A few hours before closing, my loan officer informed me that we were finacing more than 80% of the value of the house. He stated that they did not charge PMI would there be a prepay penalty if we refinanced/sold in a "couple of years" (I do not remember if a value was stated). It turned out to be 5 years. I do not know an honest person who calls 5 "a couple".
The above happened on the day after the first scheduled closing, and no mention of prepay penalty. The closing was to be at the house. 30 minutes after the scheduled time, we were told there was a mix-up and the local representative was not informed.
On the original "Good Faith Estimate", there was nothing in the loan origination fee line (which made the estimate much lower than other companies, duh). The loan origination fee at closing was $3200. A slight difference don't you think?
Another note of interest was that the local rep was supposedly in a car accident about a hour before she was to be at the house. She reportedly got a car delivered to her and she arrived 90 minutes after the scheduled time.
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