J
jersey
Guest
the loan specialist told my wife if we applied for 200k we could get a fixed 3% rate and pay our house off. it was a homerun b/c my mortgage is 4.25% however after applying and speaking to a loan officer i sent him a checklist to feel more comfortable. i asked if the rate was fixed and he responded no it could balloon to 18% and drop as low as 2% . i told him the woman at the bank said it was fixed and ever said she paid her house off this way. he then responded she was misinformed and i should call her. i spoke to her and she informed me the loan officer was wrong. to which the loan officer told me hed call her and explain her misinformation.... never heard from her again however i decided to get the line anyway ...so then the loan officer called me and told me i could have 195k only if i paid my house off and no other loan. i told him id be crazy to pay my house off with a variable apr line of credit and how could the bank offer me almost 200k or i wouldnt be eligible for anything else ? strange..... anyway i got into this whole mess because the woman at the bank lied to me....... can i sue for violations of the truth in lending as far as clear and concise interest rates and the right to correct info? if i never sent that checklist i could have got that money and paid my house off and maybe missed the variable apr?