I think I was just swindled on my mortgage. The details:
The bank gave told me I could get an 83% and 10% mortgage and put down 7%. I settled on my new house then sold my old one 5 days later with a "bridge loan". When it all washed out the bank kept my profit to pay the bridge loan and gave me an 83% and 7% loan. Thus, I now was putting down much more than I wanted and was told the 7% would be a home equity line at 5.9% for 6 mos than prime. The way I see it, I am borrowing my own money but the bank keeps telling me it is better in the long run.
Meanwhile my 3% I lost would have been collecting 4.25% in the banks special checking account I have. Can they do this? I don't get it. They seemed to have backed out of our deal.
Also, would it be worth it to refinance at this point and take my loan elsewhere. I only started the mortgage last month.
You should stay where you are. You would lose another 4-7% in closing costs. Stick with at least a year and hopefully property values will go up and you can make a decision then. You can try to report the case to the company and maybe they will do something, but that is your best chance.