Asked by Confused Consumer, Saint Petersburg, FL • Fri May 20, 2011
I am currently trying to refinance and renovate my home and after 4 months of working with my current financial instittution and setting up a closing date, they are now telling me that I need to come up with $12k to 15k in cash or liquid assets to proceed. I went through a preapproval process in order to make sure that I would have suffient equity in my property to make the necessary renovations. Throughout this process, I have continually asked what funds I would need for closing costs and additional fees. They stated numerous times that all monies would be built into the loan. I have communicated with them that the maximum amount of money I can come up with is half of what they are asking and also asked if there was anyway to reduce the loan amount. I am a little upset with the fact that they are now insisting that I withdraw the funds from my 401k to proceed.
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