I would be very cautious working with Silver Fin, especially with Seth
At the start of the process I told him the home was likely worth around $702k, and that we were holding off on refinancing until rates fell below 5.7%. He acknowledged this and said he believed he'd be able to offer us a 5.625% very soon and that we should start the process so we can jump on that rate when it presents itself.
When the initial disclosures came over, I noticed a few inconsistencies with what we had discussed, including the property value being listed as $865k, which was much higher than I originally told him. I called him before signing and asked about it, and he assured me those were just placeholder numbers and that they wouldn't affect the rate.
The appraisal later came back at $700k, almost exactly what I originally said. At that point he suddenly told us the appraisal was "lower than expected," which moved us into a different LTV bracket and the rates we discussed were no longer available. He then tried to sell us on 5.99%, which was nowhere near the range we had discussed.
After pushing back, he said he "might be able to convince them to give us our target rate of 5.875%", even though I had already told him multiple times that 5.875% wasn't good enough for us.
The whole experience left me feeling like we were lured in with a better rate based on assumptions that didn't match the numbers we originally provided, only for the rate to change once we were already deep in the process.
We ultimately went with another lender who offered 5.5% without all the BS. We wasted the money that we spent on that appraisal by switching but it was 100% worth it. read more