So I was looking to refinance my existing 30yr Fixed Mortgage that was at 8.37% Interest. Yes my credit is not the best but I pay my bills and i am on the rebound. So I used Lending Tree to apply for a refi. A person from fidelity mortgage (no names) contacted me and told me he could get me a 30 yr fixed at 8.25 with 15k cash out to pay off credit cards
So I agree to this I send him my financials. I also own a rental property but my tenants are "tenants at will" no Lease! So he said well since you cant prove your rental income he is going to submit me as a No Doc Loan reason being is if he submitted me full doc they would need to send someone out to verify that the tenants live there. (Bullshit) So I said ok. So now he tells me that everything is going to change now and we need to hurry up because rates are going up and he cant promise me they will stay this way (typical scare tactic) So I said I need a good faith estimate asap. So he contacts me back and says he is ready to close in 5 days he emailed me the package.
Well now it turns out that the rate is now 9.99% on a 30 year stepped loan which means after 30 it goes up in interest until 45 years. On top of that they were charging me 3.8% in Points = $11,700 trying to charge me a 2nd time for the appraisal. And tacked on another 5k in cash out. These guys are total con artists and are not to be trusted. One last note. It was nice to see some Karma come back around. Their sister company DELTA FUNDING/Ocwen Federal Bank had postponed their earnings release which means they are having financial difficulties themselves. Hope the bastards get shut down
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