Loan Officer lied to me about how much due at closing, do I do anything?

you have a three day right of recission, so depending on the day of closing you would have three business days to cancel the refinanceif you weren"t satisfied. The lender would have to refund any monies that you gave them. Ray Hazucka

This is a great story to teach EVERYONE that the choice of a lender is dramatically more important than just using whoever at "my bank", or the place shouting a super low rate on the internet. This guy sounds like the classic "application clerk" rather than a true licensed professional. About 80% of loan officers are UNLICENSED Application clerks, and only 20% are licensed professionals. You should always go to www.NMLSconsumeraccess.org to check out your loan officer. When looking at the web site, look at the bottom of the page. If it lists one or more states, they have a license. They've had to take classes, pass State and Federal tests, have continuing education yearly, and more. If it says "Federal Nation Mortgage Originator", they DO NOT HAVE license. Who would you rather use as your loan officer. A licensed or unlicensed person...

You may have gotten someone who didn't really explain well the variables in the process. It is very difficult to predict exactly at the time of application the amount of money that will be needed unless everything happens exactly as estimated. That is why it is called a Good Faith "Estimate".. The day you close does affect the amount of money needed at closing and if anything changed from the information you provided when you appied (even the date your insurance is due every year, or if the new tax bills came out and were different than what was anticipated), or even different fees than expected from an attorney/title company you chose to use (rather than the one the lender based their quote on), the amount can change. You do/did have the 3 day rescission period. Others here may disagree with me but depending somewhat on the amount of the loan, if the money you needed at closing was within $3-400 that is not unreasonable in my opinion. You may get more than that amount back from any refund of money in your previous escrow account (if you had one) plus you will not have to make a mortgage payment the coming month. If you got a good, competitive rate accept that it was really just the way these things work. You definitely can and should make sure you understand where the numbers were different than anticipated but it is highly unlikely that you were "taken".

It doesn't seem as though this LO really knew how to explain things very well. As Joe Metzler said most bank Loan Officers are really just application takers and haven't had to take a national or state exam so they don't really understand how things work. from what you wrote it doesn't sound as though he tried to deceive you, just that he isn't that good at his job. It is important to make sure your Loan Officer has experience and has had to take the national and state level exams, be careful as some are registered loan officers but that doesn't mean they took the national or state level exams!