Amanda0602
New Member
- Jurisdiction
- Ohio
So we are in the middle of a home refinance. We were approved and we were deciding between a cash out option and paying off our Home Equity Line of Credit. The loan officer told us on a recorded line that our best option would be to pay off the home equity line of credit because the account would stay open and we would have access to those funds through the end of our draw period which is 4 years since we weren't sure how much we would need to get the things done that we wanted. So we agreed and went this way. Now we are a couple weeks away from closing and I read an article that tells me the opposite of what the loan officer said. I just spoke to his manager and he basically said oops he shouldn't have said that. We have already signed contracts to do home repairs and just learned this. Is there any recourse we have?