On November 4 I received notice that I GOT APPROVED FOR A MORGAGE LOAN through Home Loan Center as e-mailed by Ruben Sanchez a mortgage banker from the Home Loan Center. He told me to lock in the rate and that rate would be good until 12/4. I sent in all the documents that Home Loan Center asked for so I could close on this loan., including paying $500 dollars.
Everything seemed o. K Except that when an appraiser came out this lady did not know how, and therefore appraised the house a lot lower then it should have been. I even had documents that showed the true value for my home and area. Home Loan Center refused to except this information. While this was going on, Ruben told me that my area was in a no cash-out zone. This meant that I could not do the needed home improvements, which was the sole purpose for this loan in the first place, in which Ruben quoted me, at the beginning.
Therefore, though I was approved this loan would not be benificial to me and Ruban suggested to stop the loan process which he did, only to find out that Home Loan Center refuses to refund the 500 DOLLARS WHICH ACCORDING TO THE MY DOCUMENTS WAS FOR AN APPLICATION FEE AND NOT AM APPRIASER FEE., or lock in fee. Ruben stopped the loan prosess on November 13. I also received a credit denial letter from Home Loan center. IS'nt that a kicker, for a loan that was approved really was not. Will i ever see my 4500 dollar refund again???
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