KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.
If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.
With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.
A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.
Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.
You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.
An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?
To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.
Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.
If you would like to know the right rate and what you qualify for today, please contact me privately… HLS
