Mortgage broker trapping me into loan, I feel like I have no options?

need more details

mjkelly

in General Discussion 6 years and 9 months ago

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mfernest

in General Discussion 6 years and 9 months ago

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My broker initall told me when purchasing an investment propety, that the mortgage rate would be 5% fixed 30yr, turns out we had to do an assest based loan even though I have stable w2 income.

And now the rate they locked in for me is 5/1 ARM, 6.25% interest with 1.something points?

I feel like I have no other option but to take this deal, since it already has been 2 months, the sellers have greanted an extension already and I really want the house.

I feel played by the brokers, any suggestions would be appreciated.

adam_dahill | 6 years and 9 months ago

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What are the particulars of the loan? Purchase Price? Loan Amount? Property type? Credit score? Do you qualify for the loan traditionally? If they are offering up an asset based loan it means that you are not qualifying traditionally. Can they explain why it works or doesn’t work? Need to know the context and the timeline of the quote to determine what guidance I could offer

vthatcher | 6 years and 9 months ago

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Something doesnt sound right unless income is an issue. Any of us seasoned pros on the forum can help! 631-672-4113. Vthatcher@athccorp.com