Wyndham Capital Mortgage

Not got the rate that was promised. Lot of documents and axiety

My background: I work for agriculture equipment financing company that has revenues in billions. Here is my experience with my recent closing:
1) You have to work with 3 mortgage personal until closing
2) My mortgage terms were not honored (Locked with floating down option - if rates dropped by more than 0.25%, then the new rate should be matched) were not honored when rates dropped from 4% to 3.75%. First time home owners needs to be extra careful as they increased 0.125% for not putting in 20% down and try to sneak in $2174 as origination charges inorder to honor interest rate for fixed with floating down option. Review each cost item line by line.
3) The 15 years interest rates are almost same as 30 years interest rates
4) Verification's like employment history happen in the last week of closing
5) Bumped up my PMI at last minute for having a HOA of $4.17 per month for my home.
6) So many closing estimates that it is hard to follow and understand one to the other.
7) Lot of Anxiety and followups to see if things are in track.
8) They wont give you proper estimates if you want to change the loan term (years) and will try to sell the original estimate.
Suggestions:
1) Have good number of days from pre-approval to closing so that you can switch lenders when terms are not honored. Work with multiple lenders.
2) Work with lender who is basically a bank.
3) Don't believe with the comparison rates chart on their site.
4) First time homeowners look into all the costs and question everything and get to know all the terms/ jargon's lenders use.
5) Don't believe in email replies and small screenshots they send. Better get the actual document / contracts of their locked in and float down terms.
6) All other lenders by default give you 30 day locked rate when you apply.

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Starts out good, BUT BEWARE!!

Everything started good, quick response, questions answered, personable on the phone but beware.
Paid upfront for home appraisal, was told I would get it back at closing, when paper work came in it was showing it was paid by me but was still added in on the bottom line. When questioned loan officer it was stated that it was just there but not added in but the numbers don't add up, it is charged back in, ok my fault for not fighting about it. Now a week after the loan closes come the we sold your loan to another bank, ok no big deal, RIGHT. Now I am getting letters that say I owe $1400 for home owners insurance that twice the amount I pay now. BS, I have already sent the home owners insurance info to Wyndham, my insurance and taxes are not being escrowed, home owners insurance is not due till October.
They make it sound so simple but please beware!!

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Awful customer experience - amateur company

This was the worst experience ever. It was like they had never gone through the process before. I could not get a complete list of the documents required. Every other day it was a new request. The appraiser that they hired made so many mistakes I had to send in corrections and then during the underwriting process they had to go back and make more corrections. Wyndum would continue to ask for copies of documents over and over again. There were many documents that I had to send 3 and 4 times because they "lost" them or was not filed correctly, we went through 4 different people through the process. I would NEVER use them. Awful experience!!

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