What to do if I don’t want loan from a mortgage service?

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Arg, this is killing me. I am getting bombard with questions from my mother about buying a house after she signs a big thick paper at mortgage services.

She tells me that she talked to real estate agent (didn’t sign aynthing with the agent she says) and the agent refered her to mortgage broker. She went to the broker and supposedly broker needed her info and signatures to crapload of paperwork to run some reports to get her the loans she need like % and amount and stuff.

my mother claims that she read everything and it was all about releasing information. I got a thick packet from wachovia saying that the loan is approved but hte interest rate seems really high. so my mom just wants to back out.

What should we do?! we are really confused. I am just telling my mom not to do any more stupid things anymore. and take action with intensive research from now on.

5 Comments
  1. Reply
    Big daddy
    January 28, 2011 at 4:32 am

    simple, just call the broker and inform them that your not interested and your withdrawing the application. Wachovia ceases broker operations last week so you could just shred the docs and let them expire if you want. Research won’t get you too far, by the way. You can get quotes until your blue in the face, but they don’t mean a thing until credit is pulled and you actually get a loan submitted and locked in. The way rates are right now, I highly doubt her rate is any good to begin with

  2. Reply
    Andrea
    January 28, 2011 at 5:05 am

    Have you compared the going rates on bankrate.com to see if it is a really high rate?

    I think she should speak to her broker and have him explain why the rate is so high. Ask the broker what her options are. That’s what he’s being paid for.

    Good luck.

  3. Reply
    Beth
    January 28, 2011 at 5:57 am

    Take every scrap of paper to a lawyer in the morning. It sounds like she has no clue what she signed and needs some serious help, fast.

  4. Reply
    JULIE H
    January 28, 2011 at 6:42 am

    Ask an attorney to look it over…

  5. Reply
    Charles97
    January 28, 2011 at 7:17 am

    If you still looking for a loan. This is the site that I used for a loan to purchase my house. They have a sure fee which it guarantee that it will not change on the closing day. Try it out and see if you like the rate.

    http://www.amerisave.com/partner/chongthong

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