Offer got accepted yesterday but our local broker tried to swindle us.

We have been looking for house for about a year now and after multiple offers that got out-bidded, our offer was finally accepted yesterday. Our broker who we have been working together for last 4 months has been super nice and easy to work with during this process. We could call or text him any time of the day or weekend and he would get back to us. As the rates start to go up and we sill didn’t have a house, we talked about 5 year ARM and he said the rates will be somewhere between 3.5 to 3.8 on MONDAY when we put an offer in. Yesterday after the offer got accepted, he told us the APR that we will lock in will be 6.1% 30 year conventional and 5/6 ARM will be 4.87%. After we told him that this is too high, his reply was “this is the best he can do and no one can beat this rates”

So after panicking for few minutes, I called Bank of America (our bank) and the APR we got from them was 5.1% 30 year conventional and 4.0% 5/1 ARM. The lending officer from San Diego was with us till midnight eastern time.

So this morning, when my husband called the local guy to tell him the rates we are getting from BOA he is saying that he will try to match.

For me this is shady behavior, I want to go with BOA but my husband is insisting that since the guy has helped us for last 4 months, we should give him a chance.

EDITED to add that he said ” 5/1 ARM rates will be somewhere between 3.5 to 3.8. ” on Monday. not many days ago. So I understand rates have gone up. My issue with him is he quoted us almost 1% point more than BOA in the same day.

submitted by /u/shwetami
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We have been looking for house for about a year now and after multiple offers that got out-bidded, our offer was finally accepted yesterday. Our broker who we have been working together for last 4 months has been super nice and easy to work with during this process. We could call or text him any time of the day or weekend and he would get back to us. As the rates start to go up and we sill didn’t have a house, we talked about 5 year ARM and he said the rates will be somewhere between 3.5 to 3.8 on MONDAY when we put an offer in. Yesterday after the offer got accepted, he told us the APR that we will lock in will be 6.1% 30 year conventional and 5/6 ARM will be 4.87%. After we told him that this is too high, his reply was “this is the best he can do and no one can beat this rates” So after panicking for few minutes, I called Bank of America (our bank) and the APR we got from them was 5.1% 30 year conventional and 4.0% 5/1 ARM. The lending officer from San Diego was with us till midnight eastern time. So this morning, when my husband called the local guy to tell him the rates we are getting from BOA he is saying that he will try to match. For me this is shady behavior, I want to go with BOA but my husband is insisting that since the guy has helped us for last 4 months, we should give him a chance. EDITED to add that he said ” 5/1 ARM rates will be somewhere between 3.5 to 3.8. ” on Monday. not many days ago. So I understand rates have gone up. My issue with him is he quoted us almost 1% point more than BOA in the same day. submitted by /u/shwetami [link] [comments]

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