One day I got a cold call from a BofA agent fronm the Stevens Creek San jose branch with an offer to refinance our mortgage, since the rates are lower and I already have an existing mortgage with BofA, I thought, what could ever go wrong? So I agreed to meet the agent Kimberly Ford at our local branch in Milpitas. So when we all met she said she was confident our house would appraise for around $420,000 and gave us 2 options to choose from since we told her we had about $28,000 worth of credit card debt. So the first option was just refinance the mortgage @ 3.875% or the other option was to consolidate the credit card debt with the mortgage with a rate of 4.25%, so we agreed on the second option to cash out and pay the debt and consolidate @ 4.25%, she then asked for my credit card and said it wouldnt be charged until the loan approves, she never disclosed to us that it was non-refundable and what would happpen if the house doesnt appraise. Then I notice a charge on my credit card for $470. She never said it was non-refundable until after we declined the restuctured loan. So when the appaisal came back, she said it only appaised @ $360,000 and she would have to restructure the loan, right then and there, I had a bad feeling about the whole transaction. So she came back at us with the terms of the restuctured loan, she said the 4.25 % rate would remain with just the refi of the mortgage without the cash out to payoff the debt. I told her no, thats not what we lock in the rate at and not what we agreed on, then she pretty much backed us into a corner and gave us only 2 options, either accept the newly restucterd loan or forfeit the $470 they had charged my credit card for the appraisal, so by agreeing to her OFFER to do the refi, I loose $470, I have done nothing wrong on my side, we did exactly everything Kimberly had requested, she couldnt deliver the loan and we have now a $470 charge on my credit card. Please help, Ive been mislesd into this transaction.
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