I did sign contract with Sterling Mortgage Corporation on April 26 for 3.875% 5/1 APR. When I asked loan officer what will be if rates will go down, answer was that in that case he will get for me lower rates. Rates for 5/1 ARM indeed went down. On May 3, Sterling Mortgage obtained Loan Commitment. Three days later on May 6th I called loan officer and asked him, why he is signing me for a loan with 3.8755 when on his own mortgage company webpage rates for the same loan were listed as 3.375 (0.5% lower). He promises me that I will get lower rates. He came back to me May 12 (six days later) with alternative offer that was still significantly higher than that on his company webpage. I told him on the phone that he was doing unfair service and I have to look for another mortgager. He answered that Sterling Mortgage will sue me. I did not cancel loan application officially. The same day I got E-mail with Loan application cancelation, blaming me for cancelation and requesting $1738.80 payment. Next day May 13 lawyer send mail to me that said that I have to pay Sterling Home Mortgage $2,038.80 in 30 days period. They send me YSP_invoice $300.00 service charge.
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