"That's not what my loan officer said".
One of my borrowers said he wasn't going to sign his loan documents because his loan officer told him that his new payment would be lower than his current payment and the payment on his Closing Disclosure was a lot higher. He went on to tell me and his wife that you don't refinance for a higher payment . . . that you only refinance if you are getting a lower payment. The amount I was showing him as his new monthly payment was entirely too high. He wasn't signing.
I quickly glanced over the Closing Disclosure and saw that Mr. Borrower's new loan amount was $58,000 higher than his current loan because he was paying off ten credit cards. Mystery solved and we commenced with the signing. |
