Buyer beware!

A Memory Perspective Piece.

      Refinancing a mortgage;

While I was in the process of applying for a refinancing loan to lower my mortgage rate.  I was very pleased that things were going well.  I had paid for an appraisal of the property and the results came back favorable, placing the value of my home at a very good price. This made it possible for me to proceed with the closing of the loan.  After reviewing all of the documents and signing them I was in the final steps of being approved for a new lower mortgage rate.  Then that’s when things started to go wrong, everything change.  First the lender decided to conduct  their on appraisal, using as they describe, a national banking method. The end result was not very thrilling.  According to their findings my property rated at a much lower market value then previously valued by the appraiser that did my home. This placed me in a situation of drawing up a different contract for the loan. This reminds me of the kind of situation that when you first think things are going well for you, they can always change and not always in your favor.  Thu the new contract offered a much lower rate then the first; it had many other premiums and cost that let me to withdraw from the entire deal completely.  Buyers beware.        By, Ray Nieves


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