I read how the interest rates were dropping and now is the time to Refinance. Countrywide is my current loan holder so I called them to inquire about refinancing. I went over all my information and the representative pulled up my information and told me what my new interest would be and what the closing cost would be, approx 8000.00, which to me is too high, principal & interest and what my savings would be. He even said you may want to right this down. He even gave me what my savings would be. All I had to do to get the ball rolling was pay for my appraisal upfront. And I did. (DONT DO THIS) wait until you recieve the paperwork then pay for the appraisal if you want to move forward. Now that I look back I think that was his way of trying to give me a heads up. When the paper work arrived I went over it against the information I was given over the phone. The appraisal was done by a reputable company. I did check them out. BUT, Countrywide charged me more for the appraisal then it actually cost. Once the paperwork arrived and I went over it the closing cost were more than 13,000.00. When I called them and spoke with my contact person, she told me that my interest was more. Also, on the paperwork the payment was higher than what I am paying now. There was no savings. She didnt have to say another word. I told her THROW my paper work away. I will not be doing another loan with Countrywide. And I am keeping my paperwork. They may have settled lawsuits recently but I think they are still doing some shady business.
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