Got
an online quote Monday for a what I thought was a Jumbo ($585,000)
loan. Supplied all documentation over the next 2 days (including
complete tax returns for last 2 years). Then our loan coordinator (Jeff
Graff) informed us that in our county $585,000 is not a conforming loan
(duh), lets switch you to a 5/1 ARM, 7/1 ARM or the rates for the 30
year fixed loan are not much below what you are in now. Now any other
broker or bank would check the type of loan first - when you apply for
the loan. I find it hard to believe that Jeff thought this was going to
be a conforming loan, looks more like a classic bait and switch to me.
BTW - only 2 counties in WA state have loan limits high enough that this
loan would qualify for those rates.
Note to CYOL: check the
county conforming loan limits before you ask for 90 pages of
documentation if you don't want people pissed off.
Posted on 6/23/2010
Business responded on 6/29/2010
Jeff
F.'s explanation of events is exactly right. He applied for a $585,000
loan. Once we received his paperwork we immediately confirmed the
maximum loan limit in his county as the super conforming loan limits do
vary from county to county. The very same day he sent his information,
his Loan Coordinator informed him that his $585,000 loan would be a
jumbo loan due to his county having a loan limit below that amount. The
Loan Coordinator presented him with several different jumbo loan
refinancing options all of which were lower rates than his current 6.0%
mortgage.
Again, Jeff F. states himself that some counties are
eligible for better programs and interest rates because their counties
do have higher loan limits. We are sorry that he does not live in one
of these counties. These limits are not set by CYOL. They are set by
Fannie Mae and Freddie Mac.
Jeff F. was never charged a single penny as we never have any upfront fees of any kind.
We
are sorry that Jeff F. was upset, but we did confirm all qualifying
criteria, including county loan limits, the very same day he sent his
information to us. When we reviewed his complaint over the phone, he
even stated he was aware that his county had a lower loan limit. So, he
should not have been surprised that he would only be eligible for jumbo
rates.
This is the most challenging lending environment most
people have ever seen and we go to great lengths to review everything up
front. We do not bait and switch. We review everything the day we
receive it to ensure the loan someone applies for is the loan they get
at closing. This is what happened with Jeff F.'s loan and every other
application that we receive. Thank you.
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This
is one of the seemingly worst times to ever want to refinance a home.
All those lenders who were giving them out left and right are so long
gone. Which is a good thing, since you can see what it ended up doing to
the housing market.
I had seen commercials for Close Your Own
Loan. To be honest, the idea that I didn't have to go through the hoops
with a local lender (which I had before) and get a lower rate than my
local lender would give me, was motivating.
Now don't get me
wrong, you still have to provide all documents as if you were in a
lenders office...But it seems less stressful when you only need to fax
or mail it to the experienced voice over the phone. They have eliminated
the Loan Officer. In their place is a wonderful system called an
automated underwriting engine. You can read all about it on their
website.
Now keep in mind, that if you are doing a refinance, the
appraisal will most likely not come in at what you expect. It can hurt
(it did me). But I would much rather get an honest appraisal, than one
that is puffed up. It is tough for many home owners now, and the market
shows it. That being said, my experience took longer than planned, being
the first lender didn't feel comfortable with the appraised value.
But
have no fear, my Loan Coordinator, David Le Mieux, was quick to work
with another lender, yes, another appraisal, but here I am, completely
happy that it all worked out. My loan funded a few days ago.
Refinancing
or getting a home loan is not for the faint of heart. But I would work
with the CYOL team again any time. They are honest, hard working and do
it all right. All t's crossed and i's dotted. I highly recommend them!
Posted on 5/13/2010
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This
broker runs an online bate and switch on their quoted interest rates.
They low-ball their initial quote to get you started with their
application process and then tell you that the rate has gone up -- to
the same as you'd be quoted by a reputable lender. They keep their
fraudulent rate just a 1/4-point lower, enough to suck you in but not so
much that you'd probably complain. How do I know? I spoke with two
different brokers and asked if the rate could go up from their "good
faith quote". My radar went up when both said the EXACT same -- and
well-rehearsed -- scripted line: "Oh the rates haven't changed for 16
months and at most your rate could go up 1/8 to 1/4". Of course, once
into the process the rate did go up 1/4-point. Surprise, surprise. Don't
trust any broker this unethical.
Posted on 5/2/2010
Business responded on 5/4/2010
Hi
Doug. I read your review and we are quite concerned about your
experience with us. Did you ever return your documentation to us so we
could review and issue a formal good faith estimate and truth in lending
statement? I researched our received applications and I do not see any
file with a first name Doug and last name beginning with C.
We
DO NOT bait and switch. The interest rates and fees that are displayed
online are 100% accurate assuming your income and credit are good
enough to qualify. Of course, if your credit scores are low or there is
an issue with income, then the rates and/or fees may change as a result
according to Fannie Mae, Freddie Mac or individual lender guidelines.
This is why it is so important that you return your documentation to us
in order for us to confirm your qualifying criteria and then issue a
formal good faith estimate once we have determined that your credit and
income are sufficient to qualify.
We are always better priced
than the banks and credit unions by at least .125-.25% in rate. This is
why we offer the $1,000 Bet Rate Guarantee.
We would love the
opportunity to show you that we are the best priced mortgage company in
the market when you compare things apples to apples. Please contact us
and we can discuss how we can show you that this is the case. Thanks.
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I
just wanted to thank you both for working so hard with me on getting
this loan. This has been one of the hardest years in my life.
Now that the loan has funded and all my charge cards are being paid off;
I will start a new chapter in my life. One that I hope is happier and
more prosperous. With the extra money I got from my loan I will be
purchasing a rental property. It has been a long time dream of mine to
own rental properties and now I can do it!
Posted on 3/23/2010
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I
used Close Your Own Loan.com for my refinance in February and was very
surprised how easy the whole process was! They had the lowest rates and
fees of anyone I was able to find anywhere. I especially loved their
online mortgage rates and good faith estimate. It made comparison
shopping a breeze.
Thanks for the quick service and great experience! I have already recommended them to two of my co-workers.
Posted on 3/10/2010
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When
I decided to refinance my home in order to put in some improvements, I
went online and one of the sites that caught my interest was Close Your
Own Loan. Since I had also looked at other sites, I was soon contacted
by several companies. Close Your Own Loan offered me the best deal by
far. In fact, they offered me such a good deal that the loan salesmen
from the other companies couldn't believe it. They thought for sure
that when the loan closed, the deal would not be as good as the offer.
But everything went through exactly as I had been promised, and in the
end, the closing fees were even LESS than estimated. The staff was very
helpful in answering all my questions, and the service was very fast
and efficient. The appraisal was done within 2 days of my sending in
the loan application. I am very pleased with my experience with Close
Your Own Loan and highly recommend it to everyone.
Posted on 2/4/2010
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Close
Your Own Loan was efficient and very competitive rates were achieved.
Jeff Garff the loan officer was superb. He returned one email at 11 PM!
As
I was very satisfied, I just referred my son to this company. With 7
home loans over the last 33 years, I can say this was the easiest.
Posted on 1/29/2010
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Last
year I had closeyourownloan.com for the loan of my home. I couldn't
believe how great the company was to work with. They were able to close
my loan in such a short time while other companies would not have been
able to do that. They were so easy to work with and extremely
professional. since then, I give everyone this reference, so that they
might have as good of an experience as I had. Buying a home can be very
stressful, closeyourownloan.com took that stress away from me by taking
care of it. I know that anyone who decides to go with this company will
not be disappointed, I can promise you that.
Posted on 1/28/2010
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