Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up

I have over a year to wait until this happens but since int. rates are still reasonably low, I wanted to check my options. At first he's telling me to wait, I told him I didn't want to wait in case rates go up so asked him to tell me what he found out. It seems he can lock me in at a decent rate for 30 yrs. %26amp; I will be paying less per month than I am right now?? What's up with this guy?? Is he too busy to deal with my loan?? Please no soliciters of your mortgage business, just looking for insight please?? Should I not trust him now?

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?

Find someone else.

If he isn't gung-ho for your business, there will be 100 others right now that will.

I highly doubt he's too busy, no one in mortgages is too busy in January to take on a new client. So this guy is a flake. Dump him and get another.

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?

I concur with the above. Dump him. That being said, there are situations when you should wait. Keep in mind that mortgage brokers, banks, lenders, etc. do NOT make money if you do not do a loan with them, so I am VERY curious as to why they would say that. I would tend to have some trust b/c they are NOT trying to sell you anything.

I know with many adjustable rate products (although if you have great credit, you shouldn't have gotten into this) there is a pre-payment penalty. These are often VERY steep up to 5% of the the oustanding loan amount. This is the only thing I can think of that would make it NOT make sense.

Make sure you are comparing apples to apples. Is the 30 year rate for a true 30 year amortizing fixed rate or is it Interest Only - do you even care if it is interest only?

I am totally confused by how many people call ONE banker/broker/lender and accept that word as the law. This is an incredibly important decision and a huge financial decision. Spend the time to know and understand your situation. Shop lenders, you can save a bunch of money doing this. You will have to educate yourself and you WILL have to put in some work.

Feel free to post additional questions.

I'm assuming you are in the US. Get at least 3 good faith esimates. A decent lender should be able to generate these in little or no time, especially if you have good credit. Once you have those ASK questions about every dollar on them. Make sure no dollars are missing that should be there, but also make sure they aren't giving you a good rate only to soak you with fees.

I've been in the mortgage industry for a number of years. Brokers/lenders need to make money, but they don't need to make all their money off of you!

Please feel free to post more questions as they come up.

Regards,

Joe...

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?

It depends how long you have been waiting. Normally they have the rate locked for a certain period of time. Also he's probably waiting for banks, appraisers to get back to him. Call and leave him a message voicing your concerns. If for some reason he still does not get back to you look for someone else. Mortgage Consultant.

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?

Find someone else.