- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Maybe I’m wrong and that’s OK. But I need to understand the ethics behind this mortgage.
Posted on 2/27/21 at 1:29 pm to DiamondDog
Posted on 2/27/21 at 1:29 pm to DiamondDog
quote:
We have engaged a lender. They pre approved. We signed the loan documents. There was a rate fixed. It was never made explicitly clear this was floating. If I had no inquired, they’d have let it float until day after appraisal.
The rate they proposed for you was fixed, unlike a variable rate. You have the power to lock and have to tell them. Should they have explained that to you, yeah. But I think you might be conflating fixed rate product vs locking in your rate. Two totally different things.
2
Posted on 2/28/21 at 5:14 am to TigerDeBaiter
quote:
Should they have explained that to you, yeah.
All I’m saying. I understand fixed vs variable rates and how they’re applied relative to mortgages. I’m uninformed not uneducated.
Posted on 3/1/21 at 7:15 am to TigerDeBaiter
Very true, but who is offering ARM'S now? On the initial approval the loan officer should have stated that the rate is floating and the OP should have the option to lock or float.
If that conversation didn't happen that's on the loan officer (but ship has sailed).
If that conversation didn't happen that's on the loan officer (but ship has sailed).
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News