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I really need some mortgage help

Member

I really need some mortgage help

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.
 
Thanks
 
1 REPLY
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Re: I really need some mortgage help

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.