We have a very similar story to this one (/Mortgage-Companies/CountryWide-Home-Loa/country-wide-home-loans-full-3EEB7.htm)
Ours gets all the way to closing (a month after we were promised to close) and then reading the loan documents and seeing that the interests rate and payment we were promised in July and locked in with our $300 appraisal fee had gone up by 3% and $300 more a month then I am paying now. Gabriel Nava the agent who worked with us made promises saying by paying him $300 we would lock in a 7.5% rate and a $1550 payment (with taxes & insurance) and we would be able to pay off a $5000 loan with a high interest rate. So we scraped together $300 that we did not have and told him we are giving you our last $300 (its the difference between whether my children eat or not or our power/utilities stay on) with the promise and the assurance that this loan will go through and it's already approved. A month went by with Gabriel making excuses and not returning phone calls or emails (we contacted him or his manager at least twice a day). We finally got to closing and it was a hard decision as we were basically financing $15000 in fees and our loan to get our payment down and a 7.5% rate (with the promise of a lower rate as we paid on time) and he told us the night before closing that they would not be able to pay the loan off because our home did not appraise for as much as we thought.
So we did not sign the papers as the rate showed at 9.875% (which is more than I am paying on my loan now) and our payment went up $300 a month. Gabriel did not talk to us this morning about it. He had a William email us and told us basically he did not believe us and Gabriel would never have promised us that and that he would never have told us we could have our 'deposit' back if the loan didn't go through. I would not have agreed to close on a loan that was more interest and a higher payment and financed for more money then the original loan.
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