By law brokers do have to provide a GFE and TIL. But, as the name states it is an estimate and the loan terms frequently change from what was on the original GFE.
There is nothing wrong with this as many times it would be virtually impossible to prepare a GFE in advance that turned out to be 100% accurate anyway.
The TIL that one receives at closing is the one that will be accurate based on the final terms of the loan.
However, whether the terms of the loan change during the loan process or not, the borrower cannot be forced to close the loan. They can walk away at any time! Even if it is getting up from the closing table and walking away.
In doing this, one very well could forfeit some previously paid fees or earnest money, but that depends in large part to what arrangement was agreed to at the start between the borrower and broker. For example some companies will require a check to cover the appraisal be held that will only be cashed if the borrower decides Not to close the loan with them.
I am applying mortgage and almost finish processing the loan. But I can’t trust this brocker and I am thinking to cancel this offer. Here is my question. How much do I have to pay if I cancel this loan at this last minutes? Do I have to pay appraisal fee , survey, credit check and any processing fee ? I already proved the loan and almost ready to file to title company. But still she can’t tell me any interest rate , with PMI or Tax, my monthly payment. Then how I can know if I afford this rental house. Please someone give me any advice.