Etrade mortgage advised that they would refinance our mortgage at 0 pts and 4.625% on 3-24-04 they faxed a rate lock agreement we read and signed and faxed document back. Etrade changed terms of loan and added. 25 disc pts due to our credit they refused to process loan based on the original terms in rate lock.
The rate lock document stated they would refund $600 lock fee if loan could not complete due to credit. They also advised after we paid rate lock that to process loan they would need 14,000 dollars because appraisal came in too low. We had an appraisal done 1 year prior to take out home equity loan with bank one (great company) appraisal was 8,000 higher than appraisal done by etrades appraiser plus we updated our home changed all lighting added ceramic tile to 3 baths and entry and kitchen added wood floors and updated bathrooms plus the home values in our neighboorhood went up.
Original agreement said that if value above 80% then pmi is required said nothing of additional money being needed to process loan. Ask etrade loan cordinator (tammy Ramirez) why they weren't upfront she said we would scare you away if we told you we may need more money.
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