So I’m currently in the midst on closing for a house. This very reputable bank gave us a jumbo loan and was supposed to be an interest only 10 year ARM loan which I asked for in the very beginning and the loan officier stated it about 5-7 times through multiple emails. The loan officer assured me that this was correct. So I was supposed to close on 5/28/21 however they weren’t ready with the loan docs (it’s a 55 day escrow and I submitted my docs asap). So now they’re hoping to find tomorrow and now I come to find it is principle and interest which I didn’t want at all. I have this down in emails multiple times. Do I have any recourse for this?
Also on Friday she promised me the loan docs would be ready this morning with the interest only part revised only to find out now that she’s resigning from the bank and another person is going to continue instead.
I got a 2.375% interest rate 10 year arm but if I knew it was going to be interest and principle I would have done a straight 30 year fixed for the same interest rate.