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Whatever you do, do NOT go with Sebonic. You get ripped off!
What happened?
I just signed a contract on a home and had a few preapprovals including Sebonic having the lowest interest rate. So far I've found out the guy I'm dealing with now is just a salesman? There is no concrete preapproval/prequalification until my file is passed to another person but before that I have to pay for the appraisal up front over the phone. This, I do not like and it will probably cause me to go with a local lender tomorrow.
I used National Mortgage Alliance which I found online. They're based in GA, but the property I bought was in NJ. Had no problems at all and was extremely smooth. Best rates I could find online at the time.
Their rate quoting process is a little different though. Instead of points, they convert it to an actual $$$ amount, which is both good and bad. It's nice to see the amount, but makes comparisons tricky.
If you have any military background, or if either of your parents are/were in the military, you could use USAA. That's who we're going through for a mortgage and so far they are GREAT. Very organized, and they are Texas based (out of San Antonio) and are working very well with our realtor. Everything so far has gone smooth as silk (we are past the appraisal/inspections stage and everything is approved but of course they'll do another look at things right before closing). We locked in at an excellent rate. They are very communicative via phone and email and their website is easy to navigate.
They have excellent reviews. We've done business with them for decades and they're just a great company all the way around.
Finally, if you feel like you're being pushed or "hard closed" you are. Find a consultant not a salesperson. Stay away from anyone looking for an application to quote a rate. Stay away from anyone that's looking for an upfront fee, aside from an appraisal fee at the time of locking a rate. Most importantly, make sure you're active in the process of getting your mortgage. If you sit on your hands and delay getting paperwork into the lender, you are at fault for your bad experience.
So basically, don't use Quicken. When getting a mortgage on my second house, I started with them to see what they could offer. AFter a few days of not getting ANY numbers from them, I told the guy I would be looking at local lenders and comparing closings and rates. He proceeded to ask me if I could send any numbers from other banks to him so he could see what they're offering and he could only send his on after he received a $500 application fee. I abruptly refused and stopped doing business with them.
My advice is don't fall for the online hype. I'm now going through a local broker who got my loan from a local bank. I may have paid slightly more in closing costs, but it is nice to know I can just walk into a branch office of the bank and discuss whatever I need to with the bank.
So basically, don't use Quicken. When getting a mortgage on my second house, I started with them to see what they could offer. AFter a few days of not getting ANY numbers from them, I told the guy I would be looking at local lenders and comparing closings and rates. He proceeded to ask me if I could send any numbers from other banks to him so he could see what they're offering and he could only send his on after he received a $500 application fee. I abruptly refused and stopped doing business with them.
My advice is don't fall for the online hype. I'm now going through a local broker who got my loan from a local bank. I may have paid slightly more in closing costs, but it is nice to know I can just walk into a branch office of the bank and discuss whatever I need to with the bank.
The balls on that company.
In the past month, their radio ads have included a frilly named ARM loan, that they are selling as if it's 2002, and this week, their "Mortgage First" program means they actually look at financial docs when doing a pre-approval.
But.....that's what a pre-approval is.
They prey on the novice and the ill-informed. Quicken should be shut down.
I went with Quicken and closed a few days late because of them. They did push hard for the $500 up front 'appraisal' fee as they told me it was called. The appraisal actually was $455 when the documents came through. I think they want the $ so you feel more obligated to stick with them as they under perform.
Their quoted third party and direct fees appeared lower at first, but they tacked more on in the end, like a fee for reviewing my title insurance. (They had only wanted title insurance for themselves, but I asked for it for me too, and so they tacked on a fee to review it. I did not need them to review MY insurance, I can do that myself And I knew I was paying for the cost of the insurance, no problem there.)
If you have any military background, or if either of your parents are/were in the military, you could use USAA. That's who we're going through for a mortgage and so far they are GREAT. Very organized, and they are Texas based (out of San Antonio) and are working very well with our realtor. Everything so far has gone smooth as silk (we are past the appraisal/inspections stage and everything is approved but of course they'll do another look at things right before closing). We locked in at an excellent rate. They are very communicative via phone and email and their website is easy to navigate.
They have excellent reviews. We've done business with them for decades and they're just a great company all the way around.
Not slamming them, but they are not a good selection for a quick closing or for when meeting a deadline is cruicial. They, like NFCU and PFCU are not geared for responsiveness. ie, if they missed a seller closing cost credit and issue closing papers and now it needs to be added - it has to go back to underwriting and likely will not close when you need it to, resulting in lost closing cost credit (because the seller will not wait). This is fine if you catch it early, but if you have a walk thru issue, you are screwed getting a cash credit at the closing table because they are not equipped to move that quickly.
Don't go with Sebonic. Me and my friend currently working with them. They offer high credits but its cheap trick. They will delay the loan and ask you pay for extension fees.
Again, DO NOT GO WITH SEBONIC.
Don't go with Sebonic. Me and my friend currently working with them. They offer high credits but its cheap trick. They will delay the loan and ask you pay for extension fees.
Again, DO NOT GO WITH SEBONIC.
Strange. I got an automatic extension of 15 days for free; the closing date was pushed back because I requested a change to the loan.
Who is your mortgage loan processor?
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And I knew I was paying for the cost of the insurance, no problem there.)
