Hello all!
This is just a quick note to warn potential borrowers about those online or mailout mortgage deals that look sooo good.
In most cases the rate/fees offered suddenly change before closing because of "unforseen issues in your credit, income, or assets, or other.
Typically the borrower has already paid some upfront costs and hates to loose that money by walking away from the deal, and continues with the transaction with a higher rate than promised. Many times those NO CLOSING COST loans came with a higher rate or costs rolled into the new loan. Sad, but true.
By writing this, I do not mean to target ALL non local lenders. It just seems to be a recurring theme for many.
Always consult a trustworthy local Broker/Banker before proceeding with any of these offers.
Paul