Credit Card Center Advertiser Disclosure

Posts: 18
Registered: ‎04-13-2007
0 Kudos

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.
New Member
Posts: 21
Registered: ‎03-30-2007
0 Kudos

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.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.