Warning about a broker in Tampa who nearly cost me my house deposit

I was in the final stages of buying a condo in Tampa last year, using a broker I found online. Two days before closing, he called to say the lender had 'found an issue' and needed another $5,000 down. I called the bank directly myself, and they said my file was fine and the rate was locked. The broker was trying to push me to a different, more expensive loan from a partner of his. I had to scramble to get all the paperwork sent straight to the bank to close on time. It made me see how a broker can have deals on the side that don't help you. Has anyone else had a broker try to switch loans at the last second?

2 comments

2 Comments

the_alex12d ago

Man, that's a classic bait and switch move... read a whole article about it last month. They call it "loan flipping" where they get you hooked on a good rate, then invent a problem to push you into a worse deal for their own kickback. Good on you for calling the bank directly. Makes you wonder how many people just panic and pay up without checking.

christopher95211d ago

My buddy had a similar thing happen. His guy tried to switch him to a loan with a higher rate a week out. He got mad and went to a different broker.