In 2004 I applied for and was granted a 15 yr 4.5% Mtg from Chase. My existing loan was with Chase for the past 15 years so all i was doing was a re-fi. My sister ran the title company and the closing was set and everything was approved with no contingencies. An Hr b 4 closing I was told the loan was not closing because they could not verify my employment. I rushed there to the title co with 15 years of mtg statements, 15 years of County Business Licenses, tax returns, business bank statements but none of these were accepted. I went to another bank and got a 30 yr @ 6.9%. No sooner did i close on that loan, CHASE purchased it. So now i am still with CHASE but at a higher rate and term. I wasn't good enough for the 15 year loan, or good enough to approved by Chase even though I had been making payments for 15 years without missing a payment or being late once, but i was good enough for them to purchase my loan. I guess in hopes that I would default.
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