What is the name of your state (only U.S. law)? California
On Saturday, I agreed to refinance my house with my current mortgage lender for a lower interest rate. They required that I pay a "non-refundable" deposit of $400 immediately and so I gave them a credit card number to charge the deposit to. After I hung, I took a closer look at the numbers and discovered that I would be paying $2,500 in fees and would recoup on $1,100 in interest savings. So, I tried calling back to cancel the deal and just got a recording. I immediately sent an e-mail to the loan representative that helped me telling him that I wanted to cancel the deal and get my deposit back. I've tried calling again this morning (Monday), but haven't gotten any response yet. So, I'm wondering: is there a cooling off period allowed for mortgage refinancings or is my $400 deposit indeed lost?
Thanks,
OakenRose
On Saturday, I agreed to refinance my house with my current mortgage lender for a lower interest rate. They required that I pay a "non-refundable" deposit of $400 immediately and so I gave them a credit card number to charge the deposit to. After I hung, I took a closer look at the numbers and discovered that I would be paying $2,500 in fees and would recoup on $1,100 in interest savings. So, I tried calling back to cancel the deal and just got a recording. I immediately sent an e-mail to the loan representative that helped me telling him that I wanted to cancel the deal and get my deposit back. I've tried calling again this morning (Monday), but haven't gotten any response yet. So, I'm wondering: is there a cooling off period allowed for mortgage refinancings or is my $400 deposit indeed lost?
Thanks,
OakenRose