I'm in the process of refinancing. I currently have both a primary mortgage and a home improvement loan (pool). My plan is to refi and roll the two into one. I was happy with my original quote that I signed the initial docs on, but the broker just came back to me and said that they were just alerted that bc we're rolling the second loan in, the loan type needs to be changed from "Rate/Term Refinance" to "Cash-Out Refinance" and there is a one-time charge of 0.75% points.
Does that smell right? I'm 2-3 weeks into this process and am just being alerted to this, so it's a little frustrating.
They also initially told me that I didn't need an appraisal and have changed their tune on that today too, so more money out the door.
I'm ok with both of these changes if they're really required and not in the broker's control. I don't think they would screw me over. But I'd like a 3rd party opinion if you guys don't mind.
Thanks
Does that smell right? I'm 2-3 weeks into this process and am just being alerted to this, so it's a little frustrating.
They also initially told me that I didn't need an appraisal and have changed their tune on that today too, so more money out the door.
I'm ok with both of these changes if they're really required and not in the broker's control. I don't think they would screw me over. But I'd like a 3rd party opinion if you guys don't mind.
Thanks