What happened to me is that when I refied 5 years ago, my broker gave me a 7% rate, 1.5% above owner-occupied. However, two years after closing, when I called the lender I found out that my loan was marked as owner-occupied. So the broker made tons of money on this loan. Yet I can’t do much about it.
HLS, with your crystal ball, would you think that rate will rack up quickly? On one hand, with the economy in a slow down/recession, Fed wants to keep interest rate low to stimulate. On the other hand, inflation is rampant and they have no choice but to raise interest rate. Right now they put the economy concern over inflation but for how long?
