Mortgage Lender Can Change Terms?
I keep reading horror stories of lenders changing terms at the last minute before closing. How can this be?
Wouldn't this make a great candid camera?
Your in a cafe and order steak and baked potatoe. When the food comes out the waitress brings you goulash. You say, what's this? I ordered steak and baked potatoe. and she replies, "the cook decided to change your order and give you goulash, you know like a mortgage lender changes terms." 
okay, so that was a little corny.
seriously, i don't understand this??? 
[addsig]
Shabby practice, but until they commit, in writing, they can make any changes they might want...you don't have to agree to any changes.
It might be helpful to report this to your state's Mtg Broker licensing agency, as it could be the Mtg Broker is really at fault in this kind of deal. Specially true if he/she's taken any kind of money from you upfront.
4-S-INVESTORS,
Believe it or NOT...it happens ALL the time.
I actually think it happens 85%+ of the time...they know you need the money and they JackUp the fees..
It's happend to me several times..I take the GoodFaithEstimate with me to the closing and if within $50.00 ...I let it go....
if it's more..it comes off the brokers commission....OR I WALK!!!!
...and I HAVE!!!
...and told them to SHOVE the loan!
....as always,
GoodInvesting, Rocky
The only time this would be acceptable is if you had a rate lock and you were not able to complete the loan process before the lock expired. This is a known risk and quite prevalent in an environment where there are a lot of refinancing activity going on. Any loan broker worth his/her money will be candid about this possibility and disclose to you in advance any changes prior to the dreaded closing date. I have just had a customer signed his final loan docs and I was able to get the funding institution (Countrywide) honor the lock rate since the delays were caused by their failure to complete the paperwork on a timely manner. My customer got a 5.625% 30-yr fixed "No income verification" due to her stellar FICO score and substantiated assets. Her total fees on a $305K loan (100K cash out) was just over 6K. I know I will have referrals from her. Your loan broker should be an ally and willling to fight for you not just line his/her pockets with cash. Good luck!