Skip to main content

Using a bad mortgage lender/broker

I'm in the process of getting my first mortgage and after received preapproval from 2 places, a local credit union, and a local mortgage broker.

The reason I went with the broker is the rate was slightly lower, and they were easy to get in contact with, and assured me they were using lenders who went by the lowest guidelines set me Fannie Mae .

I am self employed and I know underwriting can sometimes me a nightmare, so I figured that since the rate was better and the broker made it seem the process would be smooth I should go with the broker.

Well here we are 10 days before closing and I have to say this whole process of using this broker has been a nightmare. Getting any info is difficult because I have to go through one guy, who then has to contact the lenders secretary to get to the correct department.

During underwriting they have me a set of conditions, which I gathered all of the documents quickly and they keep requesting more and more after I've provided everything they are asking for.

Is underwriting and the mortgage process always like this? It's my first mortgage so I don't know if my bad experience is partly due to a bad broker/lender.

This whole process has been a learning experience but I will say this broker kind of gave me a bait and switch. Also the lender has a full ratings on Google, right after the broker assigned me this lender, I searched them and saw a history of red flags with them.

The company is first guarantee mortgage company, their Google reviews are pretty much exactly what I'm going through. Asking for the same documents over and over, not responding for days on end, asking for more and more things last minute,

They are an out of state wholesale lender. Next time I'm going with something local that has at least 60% positive reviews, this is just awful.

submitted by /u/Qppaid14
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/mg416t/using_a_bad_mortgage_lenderbroker/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more