Navy Federal ripped me off.

[BuyerWillEPB]

When you do finally decide to buy a house, I recommend you stay away from Navy Federal Credit Union. They pulled a classic bait and switch on me. When I applied for the loan, the rate was quoted to me as 5.875%. Then they bumbled along taking their time on the approval, all the while rates were going up and up. By the time I could lock in, I had to pay a full 0.5% more. Then to make matters worse, just before closing, the rates went back down to the 5.875% they originally quoted me. I called and complained, but they wouldn’t even fix it for me.

Stay away from Navy Federal. Stay far, far away.

[EconProf]

This happens a lot, which is one argument for applying for two parrallel loans. Then, when closing time approaches, they can’t pull costly surprises like this. You can bolt.
They knew they had you in a bind and had to go forward. You had no negotiating leverage. Yes, it costs extra to have such backup…I believe just the cost of another appraisal.
Any other Piggs ever try this? I have not, but have seen it advocated.

[EconProf]

This happens a lot, which is one argument for applying for two parrallel loans. Then, when closing time approaches, they can’t pull costly surprises like this. You can bolt.
They knew they had you in a bind and had to go forward. You had no negotiating leverage. Yes, it costs extra to have such backup…I believe just the cost of another appraisal.
Any other Piggs ever try this? I have not, but have seen it advocated.

[EconProf]

This happens a lot, which is one argument for applying for two parrallel loans. Then, when closing time approaches, they can’t pull costly surprises like this. You can bolt.
They knew they had you in a bind and had to go forward. You had no negotiating leverage. Yes, it costs extra to have such backup…I believe just the cost of another appraisal.
Any other Piggs ever try this? I have not, but have seen it advocated.

[EconProf]

This happens a lot, which is one argument for applying for two parrallel loans. Then, when closing time approaches, they can’t pull costly surprises like this. You can bolt.
They knew they had you in a bind and had to go forward. You had no negotiating leverage. Yes, it costs extra to have such backup…I believe just the cost of another appraisal.
Any other Piggs ever try this? I have not, but have seen it advocated.

[EconProf]

This happens a lot, which is one argument for applying for two parrallel loans. Then, when closing time approaches, they can’t pull costly surprises like this. You can bolt.
They knew they had you in a bind and had to go forward. You had no negotiating leverage. Yes, it costs extra to have such backup…I believe just the cost of another appraisal.
Any other Piggs ever try this? I have not, but have seen it advocated.

[waiting hawk]

YES! do 2 loans at once. Countrywide tried some weird crap on me and I got crazy with them. Any place will take their time knowing you are stuck then you have to go with them. Especially with a $100 per day charge with foreclosures (they charge you 100-150 per day if you dont close after 30 days). That is what happend to me. I had to get an extention on both properties I bought. One was 50% down and the other was 30% down. 0 debt, high ficos AND THEY STILL COULDNT close on time. Be very carefull.

[waiting hawk]

YES! do 2 loans at once. Countrywide tried some weird crap on me and I got crazy with them. Any place will take their time knowing you are stuck then you have to go with them. Especially with a $100 per day charge with foreclosures (they charge you 100-150 per day if you dont close after 30 days). That is what happend to me. I had to get an extention on both properties I bought. One was 50% down and the other was 30% down. 0 debt, high ficos AND THEY STILL COULDNT close on time. Be very carefull.

[waiting hawk]

YES! do 2 loans at once. Countrywide tried some weird crap on me and I got crazy with them. Any place will take their time knowing you are stuck then you have to go with them. Especially with a $100 per day charge with foreclosures (they charge you 100-150 per day if you dont close after 30 days). That is what happend to me. I had to get an extention on both properties I bought. One was 50% down and the other was 30% down. 0 debt, high ficos AND THEY STILL COULDNT close on time. Be very carefull.

[waiting hawk]

YES! do 2 loans at once. Countrywide tried some weird crap on me and I got crazy with them. Any place will take their time knowing you are stuck then you have to go with them. Especially with a $100 per day charge with foreclosures (they charge you 100-150 per day if you dont close after 30 days). That is what happend to me. I had to get an extention on both properties I bought. One was 50% down and the other was 30% down. 0 debt, high ficos AND THEY STILL COULDNT close on time. Be very carefull.

[waiting hawk]

YES! do 2 loans at once. Countrywide tried some weird crap on me and I got crazy with them. Any place will take their time knowing you are stuck then you have to go with them. Especially with a $100 per day charge with foreclosures (they charge you 100-150 per day if you dont close after 30 days). That is what happend to me. I had to get an extention on both properties I bought. One was 50% down and the other was 30% down. 0 debt, high ficos AND THEY STILL COULDNT close on time. Be very carefull.

[urbanrealtor]

It has been my experience that using a broker as opposed to a bank employee for this can minimize this sort of thing. However, that means using a really good one.

