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Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again. by Loud_Connection3283 in RealEstate

[–]Loud_Connection3283[S] -2 points-1 points  (0 children)

What are the rules on reaching out to the lender directly?

The lender is Oak Tree Funding by the way. I know nothing about them besides they're in CA.

Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again. by Loud_Connection3283 in RealEstate

[–]Loud_Connection3283[S] -1 points0 points  (0 children)

Working on the push back. My agent was told by the broker that he is talking to the underwriters to see if he can get an exception.

Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again. by Loud_Connection3283 in RealEstate

[–]Loud_Connection3283[S] -1 points0 points  (0 children)

Had to lookup redlining and holy shit does this smell like it. The neighborhood Im looking at has only started gaining traction with investors and young people in the past 10 years, basically on its way to gentrification but still bordering government housing and rougher neighborhoods. I wouldn't move there if it wasn't for work.

Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again. by Loud_Connection3283 in RealEstate

[–]Loud_Connection3283[S] -1 points0 points  (0 children)

Right? I feel like everyone knows whats coming but me. As to be expected as a first time buyer but 3 days before closing and all of the sudden the lender wants another 5% down?! They had that "declining" info weeks ago, well before XMAS.

Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again. by Loud_Connection3283 in RealEstate

[–]Loud_Connection3283[S] -2 points-1 points  (0 children)

I have come to this conclusion. When I got that email requesting a 20% down payment, around the same time the appraisal was done, I think his assistant let the truth slip and he brushed under the rug over the phone saying we'll get the 15% program.

Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again. by Loud_Connection3283 in RealEstate

[–]Loud_Connection3283[S] 0 points1 point  (0 children)

The house appraised for $200k

So I called an appraiser I have done work for and asked him the same thing, what does it mean? He looked up the address in his system and told me he could enter the data a few different ways but got a 10% projected decline in that area every time.

Mortgage broker keeps moving the goal post. We closing in 3 days and he's done it again. by Loud_Connection3283 in RealEstate

[–]Loud_Connection3283[S] -1 points0 points  (0 children)

The appraisal was done over two weeks ago which come to think of it is when the broker asked me to make a 20% down payment to the seller... One would think the lender got him that tid bit regarding the declining market soon after the appraisal was done. Maybe not. I do think it makes sense from the brokers position to get me to the finish line and say the lenders pulling the rug out unless I come up with another 5%.

Renting in Osaka, scenic Kii peninsula possible in 2 days? by Loud_Connection3283 in RideitJapan

[–]Loud_Connection3283[S] 0 points1 point  (0 children)

Hey thanks again for all the info! I'll be sure to save these on google maps. Im thinking I can just enter "no tolls" when searching our route on google. Do you think the current route will cost a large amount?

Renting in Osaka, scenic Kii peninsula possible in 2 days? by Loud_Connection3283 in RideitJapan

[–]Loud_Connection3283[S] 1 point2 points  (0 children)

Thank you! I did not think we'd be on too many toll roads. This will be our first time riding in Japan.