We have retired from Mortgage Consulting...
However, we offer this free advice:
- AVOID at all costs the following lenders:
- Bank of America-You will be wasting months and never get a good rate or approval.
- Wells Fargo-Poor service, high rates, incompetency.
- Cash Call-Legit but steers you into cash out loans.
- Quicken/Rocket-High rates, little flexibility, little competence with difficult loans and the "Rocket Mortgage" is a marketing ploy! They do not have real Loan Officers but rather shift you along in an assembly line fashion.
- Caliber-Oversized closing packages, incompetency, closing delays, high rates, garbage customer service.
- Welcome Home Lending-incompetency, delays in closings that require lock extensions. Example: had over 8 months to prepare for a new construction purchase and these idiots finally closed 16 days after the home was ready to occupy.
- Mr.Cooper- high rates, incompetency, high fees
- Carrington- Pure garbage on many levels, closing documents are excessive and redundant.
- All Western-Bait and switch. Will offer a lender credit for closing costs and then add junk fees to take it all away. Rarely closes when they say they will.
General Tips:
- Always shop locally for mortgage brokers first.
- Compare rates online before shopping
- Never let a lender tell you not to make your monthly payment unless they promise to pick up any late fee.
- Watch for "junk fees" like processing, underwriting, review and administrative fees. These are fees that are part of doing business and added to pad profits.
- If using a mobile Notary for your closing, make sure they are a very experienced "closer" and not a common notary with no title or mortgage background.
- Never pay to extend a rate lock when the lender is the one who did not get the process done in time.
Mortgages, consulting, bad mortgage companies, Rocket mortgage, All Western Mortgage, Carrington mortgage, Caliber mortgage, Wells Fargo, rip off mortgages, Bank of America mortgage, Welcome Home mortgage, avoiding mortgage companies,
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