Be AWARE of who you are working with !!!!!
I have a funny story to share with you that happened to me the other day and thought I would share. I got a call from my Bank. As most I do my personal banking with one of the bigger banks here in Arizona. Without mentioning names and protecting the innocent, here is the conversation that transpired. "Hello Gary, Hi this is ________ with XYZ Bank and I wanted to get a hold of you and share that one of your mortgages with us is eligible for the HARP program". HARP stands for Home Affordable Refinance Program. "I noticed you have a rate of XYZ and you can take advantage today of getting your interest rate lowered". Now on the surface, this sounds fantastic. Most of you have received a call like this yourselves in the past. Now here is the problem. You see the mortgage she was calling about is a 1st mortgage loan tied to an investment property. What she also did not know was that the HARP program is only eligible for primary residence mortgages. So I asked her back , "are you aware that the property is an investment property". Now I hear a long pause, "Oh it is, Well if that is the case, then you would not be eligible for this program". Wow, she did a quick turn around.
So here is the moral of the story: Be careful where you get your mortgage information from. This advice was given by a personal banker at a big bank. She is not licensed as a loan originator in the State of Arizona and she is giving you mortgage advice that ended to be false. Most of us would have moved forward with what she stated, filled out lots of paperwork, maybe spent our hard earned money on an appraisal just to be later told by the bank that you were not eligible for the program to start with
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