by Marjorie
(USA)
Kate, I am in the process of refinancing my house. I only wish I had read your website prior to going to the bank. I would have know what questions to ask.
I am writing you because I read the post by "Catherine from Wilmington" and find myself in a similar situation. With mortgage rates changing so quickly, I think banks are pushing to lock you in before they lose money to a lower interest rate.
I am refinancing a mortgage and consolidating it with a home equity loan for a total of $250,000.00. My fault for not asking enough questions and being afraid of what the rates would do, I foolishly locked in at 4.55% and made a $1000 good faith deposit to my bank, the same bank I have dealt with for the last 25 years.
To my dismay, the fixed rate at my bank is now 4.15%. I asked several times about getting the lower rate even willing to reapply and lose my good faith money. At first I was told to be happy with the rate I got.
As I pushed for what the penalty would be to me if I backed out of this process and reapplied, I was told the penalty would be over $4700 to the bank for not following through on their commitment. But do you think for one minute a loan officer would not let me reapply if the rates had gone up?
I feel that I am being pressured to just "go with the flow". Being told to refinance if the rates go way down again does not help me justify the closing costs I would incur for refinancing in the future. My settlement is scheduled for this coming Tuesday and I am so annoyed by the bank's attitude that I am ready to say forget it and go elsewhere.
My fear is that the bank would bill me for their $4700 penalty change. Does that happen? Can they force me to follow through with this? I feel like I am being bullied and I do not like it. It is very cavalier of the loan officer to say, it is only $50 but for many parents that is a lot of money each month.
What is your opinion? Marjorie


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