I am currently in the process of buying a house. However, the lender I am going through decides to tell us 2 weeks before closing that a small 2500 dollar loan we have through our bank has to be knocked down to either 1512 or payed off completely. Does anyone know of a lender that is legit and not a scam? Personal experiences would be appreciated. Thanks!
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I doubt your loan company is a scam. Sometimes, when your score is not so perfect in their eyes, they run so-called "rapid credit analysis" to find out what needs to be done to increase your score to meet their guidelines. One factor to affect your score is your balances, so that is the real reason they asked you to pay down your debt.
Talk to your mortgage broker about the reasons, and I am sure it will be something similar to my explanations.
Short of a loan shark from whom You can expect a broken leg from if You default! Plus whatever the percentage of mark up or Vigorous (the Vig) may be!
The presentation of collateral, more than the amount You wish to borrow is generally considered an acceptable trade off!
Why do you consider your lender is a scam? Lenders has strict requirements from their underwriters and/or FHA concerning debt ratios. If you are over those amounts, the lender cannot approve the loan.
The only legit source I would rely on is where you bank. If you have good credit to buy a home, I am sure your bank can lend you the $2,500.