We looked into combining our mortgage and our HELOC into one thru Lending Tree. Got contacted by Fidelity Mortgage in Tampa. Told them about our situation and that we recently had to take money out iof the HELOC due to unexpected car repair bills. They said NO Problem!!! We were told a 125% LTV loan would more than cover the amounts owed. We paid for the appraisal ($450) and were told we were more than good to go. Then the trouble started - now we were told we needed PMI for at least 5 years. Okay - we can live with that.interest rate quoted was 5.25%. We received the paperwork and found out that the interest quoted was 7% and the only loan refinanced was the 1. Mortgage (fees were more than $13,000) plus 5 years PMI and the LTV value was 95% - supposedly recently the 125% rule was changed by the government. When we inquired about the HELOC we were told NO WAY since we only recently took out money and for the next year that loan could not be included but after a year we could refinance AGAIN!!! So - no savings here whatsoever. The guy we dealt with would not take 'NO' for an answer and it got pretty ugly. He even suggested we refi the 1. Mortgage into a 5 year ARM!!!
That said - Watch out for Fidelity Mortgage out of Orlando, FL with offices in Tampa and some other place. They make false promises only to get your business. The consumer, however, gets screwed unless you VERY closely watch the documents you are about to sign
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