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I asked because I've seen with the increase in sales and the increase in veterans ready to buy, that both vets and loan officers somehow get the length in service incorrect even when presented with the DD214. And some don't know the requirements for active duty and non-active. It gets passed on only to be turned back alll the way at the underwriters level.
On a re-fi -- our online lender sent out an appraiser who handed us four business cards -- one for his appraisal business, one for his DJ business, one for his bartending business, and one for his Limo business....
Our appraisal came back SO low... like 100K less than it should have been... and that made our LTV nearly 100% and look at that! The rate skyrocketed.
On a re-fi -- our online lender sent out an appraiser who handed us four business cards -- one for his appraisal business, one for his DJ business, one for his bartending business, and one for his Limo business....
Our appraisal came back SO low... like 100K less than it should have been... and that made our LTV nearly 100% and look at that! The rate skyrocketed.
We told them to shove it.
It sounds like you found a very unprofessional individual to work with. Soliciting you with unrelated business proposals seems a bit outrageous. Did you bother to do any research on the lender before you chose to work with them?
It sounds like you found a very unprofessional individual to work with. Soliciting you with unrelated business proposals seems a bit outrageous. Did you bother to do any research on the lender before you chose to work with them?
Surely there must be another local alternative? All a mortgage broker does is collect a nice fee. Deal directly with a local lender. Lending Tree sent me a HUD-1 cost statement on a Friday before our scheduled closing on Monday (on just a refi). The fees magically ballooned to cover their cut, plus they had the escrow include, among other gems, property taxes that had been paid 4 months prior, and rolled into a 30 year loan to boot! I've used Quicken a few times over the years (no surprise fees, in fact very low fees at all). They were pretty good, but then all the reps I worked with were gone and the new ones were shady. I got the impression that the corporate mandate had changed. I still get cold calls from them looking to refi my 3.75 10 yr fixed for a 3.70 10 yr fixed. I said to show me how on earth I'd be ahead in that scenario after all of the paperwork and fees (even if still minimal), and all they can say is "let's run a hard inquiry".
It sounds like you found a very unprofessional individual to work with. Soliciting you with unrelated business proposals seems a bit outrageous. Did you bother to do any research on the lender before you chose to work with them?
Au Contraire, what if you need a stretch limo with rave tunes and a stocked bar?
That sucks. Sorry to tell you this, but Quicken Loans hires a lot of young kids to work at their gigantic call center in Downtown Detroit. I'm from the area and have known several people who have worked there. It sounds like the management style is pretty terrible (extreme micromanagement; you clock out for bathroom breaks, have to make X amount of calls, etc.) and the "kids" working there are super aggressive sales people. They get paid crap, but have huge commission incentives. When I was shopping around, I contacted them and was put in touch with a bro-sounding kid named Something Patel. They continued calling me a few times after I told them I wasn't interested, "because we just got some special deals that started today and they wanted to let me know". Yeah, sure.
Simply due to my internal knowledge of how that company operates, I would not prefer to work with them. That said, I just had a buddy refinance with them and he said his experience was pretty good overall. So it sounds like you just got the short end of the stick and some young bro was trying to hustle some side business with you.
But I get how this works. You have one bad experience and suddenly everyone in the demographic is as bad as the person who screwed you over. Hence, how stereotypes are born.
Surely there must be another local alternative? All a mortgage broker does is collect a nice fee. Deal directly with a local lender. Lending Tree sent me a HUD-1 cost statement on a Friday before our scheduled closing on Monday (on just a refi). The fees magically ballooned to cover their cut, plus they had the escrow include, among other gems, property taxes that had been paid 4 months prior, and rolled into a 30 year loan to boot! I've used Quicken a few times over the years (no surprise fees, in fact very low fees at all). They were pretty good, but then all the reps I worked with were gone and the new ones were shady. I got the impression that the corporate mandate had changed. I still get cold calls from them looking to refi my 3.75 10 yr fixed for a 3.70 10 yr fixed. I said to show me how on earth I'd be ahead in that scenario after all of the paperwork and fees (even if still minimal), and all they can say is "let's run a hard inquiry".
See post #33 in the thread. I posted links to their reviews on Zillow and BBB. They seem to have a very good reputation according to those, and that's all I can really count on at this point.
Talked to my realtor tonight and she agreed that it was absolutely no business of the local lender I had been working with to contact the seller's agent to voice his concerns with my decision to choose another lender. And it serves him right, because he's the one that changed my rate by .25% and closing cost fees magically on the day I went to talk to him about moving forward with the loan. And I feel even more justified for leaving him now, considering how unprofessional he was to go behind my back and contact the seller's realtor to complain about my choice of lenders. He was trying to sabotage my deal is what he was doing.
Yeah, okay. Whatever you say. I guess the 207 reviews on Zillow for this lender are all bogus. You sound really butt hurt. Are you a rep at a brick & mortar lending company by chance?
Some people never learn? This is the first time I've ever bought a house. Go kick rocks if you're going to be an insulting jerk!
Nah...but you're getting your advice from YOUR BUDDIES (same difference) and they know more than the pro's that are at the table !
1. All your online Lenders are brokers. They package loans in groups 100 and sell them to Wall-street banks that Securitize them. In the process, they are discounted so that everyone in "the food chain" makes a buck. That's called Business and its an INTERNATIONAL concept.
2. Problem is...you're using an online lender to do a purchase transaction. VERY DANGEROUS. If it was a Refi, ---no problem.
3. I know about this game because i owned a large mtg co. in a Metropolis for 15yrs. Did very well and SOLD OUT just before the Bottom Caved in. I also did a stint with Mortgage.com. I could tell you all kinds of stories...BUT i don't want you to get anymore upset than you already are.
4. You're local Lender probably works A LOT with Local Realtors...its the nature of the game Homie. Hell, that Bank is closing 100 + purchase loans a month. If you had thought it through, you would have gone with the recommended Lender, let everyone make their fair share profit, and even made some LOCAL FRIENDS.
*Local bank biz is a well oiled machine. Everyone knows everyone---and that's the way the world works. BUT, you knew better and through you were Slick about .25pts ? ? ?
**So, Live with it and stop making silly remarks to strangers ABOUT biz on a forum website.
Good for you mic111. More people should read the documents.
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