When I applied for a refinance loan I was told I was getting a 30 year fixed mortgage over the phone. They sent me a good faith estimate email that I could never get open and when I told them I could not get it open they said it would all be explained at the closing. At the closing the loan ended up being a 2 year ARM at 7.65% and a 40 year pay back. I was in the middle of a Bankruptcy at the time and really needed the cash out so I signed the papers. The closing cost also was thousands more than I was told they would be.
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