I want to share my experience with the people that are now (sadly) JP Morgan Chase. I wanted to refinance my mortgage through them. I have paid my payments all on time for 8 + yrs. even when I lost my job late last year!
First thing that they charge you is a "NEW" $350 non refundable fee which they told me for a "non doc or low doc loan" which originally what should of happened. I agreed with this charge because of the no doc, since I figured it's only a refi & again I had v. good past history of payments. I had refinanced before with WAMU around 2006 with a min. of charges (1/2 pt. & not w/a non-refundable chrage either!) on a no doc, so I was satisfied with the refi and the understanding people I dealt with. Well long story short they backed out on the "no doc" citing that the house & property would need a full appraisal. They actually did a credit check on the three credit instituitions (remember that this was a no doc loan, a "normal" bank would not do this), and I believe that was really the reason (2 charge-offs found). Also the loan had a 1 pt charge which I was not told this, since it started at no points!! They stated that it's was ok (with them of course), and they wouldn't charge any more to the closing amount (not true it's a lie since the 167K amount is already about a $173K amount go figure - a $6000 refi loan!?!??). I was already hassled to be there for the appraisal, & to get numerous calls about straigntening out my credit (to make it sterling for them) since now it became a "full" doc loan!! Since it took time for all this & the research etc., to put the cherry on top of this mess, recently they told me on the phone that they would have to charge me a 1/2 pt ~ $1000 to extend this loan for the rate which I started which was supposed to be a simple refi no-doc loan!!! So basically I'm out $350, with either abrupt & rude or non-responsive employees (amazing mix isn't it?!?!) WAMU was one of the better banks and the people who worked there, now I'm stuck with JP for the time being, until I refi in the near future with someone else. I like to start a class action lawsuit against them with other people who had this "rotten" experience.
Pa State Blues