On 10/13 I applied for a Refinance, FHA, 15 year, fixed rate mortgage, at 3.5% with Home Savings of America. They claim (75 Years, and still growing). Home Savings Of America sent my loan through Met Life Home Loans. I have jumped through all of the hoops and was even told to cancel my Automatic electronic payments to my current mortgage company, cancel my 25,000 home equity line of credit with another bank, transfer my home owners insurance to their banks name, ect.
On 1/10 I was finally contacted by HSOA and was told that I had the final approval, But that my rate of 3.5% was no longer available. They are offering me a 4% rate but that is not the agreement in the contract, 3.5% is very specific in all of the documents. HSOA has explained that my payment would increase by about 58 dollars a month, and that this is still a good deal. Now 58 dollars a month multiplied over 15 years is 8,352 dollars not to mention all the interest charges.
This whole mortgage process, with these banks involved, is a RIPOFF and a disgrace.
Do I just have to take it or leave it?
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