There is an Addition/Admendent To Escrow Instructions in our Final Refi Documents, can anyone explain what this means:

NEW LOAN: Borrower obtaining and property qualifying for a new trust deed loan securing a note in the amount of $235,274.00 in favor of LS - Centex Home Equity - Sacr. Said loan shall bear interest a fixed rate of 7.9900% per annum, for a term of 30.00 years, payable at approximately $1,724.72 per month, per terms and conditions of Lender's instructions to be deposited into escrow. Borrower's signature on all loan documents shall constitute their full approval of the terms and conditions contained therein.

We are supposed to have a 40 yr loan and then we found out that it is actually a 40 yr arm loan that adjust after 2yrs and then every 6 months after that, with a baloon payment due in 30yrs.

Any help is appreciated.

If I was you id be on the phone with someone finding out if it's a miss print once you agree to it you done

Sounds like a bait and switch issue, they were talking to you and adverstising one loan, and then when it comes down to signing the papers, they come up with some other loan. Wish I could say it was more uncommom, so call them and tell them that the loan is wrong and you want it according to there terms you agreed to.

And if they don't, go somewhere else.