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  • February 9, 2011 at 12:09 PM #18500
    ninaprincess
    Participant

    Yesterday I agreed to lock in a loan at 4.99%.

    The Fee Worksheet I got from the Broker shows:
    Total Loan Amount: $405,700
    Rate: 4.99%
    Principal and Interest: $2,175.41
    PMI: $165

    However, today I received a Truth-in-Lending document from the lender directly indicating that:
    Interest Rate: 4.99
    APR: 5.44386%
    Amount Financed: $400,881.91
    Total Payments: $802,222.11
    Principal and Interest Payment: $2,175.41
    PMI: $209.61

    I have several problems with this:
    1. PMI is at $209.61 vs. $165
    2. The amount financed is different although the monthly payment are the same
    3. Is the APR at 5.44% too high over the 4.99% interest rate?
    4. Closing costs, is the closing cost of $5,620 too high?

    What do you think about this? Should I contact another broker?

    Many thanks for your help,

    Angry face
    Angry face

    February 9, 2011 at 12:15 PM #664019
    ninaprincess
    Participant

    I contacted the broker about the discrepancies, and she told me that “they are quite conservative with the estimates” and told me don’t worry and agree with it.

    I have a lot worries with her tone. Why should I sign something that is not very clear and could be fraudulant.

    February 9, 2011 at 12:15 PM #664688
    ninaprincess
    Participant

    I contacted the broker about the discrepancies, and she told me that “they are quite conservative with the estimates” and told me don’t worry and agree with it.

    I have a lot worries with her tone. Why should I sign something that is not very clear and could be fraudulant.

    February 9, 2011 at 12:15 PM #664826
    ninaprincess
    Participant

    I contacted the broker about the discrepancies, and she told me that “they are quite conservative with the estimates” and told me don’t worry and agree with it.

    I have a lot worries with her tone. Why should I sign something that is not very clear and could be fraudulant.

    February 9, 2011 at 12:15 PM #664081
    ninaprincess
    Participant

    I contacted the broker about the discrepancies, and she told me that “they are quite conservative with the estimates” and told me don’t worry and agree with it.

    I have a lot worries with her tone. Why should I sign something that is not very clear and could be fraudulant.

    February 9, 2011 at 12:15 PM #665161
    ninaprincess
    Participant

    I contacted the broker about the discrepancies, and she told me that “they are quite conservative with the estimates” and told me don’t worry and agree with it.

    I have a lot worries with her tone. Why should I sign something that is not very clear and could be fraudulant.

    February 9, 2011 at 12:43 PM #665176
    SK in CV
    Participant

    I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.

    February 9, 2011 at 12:43 PM #664703
    SK in CV
    Participant

    I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.

    February 9, 2011 at 12:43 PM #664841
    SK in CV
    Participant

    I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.

    February 9, 2011 at 12:43 PM #664096
    SK in CV
    Participant

    I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.

    February 9, 2011 at 12:43 PM #664034
    SK in CV
    Participant

    I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.

    February 9, 2011 at 12:51 PM #664106
    ninaprincess
    Participant

    OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

    February 9, 2011 at 12:51 PM #665186
    ninaprincess
    Participant

    OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

    February 9, 2011 at 12:51 PM #664851
    ninaprincess
    Participant

    OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

    February 9, 2011 at 12:51 PM #664044
    ninaprincess
    Participant

    OK, I accept that PMI is higher. However, the finance amount is different in the two documents. I need to borrow $405,700 but the truth in lending document shows only $400,881 but the payment is still $2,175.41. $2,175.41 should be the payment for $405,700 and not $400,881 at 4.99%.

    [quote=SK in CV]I’m not sure what you think is fraudulent. There might be fraud, but not based on anything you’ve presented here. The worst you have is an error yesterday was corrected today. PMI increased by $45 a month. If you don’t want to pay that much PMI, walk and look elsewhere. I have no idea if PMI is fixed price, exactly the same % for every loan, but if so, it is what it is.[/quote]

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