After a lot of work with our mortgage broker this summer, we were preapproved by Union Bank for a mortgage refinance. We've been in our home for 15 years and this would have been our first refinance.
Unfortunately, despite having locked the interest rate early on, Union Bank ultimately backed out of the deal and denied our refinance. My broker got the distinct impression the lender knew interest rates were likely to continue to rise, and no longer wanted to refinance our mortgage at the terms we'd agreed. All that work for nothing...
I'll never do business with Union Bank again. Mortgage applicants beware in a rising interest rate market...
