origination charge stated, "0.625% of Loan Amount(points)". This in turn increased my closing costs by $1600.
I expressed to my realtor the situation and the broker is now not answering my realtor calls or texts, and the broker is urging me to sign the loan and then revisions can be made before closing.
We close on the 31st, and I really feel like the mortgage broker is trying to leverage my time constraint against me.