I applied for a loan on an investment property. I was told to apply as a second home and it
was confirmed with bank and underwriter that it can be done that way. After that rate and
fees were locked and I paid home appraisal fees in the end of May. Closing date was set on
06/25. However, to my surprise 10 days before closing lender told me that rate and fees on
the quote will change and now I have to pay >$2000 extra to keep same locked rate. That
was communicated just 10 days prior to closing and I was threatened that I will loose my
deposit if I do not go with this new condition. In fact, they charged my credit card for
appraisal fees and NEVER sent me a copy. As per consumer financial protection bureau, I
should receive a copy of home appraisal but it never happened. It seems he was trying to
persuade me to take loan as second home but underwriter had objections, he came up with
new rates and fees. He left me stranded just 10 days before closing date. He even
threatened me that I will loose my deposit if I withdraw my application.
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