Can a bank change the terms of a mortgage after the loan is funded?
I’m hoping someone can help me with this question: After a mortgage has closed and been funded, can the bank require the borrower to sign a rider it did not ask for at closing? Here’s my situation… I closed on a refinance of my home early last week. Everything went fine, and as of last Friday, the old loan was paid off and the new loan was funded. The bank even gave me a check for about $10k, as I took out some equity in the refinance. Now, a bit of background: The home we just refinanced is the only home we own. However, we spend part of the year in another city, and we rent an apartment in that other city, because that’s where we earn our income. Our living and earning situation was disclosed to the bank during our loan application process. Yesterday, the title company that oversaw the closing (and represented the bank) got back to us. They said the bank is requiring that we come in and sign a second home rider. Although the loan documents we signed at closing all say that we were
