Refinance application

By law, you should have received a GFE within 3 days of applying... but, you're not going to find your answers in a GFE... ask him for an "Initial Fee's Worksheet", as well as the GFE.. and yes.. you can pay your costs, even if he has locked in your rate.. And to answer Ray's question.. 100% of LO's are required to register with NMLS.. However only LO's working for a broker are required to be licensed with the state and federal government.. I believe 80% are unlicensed is accurate... if you work for a bank, the bank might have licensing, however the loan officer working for them is not required to have any education, or licensing.. in fact they are not even required to do criminal background investigations on employees... most do, but they are not required.. However loan officers who do not work for a bank must have a federal background check done... I think the point that Joe was trying to make is that most bank employees are not educated in finding the right loan for each particular scenario.. Instead, they are trained in taking an application... your app get's passed on to some other department, and you will most likely never hear from your loan officer again.. dealing with a licensed, educated loan officer working for a broker is your absolute best scenario since they will have access to numerous lenders with a vast number of different lending programs... and you're dealing with the same guy the whole time... 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, you can ask him to give you a lower rate without the rebate. You can select any rate and any cost combination you desire. Sure sounds like you are working with someone who is not listening to your wants and needs. This is why it is important to consider the actual person you are working with as part of your lender decision. Slightly over 80% of Loan Officers in the country DO NOT HAVE A LICENSE. I wouldn't let an unlicensed person handle my largest financial transaction.

if you are that far along in the process, and he/ she has pulled your credit , you should have had a good faith esttmate.. 3 days after your credit was pulled.. i work with a excellent loan officer in california email me your information, and I will pass it along to her.. linda yourloanpartnerforlife@live.com

Yes you can change your rate.

All good comments below. By the way, there are many lenders that do not charge an application fee. (Most I believe.) In fact, depending on how the person is licensed, it may not be allowed.

All good comments below. By the way, most lenders do not charge an application fee. In fact it's not legal for many depending on how the company is licensed.

>>Slightly over 80% of Loan Officers in the country DO NOT HAVE A LICENSE.Where'd you get that information from, Joe? Are you saying 80% of Loan Officers aren't licensed or registered with the NMLS?

Are you saying that he charged your credit card $460 or what? You said No receipt. He can't charge you a fee to taking your application!! I think the funds are within the loan, maybe an underwriting fee, so no receipt. With no GFE he has broken the law. I would go somewhere else. If you plan on paying all your fee's out of pocket, it will be most likely 1-2 points for origination (depends of loan size, but your in Cal. so most likely large enough for 1-2 points to the Loan Officer or their employer. Then other closing cost 1-2 more points. So a $300,000 loan could set you back $9,000 in cash. No tax breaks on paying your own closing costs. A lower rate may even bring your cost up another 1 point. Each point is = to 1% of your loan amount.