By:
Trety
NJ
Reviewed On:
September 24, 2011
Loan Request:
June 24, 2011
Do not trust
Lots of problems with this lender.
1) Made multiple assurances that I would qualify once they had all of my info. I did not want to order an appraisal until this was confirmed. They kept saying everything would be fine and cited their "years of experience"... suffice it to say, the loan was denied and in fact the underwriters determined that I was so unqualified for the loan that nothing could be done...couldn't lower the cashout, couldn't skip paying off a bill or two.... I could understand if it was a close call and some adjustments needed to be made, but from what they said, I was WAY off base with the loan.
So effectively, trying for this loan cost me money... I paid for an appraisal that was useless....
2) Speaking of the appraisal... going on a few weeks now and despite multiple requests, I have still not received the appraisal and this has now cost me the opportunity to work with someone else since I had to keep delaying things. The appraisal also came in around $35,000 less than one that was less than a year old... even after I had made $10,000 in home improvements.... So according to the appraiser, my home improvements did nothing and my house value is actually lower.
3) Check your paperwork VERY carefully.... As we went on, figures and numbers started to change... rates went up, cashout went down, and after we agreed on everything, including my monthly payments, another new piece of paperwork came down adding almost $200 in monthly payments to an FHA mortgage insurance that was required, but never disclosed to me...
4) In hindsight, I should have realized that something was wrong…. Once they start contacting constantly with pressure to lock-in, be warned…
I generally try not to write/say negative things, but I feel that people MUST be warned about this company… Just by dealing with them I am worse than when I started…
I have paid for an appraisal that I did not need, nor have I received and I missed out on some other offers that may have went through. (Other lenders were offering less/no cashout and slightly higher rates, but those loans may have still been a benefit to me) and as soon as the info came down all communication with them ceased… This went from them regularly emailing me to nothing and no responses to my concerns.
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