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Company Loan Type APR Est. Pmt.

Good Faith Deposit

Posted on: 18th Aug, 2010 04:03 pm
Here's the story: I locked in a refi mortgage rate over the phone and a good faith deposit of $350 was taken from my account (same bank). When I received the mortgage documents, the closing cost was $10K higher than disclosed over the phone. I can understand an estimate but 90% off is not an estimate. In the closing cost was $6330 for transfer tax. I told the loan processor that a transfer tax is not applicable on a refi transaction in PA but she insist that it's a requirement. Since I didn't want to release $6330 to the mortgage company knowing I will have a hard time getting it back, I withdrew my application. I never signed anything and an appraisal was not done. The whole process never took off but the bank refuse to refund my $350. I felt misled. Who should I report them to?
Hi pandel!

Welcome to forums!

You should contact an attorney and ask him to deal with the lender so that you can get back the money that you paid for the good faith estimate. He'll further guide you as to what steps you need to take.

Feel free to ask if you've further queries.

Posted on: 18th Aug, 2010 09:03 pm
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