I applied for a loan to refinance my first and second mortgage into one loan. I was preapproved with no appraisal, no income verification and my credit score is around 800.
After the fast talking sales person sent the loan to a processor I signed the initial agreements with them and was aware there was a $500.00 charge if I cancelled and a $350.00 charge if they urned me down. I was not worried about being turned down because it was already approved—Then I started getting faxes requesting my tax papers for 3 years and was notified that an appraisor would be in touch.
After the appraisal and all I noticed my bank account had been charged for the $350.00. I inquired as to why and the loan processor said they could not make a junior loan to my 2nd. I stated that the loan would not be Junior because we were putting them together. He fumbled through the file and started to apologize and stated I would need more equity. I was willing to pay the balance down to get a 90% loan, but was never consulted about that or anything else. I still haven't received word that I have been turned down—but did receive a notice from my Insurance Company listing them as loss payee in a secondary position.
It appears that one hand does not know what the other is doing and I highly recommen this company not be used.
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