Century 21 Diversified
What you have is a case of an unethical loan officer that will do anything to get your business. You probably had offers from others that properly quoted it as an investment property but you went with the lowest. This is textbook bait and switch and a prime example of why the unethical still exist in our industry. They hook you with the notion that you will be able to save a few bucks then change it up when they think it's too late for you to switch. Closing with this lender will reward this behavior.
I don't lend in IN so it's not a pitch for your business, but I would definitely investigate other opportunities with more scrupulous lenders in your area.
Just my opinion.
Principal Broker, REALTORÂ®
MacDuff Realty Group, LLC
You should have been given a copy of the GFE; Good Faith Estimate,
which details all the numbers, fees and charges, and breaks down the Interest Rate and APR, Annual Percentage Rate.
You might bounce this off him.
Good luck and may God bless