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I started the process of doing a cash out refinance with Flexpoint around the XXXX time frame. I was originally quoted on XX/XX/XXXX Loan Amount of {$620000.00} Interest Rate 4 % and Monthly Principal & Interest {$2900.00} from XXXX. We went through a full month of proceccessing the loan before I was notified by XXXX 's boss that they submitted the wrong loan that didn't meet the guidelines for a Texas based home event though they were well aware of the location and type of the loan that I would be getting. XXXX than informed me that my new Loan Amount would be for {$520000.00} an interest Rate 6.250 % Monthly Principal & Interest {$3200.00}. I had no choice but to move forward as I was already in the process of closing on an investment property. After showing concern about the massive amount of money I had lost through this process, XXXX informed me that " the cost of the points is simply reduced. When you spoke with @ XXXX XXXX, he resubmitted your loan and was able to secure the best. This is the only loan program available to meet your goal that Texas will allow. Well leverage this as an opportunity to get the cashout for your next investment and at the end of the year, well refinance you down to a lower rate/payment. '' If I had more time, I would have shopped this loan around or at least had the option to pull out. When this process started it was XXXX and didn't end up closing on the new property with my business partner until XXXX.
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