LOLyourFace
Banned
I know it's 5am right now but I couldn't sleep since this have been bothering me all night. I'm not familiar with the refinancing procedure and I'm worried if someone took advantage of me or not. Please advise.
My parents were looking to refinance their home loan to a fixed rate so we called Washington Mutual customer service @ 1 866 WAMU YES. (Their website)
Now we were transferred to an agent named Mark. We asked bunch of questions and was told about the attractive fixed rate of 5.5% for 15 years with $1500 closing cost. While we were hesitant to make the decision, he said that he had an 'appointment' and he would call me back at my home number an hour later. So he did call an hour later and we decided to go with the new deal. He asked many personal questions which seemed normal: social security, annual income, property value, employment info. However there was one last required information that didn't rub me right: credit card info. & sudden $295 processing fee.
He never mentioned this $295 processing fee until the very end of our long exhausted phone call. I'm very suspicious now if he was personally trying to make money off my parents because he realized they weren't so sharp with this kind of stuff. Here are my following suspcions:
1. Isn't the freaking $1500 closing cost a processing fee already? He said we can even put the closing cost on the loan itself so we don't have to pay out of our pockets but why the sudden processing fee required to pay by credit card?
2. Remember he had an "appointment" and called us back at our home? He could've called using a private line to set this up so he's no longer monitored by the call center. This is a strong possibility because I used to work at AT&T customer service myself.
3. He already gave me the marketing BS of "The rates are going up tomorrow, so set up tonight", which I saw right through. When I asked suspiciously about the required credit card info and when the refinancing will go through, he answered, "I'll be putting all your personal information on my laptop and upload it tomorrow with the company." I don't know about you but don't agents have the company PC to use at their cubicle station? This goes perfectly well with suspicion #2.
Unfortunately, we already gave out the CC (my mom's debit card :|) and everything is done. But I do have his full name, extension at his company and even his cell phone number. Please advise only if you're familiar & experienced with home loan refinancing/. I can't wait til 8am to call them up and ask other agents about this "$295 processing fee". :disgust:
My parents were looking to refinance their home loan to a fixed rate so we called Washington Mutual customer service @ 1 866 WAMU YES. (Their website)
Now we were transferred to an agent named Mark. We asked bunch of questions and was told about the attractive fixed rate of 5.5% for 15 years with $1500 closing cost. While we were hesitant to make the decision, he said that he had an 'appointment' and he would call me back at my home number an hour later. So he did call an hour later and we decided to go with the new deal. He asked many personal questions which seemed normal: social security, annual income, property value, employment info. However there was one last required information that didn't rub me right: credit card info. & sudden $295 processing fee.
He never mentioned this $295 processing fee until the very end of our long exhausted phone call. I'm very suspicious now if he was personally trying to make money off my parents because he realized they weren't so sharp with this kind of stuff. Here are my following suspcions:
1. Isn't the freaking $1500 closing cost a processing fee already? He said we can even put the closing cost on the loan itself so we don't have to pay out of our pockets but why the sudden processing fee required to pay by credit card?
2. Remember he had an "appointment" and called us back at our home? He could've called using a private line to set this up so he's no longer monitored by the call center. This is a strong possibility because I used to work at AT&T customer service myself.
3. He already gave me the marketing BS of "The rates are going up tomorrow, so set up tonight", which I saw right through. When I asked suspiciously about the required credit card info and when the refinancing will go through, he answered, "I'll be putting all your personal information on my laptop and upload it tomorrow with the company." I don't know about you but don't agents have the company PC to use at their cubicle station? This goes perfectly well with suspicion #2.
Unfortunately, we already gave out the CC (my mom's debit card :|) and everything is done. But I do have his full name, extension at his company and even his cell phone number. Please advise only if you're familiar & experienced with home loan refinancing/. I can't wait til 8am to call them up and ask other agents about this "$295 processing fee". :disgust:
