I’m having some issues with my loan officer and was wondering if I’m allowed to tell him to shove it without being fined.
I’m a first time home buyer and I seem to know more about loan and grant programs than he does. I’ve handed in all of my financial information days ago and he said that I am pre-approved. Okay, for what? Well, he doesnt know.
He doesnt know what kind of loan I want, or qualify for. He also told me that I dont qualify for certain grants, when in reality, I do. After I showed him the grants I’d like to apply for, and that I did indeed qualify for them, he just stumbled around a bit and started making excuses for not knowing about it.
I’m tired of it and was wondering if I’ll have to pay him anything if I choose to find somebody else more qualified to work for me. I just cannot work with this guy anymore.
Looks like you’ll be using the words, “you’re fired” before too long. You are not obligated to use any loan officer, especially if they aren’t helping you. Withdraw your application and be upfront–it’s just business. There are no fines to worry about.
Thanks Boss! This guy is getting the axe for sure! I just found out that the property I was interested in buying was sold yesterday to somebody for 5k less than what I was going to offer. I’ve been watching this house for six weeks and the entire time could not make a move as I did not yet have the funds. This guy is getting an ear full on Monday.
I’m so tired of having to depend on all these “middle men”. The incompetence of your average man seems frightening at best. Ah well, hopefully this next one will be better.
You don’t have to have funds in hand to make a move. If put the property under contract, you can always have a financing contingency that gives you time to secure your loan financing.
Sorry you lost this deal, but I believe the fault is yours not the loan officer’s. If you were working with a real estate agent, the agent should have explained all this to you and also should share the blame.
There are plenty of other properties out there for you to buy. It is not the end of the world.
Thanks Dave T, even more reason I need to tell him to shove it as he is also my Buyers agent and told me that we should wait to get a loan approved before making any offers.