When we met with the mortage broker the following Saturday she walked us through all our options and even explained payment methods. Going to the trouble of explaining that they have two payment options, monthy and biweekly.
She explained that while the biweekly method does end up costing slightly more, you do end up paying off the loan sooner and building equity quicker. There was only one catch. You could go from montly to biweekly, but you couldn't go from biweekly to monthly.
Fine. My husband wants to do that payment method. I'm a little leary due to the costs more. I want to start with the monthly payments and make sure that we can make those without issue before moving up. My husband agrees with me, because we know that we can change to biweekly at any time. We were told so.
We sign all the papers and finish the refinancing a couple of weeks ago. Payments are due to start in June. Husband changes his mind. He wants the biweekly payments. Calls the bank. They can't figure out what forms he needs. He gets at least three different answers. So we go to the branch and talk to someone in person after work.
Guess what they are telling us? You can't go from montly to biweekly. You can only go from biweekly to monthly. If we want to change the method we have to go through an entire new closing and everything.
Not something we can afford. We are extremely upset. We're upset that the bank doesn't appear to know its own policys. We're upset that we were misled and given incorrect information that we based an important decision off of. We're upset about a lot of stuff.
We feel that we've been lied to, and there will be a nastygram going out to the head offices about this.