I thought that I have found a good deal on refinancing my mortgage. I was told by my loan advisor that if my appraisal came to a certain figure that everything met the conditions to approve the loan. The appraisal came back well above that figure, which would have made the loan to value at less than 50%. Before the appraiser came out we were assured that everything looked good and that my income was solid and everything had been reviewed through their underwriters and we were just waiting on the appraisal and we would be good to go.
Now that the appraisal has been done, the $395 fee has been charged to my credit card and all, I am told that it is the lender who will not approve the final underwriting because my appraisal is for a rural property and comps are hard to find. It isn't my fault that I built a nicer home than what is close here in this community.
At this point, we have been 31 days from the rate lock date... We have had the appraisal, my loan has been through "underwriting" three or four times, my loan advisor and loan processor will not return phone calss and I have appealed to the company president. The best that they will do for me is to monitor what is happening with rates and re-lock with another lender, who they say most certainly will approve the loan. We will see!!! My husband tried to tell me that I was going to be ripped off and now my children may not have Christmas because this hasn't happened
Thanks for nothing!
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