Guaranteed Rate

Guaranteed Rate Promised one thing Chicago, Illinois

22nd of Dec, 2010 by User837072

I applied for a home mortgage last August. I was told that I had locked in a rate of 3.5% on a 15 year mortgage of $417000. It took guaranteed rate 4 months to get final approval for the loan, but finally I was told that we could close. My mortgage broker then asked me if I would be ready to close in two days and I assured him that I was completely ready. Steve then told me that there would be even though I had locked in my mortgage rate, I was subject to additional interest fees that would be charged because he had had to extend the rate twice. After four months, thinking that I had brilliantly time the rate, and for the first time I was informed that I was subject to additional fees. First time, the week of closing. These new fees effectively rendered my "rate lock" a joke. What a scam! Fortunately, I am in a position to refuse their scam, and go get a another mortgage from another lender. I have lost my well time lock, however.

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Comments

4965 days ago by Jrome29

If you live in DC but you list a residence that is not your primary residence so you can pay less for auto insurance on your DL it sounds like you are committing insurance fraud...just saying...sounds like the pot calling the kettle black.

Also, lenders taking a long time for approvals and having to extend rate locks you can blame your buddies in DC. Unfortunaly due to the over regulation of the mortgage business the government is making it harder and harder for not only middle size mortgage companies and for consumers to get loans done.

Also, it sucks you lost your appraisal money but that money goes to the appraisal company and the loan officer does not get any of that so don' t think that G Rate is ripping people off for appraisal money. They only make money when loans close so it is in no interest of them NOT to close.

And no, I do not work for G Rate, but I do work in the mortgage industry and am a fan of educating both mortgage lenders and consumers.