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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