Here is a synopsis of what happened to me when I tried to refinance my interestonly mortgage. I was recommended to this broker via Dave Ramsey, who is on the radio as a financial advisor to help people with less-than-stellar credit to manage their money and get out of debt. Right Trac is one of their "ELP"'s (Endorsed Local Providers) for my area. July - Dave Ciment/Right Trac gets in contact with me to go over details - mortage is set to increase in March. All our credit is in check, but my husband gets Lyme disease in July of and is out of work until September. No problem, we put things on hold. September comes, we do EVERYTHING, appraisal, paperwork, credit checks, etc. Also, credit checks are being run every two weeks, mind you, not the soft credit hits, but the actual loweryour-score credit hits. So, we are trying for a 30 year FHA mortgage. The bank/brokers don't tell you, DOUBLE COMMISSION for the broker on an FHA mortgage. December comes (3 months go by), and the bank is saying no on the re-fi because they think the appraisal is too high. I was under the impression that brokers use more than one bank, but, alas, the DOUBLE COMMISSION must have been higher with Webster Bank, the bank on this re-fi Dave was using.
We've already paid for the appraisal. He wants us to use another appraiser, only a 50/50 shot now to do this re-fi, according to Dave Ciment. He then goes on vacation for approximately one month. We put things on hold with him in January of then went to another broker and closed on the re-fi with Countrywide, 30 year fixed FHA in March. Heard from Dave's office in June, almost one year to the day we started - they were checking on whether or not we are still refinancing. We lost the $300 appraisal fee and lots of our time; also running our credit every two weeks was not worth the aggravation this guy put us through.
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