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I'm getting mansplained, and it's amazing.

Situation: Ilan and I are taking out a home equity loan to build a shed, deck, fence, get new flooring, and a few other various home improvement projects. I put our info out on Lending Tree. We decided to go with PenFed. And then this happened.

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CHRISTOPHER DUNN, NMLS# 987486, Annie Mac Home Mortgage:
*introductory e-mail that specifically mentions that he is not a sleazy salesman*

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CHRISTOPHER DUNN:
*sends same e-mail again next day*

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CHRISTOPHER DUNN:
*sends same e-mail again next day*

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MELISSA:
Hello,

We have gone with a different lender, please remove me from your list.

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CHRISTOPHER DUNN:
How do you know if the person you are speaking to is giving you the best deal? Do you know if they are even licensed and bonded in the state of Georgia? My mother always told me (and I am sure that your mother as well said it) It never hurts to get a second opinion. I don't need to pull your credit to give you a quote. If I beat their rate and fees then you win all the way around. If I don't, We part as friends. Fair enough?

Warmest Regards,

Chris Dunn

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MELISSA:
They are definitely licensed and bonded in the state of Georgia.

We are doing a 5 year fixed rate home equity loan for 40k at 3.74%. If there's any possibility of you beating that, let me know.

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CHRISTOPHER DUNN:
Most large lending institutions do not require that their loan officers be state licensed or bonded. They are given what is called an NMLS Identifier number and that is all. They do not require them to take the extensive schooling and testing that someone who is licensed is required.

In order to give you a quote I will need the credit score they have quoted you and the total loan amount please.

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MELISSA:
Credit score 728
loan amount $40,000 (as listed above)
Please let me know if you can beat 3.74% fixed. We are not interested in a home equity line of credit or anything with an adjustable rate.

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CHRISTOPHER DUNN:
You stated that you are taking a 5 year ARM?

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MELISSA:
No. I stated that it is a fixed mortgage.

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CHRISTOPHER DUNN:
You stated in our original conversation that you are doing a 5 year fixed. That is a 5 year ARM. It is fixed for 5 years and then it adjusts. I am offering that rate for 30 years with no fees.

"We are doing a 5 year fixed rate loan for 40k at 3.74%."

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MELISSA:
No. It's 5 years, period. It's a fixed loan. Please do not assume that I do not understand my loan.

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CHRISTOPHER DUNN:
I'm not trying to argue with you. I have been in the home mortgage industry for 15 years. I have been on the advisory committee for President Obama during the housing crisis. I have worked for some of the largest banks in the world. I am Federally licensed as well as state licensed. I am pretty sure that I know what I am talking about. If your loan adjusts after 5 years it is an "Adjustable Rate Mortgage". You odiously are buying everything this sales person is feeding you. That is exactly what this person is. Because someone who is educated in this market would give you a fixed rate. I put the definition of an ARM below. Google it yourself.

What is an adjustable-rate mortgage?
An adjustable-rate mortgage, or ARM, is a home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down.
Pros:
Generally, the initial interest rate is lower than on a comparable fixed-rate mortgage.
After the fixed-rate period ends, the interest rate can go lower, so monthly payments can fall, too.
Cons:
After the fixed-rate period ends, the interest rate can rise, so monthly payments can go up, too.
Interest rates are unpredictable, so you can't predict what your payments will be in the future.



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MELISSA:
My loan doesn't adjust after five years. My loan is a five-year loan, and has a fixed rate. It will be paid off in five years. It is not an adjustable rate mortgage. I'm not really sure what you aren't understanding. Please see below for excerpt from Wikipedia about home equity loans.

Home equity loans come in two types: closed end (traditionally just called a home-equity loan) and open end (aka a home-equity line of credit). Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages.

Comments

( 1 comment — Leave a comment )
beetlebailey
Sep. 24th, 2016 04:56 am (UTC)
Wow. That guy sounds worse than a used car salesman.
( 1 comment — Leave a comment )

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Much like pineapples, I am hardcore.

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