No one answers their phones
This lender continued to come up high on my list. Tried four times. No one answers the phone. And all the time on the website it says that representatives are standing by. Very disappointing.
Bad Business Practice - Move on
False advertising. First they took information over the phone for a HELOC not a refinancing. Lower's representative said they will call back later that day with the numbers which they never did. I called the next day, they did not answer and I left a message. They returned my call on the third day. They said they could do a HELOC and ran credit report. Then gave the numbers for refinancing and cash out. I said we talked about HELOC only and they said they will only do a HELOC if the company could refinance the first mortgage. I indicated that is not what we talked about before you ran my credit report. I told them specifically I was looking for a HELOC without a refi before you ran the credit report. They said, oh no we cant do that, only refi. Why the false advertising that you could do a HELOC then, and force a hit on my credit report. Thanks Lower, all you did was lower my credit score!
I started the process to refinance my loan in early December 2020 and it did not close until end of May 2021. I was told upfront that the refinances were taking upwards of 70 days so I was patient for as long as I could be. As we approached the 75 day mark, I started calling and was told "oh it's almost done" repeatedly. They sent me 2 letters stating my rate lock expired and I was now going to have to pay for the rate and each time I had to call my refinance guy to say that I will not be doing that and he needs to honor what was originally promised if this was going to continue (as the only plus for them, he was able to get that exception granted). The saga continued and I was told it would be done by April 1. As April 1 came and went, I kept getting told different things, including a request for new requirements that had never come up before or things I had already submitted, or my fav*******.an explanation of why my wages dec********.they hadn't, my only guess is they were looking at my W2s out of order.
Ultimately, it took a combination of threatening to pull the loan and a couple complaints on Facebook (where I was told I would be contacted by a member of the "care team" but never was) to move the loan through and I finally closed end of May 2021. Now, I am still with them for the moment (I'm sure it'll be sold) and I realize their payment system is rudimentary at best. I cannot set up automatic payments and for the time being, need to remember to go in and schedule a payment each month.
If you have 6 months to wait for a refinance, and don't want any customer service, perhaps this will work for you. But their lack of concern for processing times and follow through and extremely poor customer service is not something I can get past. I would never recommend them to anyone and will not be doing business with them again.
Closed with Lender:
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