Is there a way to get closing costs and fees refunded after closing (home loan) if cheated by mortgage co?

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We recently just closed on a home July 8th. We are now finding out that the loan payment amount is going to be higher than it was told to us (and signed for) at closing. The mortgage company is also not giving us the answers as to why the amount is different. We are feeling misled by this company. Is there a way to get our closing costs refunded to us so we can refinance with someone else?
We have a 5% conventional loan. I found that the money that is different is PMI. It was LEFT OUT of our closing paperwork and apparently required by the lender. But if it was left out at closing, are we still required to have it? What are our options?
And please don’t call people “honey”… it comes across as condescending and puts a person on the defensive right at the start. I hope you don’t do that in your career as a realtor.

  1. Reply
    May 16, 2011 at 3:16 am

    The mortgage payment should match the amount on your Truth In Lending Statement and final loan documents to the penny! If it doesn’t the LENDER has a serious legal problem.

    Keep in mind that the Truth In Lending Statement only lists mortgage principal and mortgage interest. Your monthly payment MAY include property taxes, private mortgage insurance (PMI) and hazard insurance. Good luck!

  2. Reply
    May 16, 2011 at 3:19 am

    Why is the payment amount different and by how much is it different ? Answers to these questions are important. As another respondent indicated, payment may be higher to cover escrow of property tax and insurance costs. If that is the situation, you won’t find anything different with a different mortgage firm. It is standard practice to include an escrow for these items in addition to your actual loan payment.

  3. Reply
    Alrady Regnah
    May 16, 2011 at 3:43 am

    You can pay for forensic document examination to find out all the fraud, you may be able to still rescind the loan… you can check also TILA laws as previous poster mentioned. If this was new purchase and not refi there are different rules for each situation.

  4. Reply
    Expert Realtor
    May 16, 2011 at 4:13 am

    Honey, you weren’t cheated by any mortgage company…you just didn’t understand the transaction and didn’t read what you were signing.

    One of two things has happened:

    1. Your taxes, which are PUBLIC information…probably adjusted during the time of underwriting….this is a common occurance in the summertime. The mortgage company has no control over the taxes and they have to be paid.

    2. You probably signed for an ajustable rate mortgage with your next payment due on August 1st, so that explains why you got your bill…with an adjustable rate mortgage, your payments fluctuate, sometimes monthly, depending on the program.

    Both of these are 100% legal.

    We have no idea of what type of loan you applied for and we haven’t seen your closing paperwork.

    No, you cannot get your closing costs refunded and refinance with someone else.

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