I was shopping for a home, I wanted to spend no more than $120,000 which I thought for me was about what I wanted to spend and would make my mortgage something I could afford into retirement.
We were using Cornerstone during the whole process, doing estimates and telling me about how much my monthly payments would be.
During this process we talked a lot about my Senior Discount – I am 67.
I would be anywhere from $80 to $140 off my monthly mortgage and since I was planning on keeping this into retirement that means a lot to me.
We found a new home which was more than I wanted to spend but with my Senior Discount it was doable.
Cornerstone kept telling me all I need to do is as soon as I sign paperwork and change the address on my Drivers License I could go down to the Harris County Tax Office and apply and I would instantly get my discount.
Then just bring that info back to Cornerstone and my mortgage payments would be reduced, and this could happen even before I pay the first but certainly by the second one.
Well, I feel like I have been sold a used car by a not so reputable used car salesman.
Because that is absolutely not the way the process works at all!! I applied, then there is a “process” that the paperwork must go through which could take 5 months.
And not only that, Cornerstone has sold my loan to another company in Idaho who is telling me that they won’t apply the discount until 2018! This is a nightmare.
I trusted the folks I was speaking to at Cornerstone and thought they knew what they were talking about,there sure don’t.
If at any point through the process someone would have told me it can take up to 6 months or a year to apply my discount it would have make a huge difference as to the property I chose.
I am not sure what I will do now. This is a huge burden on me. True in lending, where was it?