We recently refinanced our mortgage with Chase who currently held the mortgage on our home. The whole process was a disaster.We were offered a loan which was suddenly no longer available (lie). The terms of our loan were very misleading. Points appeared from no where at close. Chase's loan consultant insisted that a certain tax I had heard about was not a tax. The tax not only apppeared at close but it was for a higher amount We were not told about the 3 legal day waiting period, until we tried to arrange the close on the other property. The list could go on forever. There closing costs were greatly understated and the lower costs were the reason we finally choose Chase.

The money from the refi was going to buy a property. Chase backed us into a corner. WE managed to get one extension on the close . If we didn't close and accept the loan, we would lose the other home.

Has anyone had similar problems, and if so, what did you do.

Does anyone have suggestions

thanks

http://www.scc.virginia.gov/division/banking/vamortg.htm

This agency handles the mortgage loan origination licenses.
Also, Federal law may govern your situation for out of state lenders.

Here is what should take place:

Once your loan has been approved, the next step is to decide whether you will lock your rate with your loan advisor. Locking in your rate ensures that your interest rate won't increase before you close your loan. Rate lock options include 30, 45, or 60 days. However, locking may not be the right choice for you, so we should look at your options so you can make the best decision.

You will be contacted to schedule a closing date. Closing is not very complicated, but you'll need to understand the various steps and fees involved with the process.

Here's a list of the costs which may apply when closing your loan. Costs may vary depending upon individual borrower situations and state, county or local specific laws:

* Mortgage fees
* Administrative fees
* Application fees
* Appraisal fees
* Survey fees
* Loan origination fees
* PMI
* Points
* Title Insurance
* Credit report cost
* Future interest payments, depending on the loan terms
* Title fees
* Title transfer fees
* Recording fees
* Recording fees
* Additional state or local taxes (could include property taxes)
* Insurance
* Homeowner's insurance
* Flood insurance, if required by law
* Other professional fees
* Attorney fees
* Escrow company fees
* Closing company fees

Key Closing Documents You'll Receive

HUD-1 Settlement Sheet
This itemizes the services provided and the charges to the buyer and the seller. You should be allowed to review this form shortly before your closing meeting so you know your closing costs in advance.

Truth-in-Lending (TIL) Disclosure
You should be mailed your initial TIL disclosure within three business days of applying for a home loan. It outlines the costs of your loan and discloses the annual percentage rate (APR) and other terms of the loan, including the finance charge, the amount financed, the payment amount and the total payments required. Since it's possible that the APR calculated at the time of your loan application will change a little before closing, your lender is required to give you the final version of your TIL disclosure at or prior to the closing meeting.

Deed of Trust or Mortgage (also known as the Security Instrument)
This document conveys a lien in your property as security for repayment of your home loan. (This means that if you default on your loan, your lender has the right to foreclose your ownership interest and take possession of the property).

The Note
The mortgage (or promissory) note represents your promise to pay the lender according to the agreed terms. It includes the dates on which your home loan payments must be made and the location to which the payments must be sent.

3-day waiting period is right of recission period on owner occupied property; the good faith estimate of charges is just that- an estimate. I am not sure what to say. The fine print usually says programs can change at any time, but it seems Chase should have honored the program that you were locked into to close but it could be that your program was on a float, meaning things were not locked in until literally right before closing rather than locked in after the mortgage went to underwriting. Sometimes, when rates are trending down, rates and programs are floated in hope that the borrower gets a lower rate, but maybe the opposite happened in your case. I suggest that you talk to them and should ahve held up the closing until you got some satisfactory answers. It may be too alte now.