Rate Lock-lock up!
A North Providence man thought he found the best deal around. An online mortgage company offering incredible rates to refinance. But when the company started to charge him outrageous fees...that's when he Called for Action.
Franco Chicarella thought he had it made, his first house, his first re-fi at a great rate that would save him nearly 30 thousand dollars.
Franco Chicarella, North Providence
"I did a lot of research and they offered the best rates."
Franco found an online mortgage company, he locked in a rate in June, got all of his paperwork completed, including his flood insurance, a requirement because of where he lives.
"I had sent the flood policy information in with the original paperwork however, it seems they forgot to mail it this will now cause the loan to close late."
And that was just the beginning of Franco's problems.
They sent me back an email saying I need a rate lock extension, costing me a 1/2 point."
Franco gave them $500 reluctantly, and got another two week extension on his rate. But then Franco found out that the mortgage company didn't send in his paperwork to the bank on time, once again causing the rate lock to expire.
"They then contacted me again and said my loan couldn't close and they will need another rate extension, this time they wanted almost $6000!
It gets worse..really!
"The next day they told me the rate lock extension was going from $6000 to $6,500!
That's when Franco Called for Action!
"After calling Channel 12's Call for Action, I immediately got a call the next day saying they were willing to close and wave all the fees!"
When Call for Action contacted the mortgage company, we reminded them that Franco did provide them with the information they needed in a timely manner, they agreed. Franco closed on his mortgage last week!