Refinancing in Era of Trump [View all]
We have been trying to bring down expenses since September when my chances of a new job looked pretty slim. After cutting back and budgeting with a financial planner, we thought it best to bundle credit card debt and equity line of credit into our mortgage payment via a new loan. As time moved along we made an appointment for election day - 11/8. As it approached and various indicators had me really anxious, I knew we had to lock something in Nov. 8th. We did - at the interest rate of 3.5%.
But then the election results seemed to give the bank free rein to up the rate to 3.75 when the paperwork arrived two weeks later.
I have been on the loan officer's back ever since. He has found excuses to cancel appointments (illness, broken tooth) and at first said he would get it back to 3.5. Now claiming it was something called "cashout refi" with "add-ons" - which he says he hadn't realized was what we signed- we can only hope he can get it down to 3.62.
This cannot be normal. On 11/8 he was complaining about new regulations causing paperwork to seem endless. Now I wonder if the surprise election put them back in predator mode.
And what can we do about it?
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