A
axosu1
Guest
What is the name of your state?Maryland My wife and I purchased a new home in January that is currently under construction. We were given incentives toward options to use their lender. We decided with the lender to concentrate on keeping payments as low as possible with an interest only loan(5/1 arm). Then we would pay principal down when we wanted to in the years ahead.
I asked our loan officer how we could lock in our rate because that is definitely what we were interested in doing. She told us that we could not lock in on their loans. We were disappointed, but we thought that rates would still be manageable even if they started to rise. We were offered to lock in with another lender but we declined because we would not get the incentives if we went with another lender.
Over the last 6 months our loan officer has not called us once to review where interest rates were and how that might affect our payments. I called her 2 weeks ago to ask for a new good faith estimate based on current rates. The payments would be much higher and I told her I wish we could have locked in. She then said that we could lock in now if we paid 1 point upfront non refundable and not applied towards closing costs.
I told her I was pissed because she told me we couldn't lock in previously. She denies that. I complained to her manger who apologized for the miscommunication or lack of communication. The manager basically said tough luck.
My question is I want to know if I have any recourse at all. I told her last winter I wanted to lock in and I told the salesman for the home that I wanted to lock in. For whatever reason, that didn't get done. Now rates are much higher and we're screwed. I believe we deserve some kind of remedy for this misinformation. Is there anything we can do? I have documented all my conversations with this company since the winter. But I feel like I don't have any recourse.
Thanks for any input.
T
I asked our loan officer how we could lock in our rate because that is definitely what we were interested in doing. She told us that we could not lock in on their loans. We were disappointed, but we thought that rates would still be manageable even if they started to rise. We were offered to lock in with another lender but we declined because we would not get the incentives if we went with another lender.
Over the last 6 months our loan officer has not called us once to review where interest rates were and how that might affect our payments. I called her 2 weeks ago to ask for a new good faith estimate based on current rates. The payments would be much higher and I told her I wish we could have locked in. She then said that we could lock in now if we paid 1 point upfront non refundable and not applied towards closing costs.
I told her I was pissed because she told me we couldn't lock in previously. She denies that. I complained to her manger who apologized for the miscommunication or lack of communication. The manager basically said tough luck.
My question is I want to know if I have any recourse at all. I told her last winter I wanted to lock in and I told the salesman for the home that I wanted to lock in. For whatever reason, that didn't get done. Now rates are much higher and we're screwed. I believe we deserve some kind of remedy for this misinformation. Is there anything we can do? I have documented all my conversations with this company since the winter. But I feel like I don't have any recourse.
Thanks for any input.
T