speaking of the re-fi…
I had to lay the smackdown yesterday with our broker.
He tried to pull a fast one on me. Nice try, buddy.
See, when I first called them to discuss a loan, and after he pulled our info and found a lender who would do a 115% loan (this was before we knew our house may actually appraise for higher than $165K), he told us we’d need to pay for the appraisal out of pocket. No big deal, we did that last time.
Then I decided I wanted to try and see if we could get any better deal out of our bank, W3lls .(JavaScript must be enabled to view this email address). They were willing to wrap the loan up into one (rather than having a 1st & 2nd), but the rate would be about 10%, and we’d pay nothing out of pocket, period. We were kind of OK with the rate (one rate at 10% is better than one at 9.9% and a second at 16.5%), they pulled the stats on our neighborhood and estimated our house may appraise for as high as $192K (which is why they would wrap the two loans up into one). We even set an appointment to meet with their broker at their branch. Until I was told that they require PMI (mortgage insurance), and it would tack on $7,000 to our loan. Uh, no thanks. Especially when I went back to the first broker and he said they don’t add mortgage insurance to their loans.
I told the first broker that the deal with WF, up until the $7K PMI part, sounded good, especially since they’d even pay for the appraisal. He said, we can do that for you, too. I was like, cool! I cancelled the appointment with WF and went about gathering the info I needed to send the first broker (paystub, W2s, etc).
Then yesterday, when the appraisor called to make the appointment to come by our house and said he would need a C.O.D. for the payment, I flipped. I told him I needed to discuss the matter with the broker, and that I’d call him back to set up the appointment after I got the matter settled about the payment.
I called mr. broker and questioned him about this C.O.D. thing with the appraisor. He said, yeah, you have to pay the appraisor out of pocket. I asked if we were going to be reimbursed for it? He shuffled some papers, and said, No.
Say it with me now… wha-wha-WHAT?! So I politely lit into him. (Polite being, I didn’t scream.)
I said, first you tell us we have to pay the appraisor, then when I go to WF and find out they will pay it for us and tell you this, you agree that you can do the same thing, and now you turn around and tell me we have to pay for it? So what’s the story? Why are you suddenly changing everything around like this?
I basically cowed him into agreeing to reimburse us. It’s not a cash-in-hand reimbursement, but he said we should see a line item on the mortgage papers showing a deduction of $250, which will be the reimbursement for appraisor.
So you can be I’ll be looking for that line when it’s time to sign the papers.
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