I contacted NationsChoice Mortgage to refinance my home loan early October. Their sales person, Richard Garza, asked me the details of the property and my personal information so that he could send me a Good Faith Estimate. I received the GFE based on the information I gave him and online application that he filled up for me. The agreed rate was 4.875% with NO COST FOR THE LOAN. I received a letter from the company showing the rate and congratulating me.in the mean time I sent Richard a bunch of personal and property information such as my bank statements, my W2s, my pay stubs, home insurance, etc. Richard, in turn, let me know a few days ago that everything was in order and I needed to stay home last week for an appraisal. We had, already, discussed by e-mail that the cost of appraisal will be picked up by NationsChoice Mortgage Company. The appraiser came and went. Couple of days ago Richard sent me an e-mail informing me that the deal he promised was for a single-family residence and not a condominium as he was just informed the property to be a condo from the appraisal report! Therefore I either have to go by the same rate but pay 1.75 points or accept a new rate of 5.25% with no fees. I let him know that he always knew my property was a condo and not anything else. He claimed that I told him the property was a SFR. I let him know that I had no reason to lie to him as it was obvious to me that he would find out details of the property at the appraisal report and I had no time or motive to waste for a lie like that. I also told him that my parents told me they have checked Internet and found some complaints about NationsChoice Mortgage deceiving people and ripping them off. Furthermore, I argued with him that if I had not lied to him, then he might have made a mistake assuming that the property was a SFR.in that case why should I be penalized for their mistake and pay for the appraisal fee, as the revised rate does not really make that much sense for me. My current rate is 5.5% and I no longer trust NationsChoice Mortgage to risk going through another trauma with them to save $40-50 a month.
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