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Another reason to be careful out there.

You can color me naive or greedy or hopeful. But now you might color me knowledgeable.
I was pursued by a bank that wanted to reduce my mortgage interest rate and reduce my
monthly payments. I was asked to put up earnest money before they would give me
all the numbers.
After I received all the numbers, it appeared that the total payout was almost double.
But AFTER I had all the numbers, the bank still has my earnest money. (good faith money)

Just want all my friends to be careful.
Hoot
(did I ever tell you the one about the "HONOR SYSTEM"?)

hoot wrote:Another reason to be careful out there.

You can color me naive or greedy or hopeful. But now you might color me knowledgeable.
I was pursued by a bank that wanted to reduce my mortgage interest rate and reduce my
monthly payments. I was asked to put up earnest money before they would give me
all the numbers.
After I received all the numbers, it appeared that the total payout was almost double.
But AFTER I had all the numbers, the bank still has my earnest money. (good faith money)

Just want all my friends to be careful.
Hoot
(did I ever tell you the one about the "HONOR SYSTEM"?)

Another tip for all out there, you should never have to pay up front, before seeing the numbers, to do any kind of mortgage, purchase or refinance.

If you have where the check cleared, and the date of your "Good Faith Estimate" you can get them in a wolrd of hurt and get your money back. Just call the OCC, HUD, etc.

Only lawyers and fast food joints get paid up front. Got it?