[Magiczar]

Mortgage Broker for a 203k rehab loan? I am trying to get a 203k rehab loan through a broker. I tried to talk to Wells Fargo but they were charging ridiculous interest rates (2.2% over the 30 yr fixed rate i was getting) and a mandatory 2.5 points in fees which was making no sense at all.However I was doubtful if a broker could help me, especially on just 1 point in Origination and a interest rate which was same as the 30 yr fixed (after the rehab period). First of all the GFE that was sent out to me by him just had the broker cost estimates and clearly mentioned that it was not a commitment for a loan. Then the entire funding has been delayed inspite of some detailed paperwork i had done in advance for the rehab - contractors, projects, layouts etc. The broker tells me that the lender is busy with the refi rush as the interest rates have come down. It sounds legitimate but I thought sale assets were preferred over refi's. I have never met anyone from the Lending institution (PMAC Mortgage in SoCal - Anyone heard of it?). Is it normal for the process to work like this (borrower not meeting lender)? Are delays normal in 203k? What are the typical costs you pay for a 203 k loan? Would appreciate if you can share your experience of funding a 203k loan or such loan through a broker.