First time home buyers in Boston. Got a house and the original lender gave us 6.375% while other lenders were offering ~5.5%, so we changed the lender to my partners-in-law’s friend.
We specifically told him that we are looking for a lower rate with NO POINT! Checked our background on Sunday, and told us that he can land us in 5.125%-5.5% with NO POINTS! Sent out an email on Monday telling us the plan is to go with 5.125%, and called our buyer agent that we were locked on Sunday.
Finally got the loan estimate on Thursday, and it shows “5.5% with one point” locked on Sunday…. One point is equal to around $6000, and at this point we don’t have other options because a) rate of other lenders all went up to 6% and b) we are looking for a 30 day close, so there is not enough time to start from 0 with another lender. Basically if we don’t sign the document, then we will lose the house and potentially the earnest money…
He assured us that he will get some discount and even wrote this in the email, but a week later he came back and said I need to refer him clients to waive the 1 point…..
The problem is that we don’t have enough money to pay for this extra point, and doesn’t this make the loan fail and we lose the house because we don’t have enough closing cost???
Trying ti get some suggestions here about what to do because we really don’t have cash to buy this point and can we sue him for any damage caused because of his misrepresentation in the emails?
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source https://www.reddit.com/r/RealEstate/comments/vk8i3r/can_i_sue_my_mortgage_lender_for_misrepresenting/
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