I was told over the phone that we could get a 85% LTV on my home at a fixed rate conventional 4.63% because of my good rating. The application they sent hinged on a LTV of 70% and they wanted points also. This was getting more expensive all the time.
A real estate freind informed me I would best case get a FHA and pay insurance so I backed out of the loan. When I confronted the agent he acknowledged that his back up plan was to go with FHA and I would be able to deduct the insurance. I quickly informed him my AIG was over the government allowance for deducting mortgage insurance.
I should have listend to the Bank of America loan agent who told me I was dreaming if I thouht I could get 270,000 apraisal in my area. I got duped. I am going to call American Express and see if I can get this 500.00 off my card.
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