"Thanks Antonio -- I think you've explained it perfectly. I was never given the choice of whether I wanted to bring the money to the closing (which I could do and would have preferred.) I also was never presented with or signed any estimate at all, in good faith or not. Alas -- I don't have much recourse here, do I?"    View Post

"Man this industry is messed up... why should the purchaser pay interest for 30 years on money paid directly to the bank? Money that they have access to immediately? They are not lending me that money -- I should not have to pay interest on it. Very weird."    View Post

"Agreed, I have not had a great experience with my mortgage broker. That said, what I'm surpried at is that a "Loan for $100,000 with bank fees totalling $3,000" is actually a loan for $97,000 with a $3,000 fee. Do I pay interest on the amount they "loaned me" and then held back as payment???"    View Post

"Day before closing -- and I was surprised to find that a $100,000 mortgage (to choose an amount at random) actual means that the bank comes to the closing with a check for $97,000 because they withhold a certain amount for the fees. Should I have known this or is this unusual? Because the seller is paying the closing costs, this means I actually have to show up with $3,000 more than I expected at the closing! Thank you."    View Post

"Thanks for the advise -- I am well aware of the potential benefit of locking a rate and that it cuts both ways. It was my understanding that there are often above-board ways for you to renegotiate with a lender -- probably something where they collect a higher fee and you get a lower rate. It wouldn't be worth it to cancel my loan and go through the process again. Like I said, I chose to lock because I could afford the 5.5%. Thanks"    View Post