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Wednesday, May 26, 2010

Problems with loan broker?

After applying for a loan and then signing a credit agreement I have now been told that im not able to have this loan now.



Further to this I was told that i needed my property valuing and that this was just protocol and i would still get the loan.



After the valuation i was again told that as soon as the company received the valuers report they would send out the cheque for my loan.



Now i find out that my properties value hasnt met the target value it needed and i can no longer have the loan.



can they say that i would definately get the loan, then go back on their word or are they committing and offence by doing this? If they are in the wrong, who do I complain about, with me dealing with a broker?



Thanks :)



Problems with loan broker?

They are not in the wrong. You can not borrow more then the property is worth. That goes for everyone, not just you.



They committed no offenses, there is nothing to complain about.



Problems with loan broker?

the financial ombudsman, is the people to get in touch with, they will tell you exactly where you stand, they will even deal with it for you if you do.



Problems with loan broker?

anyone can say to a loan broker what they think their property is worth but until an appraiser makes an appraisal the loan is in abeyance... in other words its not a loan until all the components are there and the appraisal must be enough to cover with equity... for the loan



Problems with loan broker?

As a mortgage consultant we base our information on the clients estimate of home value, sometimes we want to do a loan but value is too low to actually lend money, also banks change their guidelines constantly so what I can do right now, I may not be able to do tomorrow. If value isnt there to do the loan meaning equity our hands are tied, no loan is guaranteed but as mortgage originators we all do our best to meet the clients needs, I am sorry your value has come down but that is no way the brokers fault, we do not control what the banks will buy (loans) nor do we control the values of your home, he/she should have told you based on the information you have given they should be able, nothing is set in stone until loan documents are notarized and your right to cancel has expired.

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