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About Eric Forster
Expertise
Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there.

Experience
More than 25 years in loan production and underwriting in Southern California.

Organizations
Mortgage Bankers of America (Southern California Chapter)

Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.

Education/Credentials
MBA (Finance)

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > arizona lending laws

Real Estate Home Mortgages - arizona lending laws

Expert: Eric Forster - 6/24/2009

Question
I recently bought a home for investment and was preapproved a couple of months ago. the lender who is a friend told me not to lock in the rate at 5.00% because it is coming down so I took his word and agreed to wait. but the rate went up to 5.75% instead. Then he told me after I was upset about the higher rate that I couldn't lock in anyway till the appraisal was done , which I have found out isn't true. So do I have any recourse on this matter? I believe I should be entitled to the 5.00% rate.

Answer
Mike -

T think your friend misquoted the rate and then dug himself deeper into a hole. The reality is that the investment property rate was never down to 5.00% - ever. And definitely not in the last two months. The lowest the investment-property rate ever got down to was 5.75%.

The 5.00% quote was available for owner-occupied properties only.

All the best,

Eric

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here