Broker said I can lower loan balance of 1st Good Faith Estimate, is this true?

Has your loan been locked? $5000 in principal reduction wont effect his income by much so there must be more than what you has told you. If you need a second sets of eyes looking at your papers at no cost please feel free to contact our office by calling 310-348-7878 and talk to one of our mortgage loan originators. Thank you.

Yes, just because you have been given a GFE/TIL, does not mean you cannot change the loan amount. Your Broker is correct. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Under the current laws.. he cannot increase what he has already disclosed in box 1 .. However if the rate changes or the "rebate" changes, then that would reflect in Box 2... This is assuming your rate is Not locked.. if it is, then the only way rebate can go down is if the loan amount is lower.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes he can its a called a change of circumstance. I can help you understand better. Is this a Broker or a Direct Lender transaction? It could be redraw fee if docs were drawn or Lock extension fee worked into your . Sounds like you are making big deal about this and have some to little knowledge to the laws so be nice to your agent.

If the interest rate on your loan was truly locked, the credit was also. Neither could change until the rate lock expired, if that was to happen. The loan amount can be changed at any time. By lowering it, you wll get a smaller credit because it is determined by multiplying it times your rebate %. However, there should be no reason for the rebate % to have declined from .75% to .34% just because the loan amount was lowered. You should still get .75% of the new loan amount. If, by chance, your loan's interest rate wasn't locked when you were first told what the rebate % would be, and the GFE was prepard, it's possible that when the interest rate was locked this % had declined to .34%. These %s change daily, and quite often many times during the day. That is the danger of requesting a GFE too early in the process. It's exactly what its name implies--an estimate. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to answer any questions you have about your rebate and any other aspects of your loan. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody