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I'm a first home owner. I have a 760 credit score, so I did some shopping around. I started at Wells Fargo the bank I'm with. Started out okay, but first one with no comparison. Then Quicken Loans and they were bad news. They bait you along and didn't warn me that there was a stipulation on loans for condos (this came out 40 days later after I found some condos up my alley). Lo and behold there was a 50/50 owner to renter occupancy requirement (which by the way isn't easy info to track down). That killed my experience. I was warned on their reviews to beware of the surprises along the way. Then I checked out AmeriSave. I must say they were great. They also cut closing cost down by like half of Quicken Loans estimate. However, the 50/50 occupancy came up with them too.
Then the greatest thing happened 3 months into my shopping around. I was referred to 1st Choice Mortgage. Let me say they cut the cost in half just like AmeriSave but also didn't restrict me on the 50/50 occupancy. I closed in record speed and it was an awesome experience. Jorge and Sarah are at the top of their game. What they said all along the way they performed. Go no further. Trust these reviews (I did!!!). Without question best mortgage loan agency in the country.
We were told we were "clear to close" and everything was going as scheduled. The night before the docs were supposed to arrive we were told that there was a "glitch" and they will not be able to close for 3 more days. This will cost me thousands now in order to cover the lock extension, penalty for not closing on time, deposit on movers, and the fee to find another mover not booked - as well as 4 other families that were all expecting us to close in advance of them. One of the families have had docs to title 2 weeks early - I now know to always use a local person and the few hundred dollars I saved cost me tenfold.
After 75 days working on our loan and after giving many lying/false statements about our loan approval status, this lender had failed to close the loan causing us losing our contract, time and money for nothing. We had endured a lot of frustration, disappointment, headache and heartache while working with this lender. Nothing, they had told us during that 75-day, was true. Please be aware they're a nothing but negligent, unfair and callous lender.
I contacted Costco to refinance after a shopping trip at one of their locations. I was referred to 1st Choice. After speaking with one of their loan officers, they said everything looks good. They said they'd shoot me some numbers within the hour and we could proceed. That was 4 weeks ago. I've called and emailed with no response. I have good credit so not sure what's going on. Moving on.
1st Choice is a Costco referred Mortgage broker and, as a Costco customer, I contacted 1st Choice based on this referral. My FICO score is over 800, and the Loan to Value ratio for my refinance was around 33%. This represents (or should have been) a very easy loan. 1st Choice offered a 3.875%, 30-year fixed rate, which was locked in. I was promised a 30 day to 45 day max loan closing. Over the course of 6 months, my loan was always "ready to fund next week". There was always a new excuse; a new piece of paper, a paper having "expired", thus needs re-signing. Having had enough, I fired 1st Choice; went to Riverview Bank and closed the refinance (at 3.875%) in 27 days. 1st Choice is a bad joke.
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The lender pretty much assured that I would be approved for a loan. Several days before I was supposed to close on the house, the broker informed me that I would need approximately and additional $3500 at closing. I emailed the broker asking if they would reduce their additional fees outside of the 1% origination fee. As a result, days before my closing the company decided to deny my application as specified in the email below: After I called the VP this afternoon because I haven't received an update on your file, the underwriter brought him the file and I was told they are issuing a denial on your loan.
When you asked our company to give up the fees, we charge customers to get paid to work the loan it caused the file to go to the President and VPs office for review. As I mentioned in a previous email, the President wasn't happy with late payments after a bankruptcy but I thought I could argue with your explanations I had in the file. They met and reviewed your file front to back again today and even though I had an approve/eligible status from the Desktop Underwriter, they were concerned with what they saw.
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