Cardinal Financial Company, LP Mortgage Complaint

Cardinal Financial Company, LP Mortgage department,

Conventional fixed mortgage Credit decision / Underwriting Texas

We applied for a cash-out refinance with - to get out of an ARM with a balance of $ -, consolidate a - mortgage of $ -, and pay off debt. Specifically, I requested a full 80 % of the appraised value, which my husband and I estimated to be approximately $ -. The initial paperwork we signed showed the mortgage value of $ - associated with an $ - value We spent $520.00 on an appraisal and two months of underwriting. The appraisal came out to be less than expected - $ -. As a result, the underwriter backed out stating our Debt-to-Income Ratio was too high to take out 80 %. In order to take out 80 %, we needed a D/I ratio of 35 %. However, neither our debt position or income earned had changed. It had always been around 38 %, when considering the mortgage balance, student loans and auto loan that would remain after the refinance. If anything, by refinancing a lesser amount, our debt position would be reduced. We were deceived. We should have been told up front by the mortgage officer, - -, and the documentation should have reflected a mortgage of 75 % of the appraised value.