by Mr. T in DC
Question by peoples voice: If we back of from a refinance application what are the implications?
I tried to refinance my mortgage his guy talked me into it never gave me full picture until the day before closing, it had everything which I asked I dont want to pay now it would cost me thousands more if i accept this transaction, what are my obligations if i stop this transaction, and do not close.
Answer by Beverly S
You are not obligated to close. You may have agreed to pay for the appraisal, if so you will need to do so but that is all.
What do you think? Answer below!
If you had to pay for an appraisal, demand a copy. You will have to pay for it anyway so it is yours to take with you. If you decide to refinance elsewhere, that much will already be done.
If they failed to give you a disclosure statement up front, you may have a case for demanding any upfront fees or deposit back, less the cost of appraisal and credit report.