| 10/19/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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Contacted Sunny Hill Financial ( mortgage broker ) and XXXX XXXX and XXXX for quotes on a 15 year ( cash out ) refi. Both came back with differing quotes/ fees and would require a new appraisal- which was fine. Ultimately decided to move forward with Sunny Hill Financial, given they had lower fees and a slightly better rate. After locking ( 30 days ) the rate ( 1.875 % / 15 year ) and agreeing to the various fees, I was told that they were " unable to find an appraiser in the area ''. When I pushed back, stating that I wanted an appraisal done, they informed me that I live in a " rural area '' and could not find an appraiser to do it. The only option was to pay an additional ~ {$800.00} to close with no appraisal. They somehow received this " appraisal waiver '' through XXXX XXXX but was not disclosed early on in the process that this was an option. I pushed back and really wanted an appraisal done, both for the benefit of the report and the ~ {$800.00} less closing fees. I was informed if we went the " appraisal route '', we certainly would not have time to close within the 30 day rate lock period. Rates had of course gone up, and the lender was unwilling to provide a rate lock extension without incurring a fee ( again, not because I did not provide all of the required information in a timely fashion, but solely because the could " not locate an appraiser '' ).
My issue is that this is the typical " bait and switch '' strategy that often gets exploited. I, the consumer, move down the path with a mortgage company with the understanding of rate, fee structure, appraisal, etc. and then once you're " in bed '', the financing structure changes. This is criminal in nature and should not be tolerated. My hand was forced to close a more expensive refinance because the interest rate lock would not be extended and the timing did not allow for the mortgage company to get an appraisal. None of this was my, the consumer 's issue, but I was responsible for the financial effect.
I should be credited back the ~ {$800.00} that I was forced to pay and Sunny Hill Financial should be fined accordingly for deceptive / destructive behaviors and not acting appropriately as a fiduciary.
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| 10/30/2023 |
Yes |
- Mortgage
- Conventional home mortgage
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- Closing on a mortgage
- Changes in loan terms during or after closing
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Web |
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The lender approved a loan at a locked rate of 7.625 APR for an investment only to rescind the o # er on the final day of closing. When questioned, they cited that the property did not meet XXXX XXXX Guidelines due to the possibility of fractional ownership. However, there is no fractional ownership of said property, nor has then ever been fractional ownership, nor is it planned. Moreover, there have been conventional loans backed XXXX XXXX recently for the same condo complex. We also incurred costs for a property appraisal and multiple credit inquires. We believe the lender does not want to honor the credit rate that we locked in, since rates have risen significantly since then. We believe this is the reason they wanted to cancel.
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| 04/08/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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| 10/26/2020 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
Older American |
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