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cyjliu · Joined: 29 May 2009 Posts: 1 1.47 Dollars($)

Hi,

I need some advice on refinancing our current mortgage.
We are in the process of refinancing with another mortgage company, we locked the rate and signed estimated monthly payments, appraisal documents..etc. We are still waiting for the closing, but that mortgage company is playing games and keep coming back with points and fees that we don't know about before, and feel like they are taking advantage of the situation and trying to make extra money out of us.
My question is, is it legal and possible that we can call the whole thing off before we sign the closing?
I just want to know what the risk is involved if we decide enough is enough (ie. do we need to pay them penalties..etc?).
I want to go with another better mortgage company, but afraid that we are already too deep with them and can't back out before the closing. Please let me know what your thoughts are.
Thanks & I appreciate your help.

Jenny

eric1 · Posted: Fri May 29, 2009 7:38 pm Post subject:

Yes you can call it off. Did you pay anything yet?

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

Although you have signed the documents then in that it should have been mentioned about the fees structure.If it is mentioned and those people are charging extra then surely you can call it off if not then you are stuck over there.

jnoa · Posted: Mon Jun 01, 2009 6:35 pm Post subject: Yes!

Yes, you even have a three day rescission period if you had gone as far as signing the closing documents. If you had paid an upfront application fee it is possible to get that back as well, but will be hard to accomplish.

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