In January I decided to refinance my rental property. I completed the online survey and within the hour, I received a call from "Scott" at Castle Pointe Mortage. He took all of my information and within a few hours called me back with a 6.8% rate. I sent the needed information to the office located in Massachusetts and he ordered the appraisal of my home. Everything was going fine and by week 4, I was told that the file was in "underwriting" and we would close by the following week. 10 weeks later, Scott disappears from the loan and the manager "Jason" assigns "Andy Albano" to my loan. Then, Andy tells me that they cannot do my loan. Yet, I receive in the mail a copy of the loan papers, that I'm suppose to sign and return for the 7.0% rate.in addition, I receive the declarations page from my insurance company with Castle Pointe as my new mortgage company. I called and asked for all of my paperwork back and began looking for a new mortgage company. Within days, I found one. This company looked at my paperwork from CASTLE POINTE and began explaining to me how CASTLE POINT MORTAGE was planning to RIP ME OFF. This was suppose to be a refinance with cash out. However, based on what CASTLE POINTE was planning, I would owe them money at closing and they would walk away with over $8000 dollars of my money in "fees". Although I paid $350 dollars for the appraisal, I couldn't use it. Castle Pointe ordered an incomplete appraisal and the appraisal company said that Castle Pointe owned the appraisal and if I wanted it released to me, I would have to pay an additional $300 dollars to get the additional information I needed (rent comparisions information). Please take my advice, stay away from CASTLE POINT MORTGAGE. It took the other company exactly 8 days to refinance my loan and I got cthe cash I needed out of the loan.
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