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Good loan, bad experience
I want to start out and very clearly state I am very pleased with the loan we got. We saved a ton of money, and it was done very fast. If I could give the loan 5 stars I would, sadly I have to be honest about the entire process.
I have to be careful as the broker I used and the companies owner have the same name. We worked with Eric S. (not the owner) My first review was taken down because I was not clear on that.
It started when I was called and made a bunch of promises, quick closing, no appraisal, best rate, lender paid broker fee. Eric was very clear about a confusion people had about how things are displayed and what actually happens. I felt okay proceeding at this point seeing that he was upfront with me on it. This is where things got funny, Eric would tell me one thing and tell my wife another thing. When we would question him on it, he would get defensive and try to double talk his way through it. We finally decided to pull the trigger on the refi about 2 days after initially talking to Eric about it. That is when everything changed. Now we needed a appraisal, the house is new and outside the city limits we were told. We wanted cash out so the APR started to creep up. Eric told me to wait 5 days to lock in, I told him no, we wanted to lock in that day. Oddly enough Trump tested positive for Covid-19 the next day. The numbers always changed day to day, then the appraisal came in. This is not their fault so I do not hold it against them, but we were low balled on it. I have receipts that show I paid 100k more then the house appraised for. Then the lender got cold feet even though we were still under the 80% mark. Fees kept changing, then the lender paid broker fee got moved to us having to pay it. I then wrote my first review (it has been taken down) It was not glowing, but fair up to that point. My wife called me the next day and told me that it was implied to her that my review was going to get in the way of closing the loan. Eric finally talked to me, and asked me to take it down. He offered to pay any rate extensions that we might of had, but we would have to pay the broker fee. What is funny is that day was some of the worst customer service I have ever received anywhere, and they were wanting me to give them 5 stars. The numbers changed 3 times that day.
At this point I just wanted the loan to be done, the numbers kept changing from day to day, and we would get some excuse as to why. My wife and I started to question if Eric knew what he was doing. Turns out that after the fact we were his second refi. Anyway they ended up waving the broker fee, but we had to buy 7 day extension on our rate because they didn't call the title company ahead of time, they wanted to wait until the last possible minute. I had to beg the title company to give us a earlier closing date to save us money.
Here is what happened. We wanted cash out, the closing cost were supposed to be wrapped into the loan, but it wasn't until the final paperwork got sent to us that we saw that Eric not only put the closing costs in to the loan, but actually doubled it. we wanted 37k out for home improvements and to cover closing costs, it ended up being 45k out 7k being closing costs. Not pleased, but at least we get to rebuild our savings.
Long story short, you will get a great loan, if you have a more experienced broker things will most likely be easier and better for you.
If lending tree takes this review down I will know that the reviews they offer are not fair and unbiased and will keep posting reviews until they stand. Customers need to know both good and bad experiences when dealing with these things. I am sure I will get a call from Eric asking me to take this one down as well, I will not do it. It is fair and honest as to my experience.
Please keep an eye on the fees and hold their feet to the fire about any changes as there was always changes. I hope Eric gets a better grasp on to his job, and takes the constructive feedback to heart. I am very pleased with the loan over all, process could've been a lot easier.
Closed with Lender:
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