Has anyone else had a "bait & switch" tactics with a mortgage broker called Loan Leaders?

Question

I had a deal on the table, with a fair estimate, and then all of a suddden after the appraisal came in a little short, they advise that the "managers" have changed their mind and the persentage rate goes up by almost a full point and the term of the fixed 5/25 goes to a 2/28. I think they should have been able to tell everything BEFORE I spend my $325 for the appraisal, which come to think of it I NEED TO SEE FIRSTHAND. Any Opinions??

Answer 1

Did you read the fine print in the original deal? I bet it stated that the terms were conditioned on the appraisal being at least a certain amount. It is your responsibility to ask what happens if it goes back too low.