AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question We applied for a 30 mortgage loan in February 2009. (to buy out my former wife half interest in our home)for $220k. The home was free and clear. Due to her needing money for a down payment on her new home quickly, the bank offered a equity line loan at 6.36%, with the understanding and then verbally stated that within 45 day a regular 30 yr. mortgage loan ($250k) would take the place of the equity line loan.
45 days later. (April 25, 2009) Nothing...we called and asked why. The person who we are dealing with at the bank said it was a bank thing going on throughout the entire bank. Interest rates were approx. 4.85 in April I believe.
Well, May came and went. We made several calls and emails to our bank representative...always with a "I'll get back to you".
Here we are at day 91 and now they say that loan just went to underwriting???? and we should hear something by the 18th. FYI - no information has changed on the loan application from the initial date we applied.
My question is "CAN A BANK LEGALLY HOLD LOAN APPLICATIONS ANTICIPATING INTEREST RATES TO GO UP???"
Answer Hello,
The first thing I'm going to say is this; I'm having trouble seeing that any bank would tell you they'd convert your home equity into a fixed rate loan within a given period Maybe a unscrupulous Loan Officer, but not a Loan Officer working at a bank.
As to how long the bank can go before approving your loan, that depends on the bank and the reasons they have for holding up the loan process. Typically, a loan should close within a 30 day period, as of the 1st of the year. NEVER longer than that for sure, if everyone has all their duck in a row!
If I were you, I'd talk to another bank and see what they tell you the waiting period is for their bank. I'm thinking you are using one of the FEW bad Brokerage firms still left out there, or you have a BAD Loan Officer with the Bank you are dealing with.
If the latter is the case, call and ask for the Bank Manager and explain what has taken place. Then I would
DEMAND to receive a interest rate that was within 30 days of the time you were told the bank would refinance you.
Good luck and let me know the outcome if you would.
Thanks,
Bobbi Buehl
877*928*4891
Sounds to me, if I'm getting it right, someone mislead you!
