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Condominium Community Forums
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CMF representative
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| 05/08/2007 6:11 PM |
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On April 24th sperly (guest) detailed their transaction experience with Solara Loft's preferred lender, Community Mortgage Funding (CMF). Certainly the flow of communication and information between the potential buyer and the CMF loan officer was flawed. CMF sincerely regrets the impact of the misinformation, however to label CMF's intentions as a "bait and switch" tactic is simply not true. The facts are, CMF did all it could to try and make a miscommunication right with the potential buyers. As the documents were in the final review stage, the problem came to our attention. In an effort to correct the issue, CMF offered to waive the the costs of an additional point ($5,000). The potential buyers chose not to accept the offer. CMF only learned of the messsages posted to this site last Friday, May 5th, so the offer to waive the $5,000 was not influenced by the posted messages.
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Jon
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| 05/08/2007 9:57 PM |
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My experience with how mortgage brokers work is that they generally try to maximize their commissions.
Buyers are oftentimes so eager to get into a home, and at a loss over how to get a loan, that they'll do whatever the broker says.
Sometimes, with good intentions, the loan broker promises a loan with favorable terms. However, when they shop the loan to potential lenders, they are unable to come up with funding and have to resort to higher cost of funds. This type of issue is more likely come up frequently as easy financing dries up.
The best way to get the most favorable loan terms is to go directly to your bank or credit union eschewing the loan brokers.
If you have to do exotic or subprime then don't buy a house in this market. A job loss combined with a declining or stagnant market might cause you to lose the house in foreclosure.
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Anonymous
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| 05/08/2007 10:18 PM |
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I'd add to this that the mortgage market has seen a lot of changes and tightening of standards as the subprime and foreclosure problems hit a tipping point.
I think there are some good people in the banking business and I'd hope these local folks are trustworthy. I frankly can't stand businesses that treat customers poorly. I'm glad you responded in public to this issue as that's a good way of trying to right this situation.
Real estate and mortgage people should be the biggest advocates of a very high ethical standard as people like us that only buy or finance real estate once in awhile end up being jaded about the market participants. Reputation is key to any long term success in business. |
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Anonymous
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| 05/09/2007 1:02 PM |
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| What are the interest rates for a Solara condo? |
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swimjet
Posts:18
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| 05/09/2007 1:54 PM |
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| Thank you CMF for the additional info. I'm considering Solara, along with a few other products in the area. Regarding mortgage brokers, you really just need to find a good one. I was put in touch with a morgtage broker (Brad) in 2004 who steered me away from purchasing a unit when Laurel Bay converted. I was living there at the time. While another broker found a lender who was willing to finance me, although I clearly was not ready, Brad advised me against it. As blinded as I was by the buying frenzy at the time, if I had purchased then my ARM would have been resetting now with the same units in this pretty unsuccessful and still overpriced project selling for less. I am consulting with Brad now that I am considering purchasing again and trust that he will, once again, be brutaly honest with me. There are good people in the industry. |
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