Expert: Lori Frankfort - 3/6/2009

Question
I just received our closing cost estimate and HUD statement on our refinance
home loan mortgage.  I see all kinds of additional costs, and terms that I was
not told about -  e.g., a higher loan amount on the original loan than I was
told, terms that I pay my yearly property taxes monthly to the lender in an
escrow account etc.,  My wife and I really feel that I do not want to go and
sign the final documents.  The mortgage broker who handled this made us
feel pressured throughout the process.  In fact, I was contacted by him to
refinance.  If I don't sign the final documents for the refinance, what fees and
charges am I responsible for?  The mortgage company handling the refinance
is the same as the original lender

Answer
Don't feel pressured, unless you agreed to pay fees for appraisal, etc then you can't be held responsible for them.  It's their responsibility to honor their original loan terms.  Tell them you're not going to follow-through with it unless the original terms are honored.  Also, unless you're behind on your taxes then they can't require you to have an escrow account for taxes.

Best of luck,
Lori