I wanted to refinance my condo and reached out to WCS lending for rates. They came in very low for a 30year fixed with 1 point. My credit report was excellent; filled out their application which was approved the whole process took about 30 days. I kept on asking to lock my rate in at the 4.85% that I was promised but was told that until my apartment was appraised they couldn't lock in the rate.
This is only specific to WCS by the way, the other banks that I spoke to would lock in a rate as long as you paid their application fee. Several days ago the rates went up from 4.85 to 5.35% so I decided to give them $385.00 for an appraisal to lock in the 5.35% rate. I get the appraisal back and it comes in at 600K, under what I paid for the apartment The appraiser didn't come into the apartment only drove by, and compared my apartment to comps in the area with buildings that are nothing like the one that I live in. I live on the 18fl with a complete view of Manhattan with state of the art appliances etc. Now WCS is telling me they might now do the loan or the rate will go up even higher than the 5.35% with more points. So I'm out the $385 for the appraisal.
At all cost avoid using this company. It was a big waste of my time and money and now the rates have risen to where it doesn't make sense to refi my mortgage.
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