Finally gave up hopes of getting a loan from LSI today. Have been working on it for 3.5 months, dutifully supplying every bit of information required of us in a timely fashion. We have GREAT credit, jobs, etc. And were refinancing a rental property. Only 50% loan to value. Were told in November, December and January that we were "good to go" and ready to close.
Then, at the last minute, the mortgage broker says buy more insurance for home. I did. Closing documents arrive with notary... No time to review. Big surprise? Lender has prepared quit claim deed for me to sign, forcing me to quit claim premarital property into joint tenancy. No word of such a requirement PRIOR TO CLOSE. Previous two lenders did not require it. Not legal either.
Mortgage broker says sign everything because there is a 3 day right of recission. Notary tells us he is wrong. NO RIGHT OF RECISSION in refinance of a rental property. DO NOT WASTE YOUR TIME AND MONEY WITH THESE PEOPLE! I lost the opportunity to refinance when rates were at an all time low because I believed the BS. Should know better... I am a REALTOR! Would never, ever recommend anyone use this lender.
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