I was given a refinance proposal that sounded good. I was warned by another lender that this company couldn't possibly do what they said because my property would not appraise for the amount Shore was saying they could save me $160 per month for.

When I questioned Shore Mortgage about this they said, "We are not a bank, we lend our own money and so have other programs to offer." Well, shame on naive me. Of course my property did not appraise for the suggested amount, as I told them it wouldn't, and the "other programs they had to offer were 1)bring 8-10K to the table 2)save 15 dollars a month on my mortgage. Now I am out an appraisal fee and the time invested. A more sophisticated consumer may have asked the right questions.

All I know is they sure weren't volunteering the information and even a naive consumer wouldn't go for their "other programs". Makes me wonder if they profit from the appraisals.

Monetary Loss: $475.

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