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Has anyone had a good experience with refinancing their affordable? I turned in all my paperwork and was told that my new rate was locked in, only to find out a week later that they don't accept my home insurance company (which is Liberty Mutual). But they did happen to have the name of a different agent I could switch my home insurance to. So I'm thinking I should switch refinance companies. Any recommendations would be very much appreciated.
I know mortgage companies and banks can be rough, but what they did there is flat out wrong. A lender cannot require you to purchase insurance coverage thru any particular company. A lender also cannot require you to purhcase an amount of insurance that is more than the replacement cost of the dwelling you are refinancing or purchasing. This information can be found at TDI's website
http://www.tdi.texas.gov/rules/bor-home-english.html
Now a lender could require you to use a carrier that is AM Best rated A, A- or better, for example to make sure it's a reputable company. Which, by the way, all of Liberty Mutual's writing companies....including SafeCo (one of the many carriers we represent) are rated A by AM Best.
http://www.libertymutualgroup.com/omapps/ContentServer?pagename=LMGroup/Views/LMG&ft=4&fid=1138356794580&ln=en
The Texas Department of Insurance takes this kind of complaint very seriously and you should consider filing one. You can do that here
https://wwwapps.tdi.state.tx.us/inter/perlroot/consumer/complform/complform.html
