We are getting a mortgage through Wells Fargo.?

You might have looked at APR which is always higher than the actual interest rate, ask them.

This is definitely the old bait and switch....

If your rate is not locked in than it did go up, and if you were suppose to have No PMI or Lender paid PMI and now you have PMI I would be weary of what is about to come.

Why did you not go for the 80/20 or 75/25? This would guarantee no PMI.

Also if you have NO PMI then they are just going to roll it into your rate.

You need to call the banker at Wells Fargo and start asking them these questions.

I myself am a Loan officer and I will tell you I compete with Wells Fargo a lot, generally if a customer ends up going with Wells Fargo and not me they will almost always call back and complain about all of the "hidden fees" they encountered. I'm not trying to sway you away from Wells Fargo but Beware they have some shady tactics there.

Good luck

This is a classic case of a bait and switch sitauation. Unfortunantely there are some un-ethical mortgage brokers out there who string you along to the end hoping that you will do the loan anyway, because of how much time you put into it (appraisal, paperwork gathering, etc etc... Based on what you are saying you should walk away especially considering the extra PMI you are going to incur on your payment. Walk away from this person, because what they have done is un ethical and the mortage insurance is something that you do not need to incur. If you need any further information feel free to contact me on my email and I will help guide you in a more reasonable direction.

sounds like your into the Rudyard Kipling story of the blind man and the elephant,dump the lender and get a FHA mortgage.

Tell the lender to stick with their original offer or that you'll find someone who will.

listen to everyone here....since you have not signed...tell them NO...you want the original deal.....

don't let them pull this on you...

good luck

:)