This is because they only work for the buyer and only get paid by them upon a successful close. This adds incentive to either go to bat with the bank rep or to double down on a second loan. Either way, a good loan broker is a huge asset in a transaction.

The plus side with bank employees is that they sometimes have a better grasp on the idiosyncrasies of their loan products than a broker would have.

I cannot speak to your experience with Navy fed. Recently I closed one with them, and they were competent but it was clear that the individuals I dealt with were not broadly experienced or accustomed to dealing with curve balls. Unfortunately, there were many curve balls.

A good loan broker is a huge asset. A good bank employee has good skills and deep knowledge about the products they peddle. A poor broker is cheesy used loan salesman. A poor bank employee was a teller a month ago and doesn’t care about your loan closing because it has minimal impact on his regular salary.

I have only had one loan officer (broker or bank employee) who has given me zero drama ever. Dave Espinosa ([email protected]). No he is not paying me. No I am not dating him. I just really like his service. He is blunt and honest and says things like “I can’t quote you a rate without more information.” Being honest makes him more effective at his job but less effective at getting dumb or uninformed clients.

[urbanrealtor]

It has been my experience that using a broker as opposed to a bank employee for this can minimize this sort of thing. However, that means using a really good one.

This is because they only work for the buyer and only get paid by them upon a successful close. This adds incentive to either go to bat with the bank rep or to double down on a second loan. Either way, a good loan broker is a huge asset in a transaction.

The plus side with bank employees is that they sometimes have a better grasp on the idiosyncrasies of their loan products than a broker would have.

I cannot speak to your experience with Navy fed. Recently I closed one with them, and they were competent but it was clear that the individuals I dealt with were not broadly experienced or accustomed to dealing with curve balls. Unfortunately, there were many curve balls.

A good loan broker is a huge asset. A good bank employee has good skills and deep knowledge about the products they peddle. A poor broker is cheesy used loan salesman. A poor bank employee was a teller a month ago and doesn’t care about your loan closing because it has minimal impact on his regular salary.

I have only had one loan officer (broker or bank employee) who has given me zero drama ever. Dave Espinosa ([email protected]). No he is not paying me. No I am not dating him. I just really like his service. He is blunt and honest and says things like “I can’t quote you a rate without more information.” Being honest makes him more effective at his job but less effective at getting dumb or uninformed clients.

[urbanrealtor]

It has been my experience that using a broker as opposed to a bank employee for this can minimize this sort of thing. However, that means using a really good one.

This is because they only work for the buyer and only get paid by them upon a successful close. This adds incentive to either go to bat with the bank rep or to double down on a second loan. Either way, a good loan broker is a huge asset in a transaction.

The plus side with bank employees is that they sometimes have a better grasp on the idiosyncrasies of their loan products than a broker would have.

I cannot speak to your experience with Navy fed. Recently I closed one with them, and they were competent but it was clear that the individuals I dealt with were not broadly experienced or accustomed to dealing with curve balls. Unfortunately, there were many curve balls.

A good loan broker is a huge asset. A good bank employee has good skills and deep knowledge about the products they peddle. A poor broker is cheesy used loan salesman. A poor bank employee was a teller a month ago and doesn’t care about your loan closing because it has minimal impact on his regular salary.

I have only had one loan officer (broker or bank employee) who has given me zero drama ever. Dave Espinosa ([email protected]). No he is not paying me. No I am not dating him. I just really like his service. He is blunt and honest and says things like “I can’t quote you a rate without more information.” Being honest makes him more effective at his job but less effective at getting dumb or uninformed clients.

[urbanrealtor]

It has been my experience that using a broker as opposed to a bank employee for this can minimize this sort of thing. However, that means using a really good one.

This is because they only work for the buyer and only get paid by them upon a successful close. This adds incentive to either go to bat with the bank rep or to double down on a second loan. Either way, a good loan broker is a huge asset in a transaction.

The plus side with bank employees is that they sometimes have a better grasp on the idiosyncrasies of their loan products than a broker would have.

I cannot speak to your experience with Navy fed. Recently I closed one with them, and they were competent but it was clear that the individuals I dealt with were not broadly experienced or accustomed to dealing with curve balls. Unfortunately, there were many curve balls.

A good loan broker is a huge asset. A good bank employee has good skills and deep knowledge about the products they peddle. A poor broker is cheesy used loan salesman. A poor bank employee was a teller a month ago and doesn’t care about your loan closing because it has minimal impact on his regular salary.

I have only had one loan officer (broker or bank employee) who has given me zero drama ever. Dave Espinosa ([email protected]). No he is not paying me. No I am not dating him. I just really like his service. He is blunt and honest and says things like “I can’t quote you a rate without more information.” Being honest makes him more effective at his job but less effective at getting dumb or uninformed clients.

[Author]

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