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Mortgage Brokers & Lenders

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Jeremiah Hatcher
  • Chicago, IL
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Is my Lender honest or taking advantage of me?

Jeremiah Hatcher
  • Chicago, IL
Posted Jul 16 2019, 17:42

Hello everyone. I'm new to real estate and im looking to house hack. Background credit score 740, pre-approved for $230,000 for FHA loan with 203k for renovations. I am very inexperienced and don't want to be taken advantage of. I asked my lender what the interest rates are and he said:

"The rates for rehab loans are slightly different than your typical mortgage because it is a special program and they can change from day to day. Once you have a sales contract we can discuss your Interest rate, mortgage payment, down payment amount, etc.." (Loandepot)

 Is this predatory?

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