We signed a contract on a townhouse that NV had knocked 80k from the price on, ( realizing that the new price is probably closer to what its really worth) As they always do, they forced us to use their mortgage company in order to get the " incentive". We locked our interest rate at 6.75% with a 1% Loan Origination Fee.
While filling out the paperwork, we mentioned that if we were too high on the debt-income ratio, we might consider trading in our car and buying a new one under our company name. No one said that the rate that was locked was contingent upon the car.
Anyway, a week later we got a pre-approval letter showing the payoff of the car as a condition for approval. When I contacted a dealer, he said I would be 10K upside down in the car. I contacted NVR and told them it would not be wise for me to trade the car in now. They said they might still be able to approve us, at a 7.05% APR! I asked them what the debt-income ratio had to do with the APR, and they said that is was contingent ( keep in mind there is no paperwork showing the old locked rate was contingent upon anything)
Anyway I traded in the car, and told them I wanted them to pay off the balance of closing ( 4400USD) to "split the cost". The GM told me that the mortgage broker never said she couldnt get me approved if I didnt get rid of the car, and that I will have to assume the loss on my own. He also offered me 500USD just because. 500 on a 417k house, with a 25k closing cost deal. We are closing on Friday, but I dont think Im going to sign anything until this guy comes back to me with some real money. I left him a message telling him he was insulting me and he needs to come back with a 4 digit number.
If I cant get my money back, Im getting ready to take them to court. I have the documentation for everything, and am not going to let it go.
Windsor Mill, Maryland