PNC Bank Mortgage Complaint

PNC Bank Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker New Jersey

Hello, I 'm in the process of purchasing a home in NJ and reached out to PNC Mortgage to secure financing. The seller of the property had very strict requirements for our contract ( e.g. I had to deposit a $10000.00 non-refundable deposit ) and so we were still in the process of negotiating. Before finalizing the purchase contract, I explained the situation to - - at PNC Mortgage and told him my only concern from a PNC perspective is whether or not the property would appraise at the purchase price. I understand he could not tell me definitively if it would or would not appraise at the time of the mortgage application but when I explained my concerns to him, I was told based on my experience financing units in your building, I 'm - certain it will appraise. '' I explained to - that I could barely afford this property and that I could not afford to pay even $1.00 out of pocket more at closing if the property did not appraise.


I felt - deceived me into believing it was - certain '' that the property would appraise at the purchase price. That said, b/c of the significant difference in appraised value, I was unable to pursue the home purchase and lost my $10000.00 deposit which I would have never agreed to if it was n't for the - certain '' statement. PNC Mortgage persuaded me into believing something that was not true and b/c it was such a significant deviation from the expected appraisal, I believe they should take accountability for this negative outcome. Again, I lost $10000.00 and it was due to a mortgage salesman trying to sell me a mortgage.