Our Refi
Words can’t even remotely express how upset I am in regards to our recent Refi for our house. So I’m going to put down in a few paragraphs how my experience was with our Loan Officer. Instead of plastering her name all over this post and her company I will resort to labeling her as the L.O. from here on out.
I have a little background with this whole loan process because Myra’s a processor and she did our initial loan but that doesn’t mean I’m a complete idiot. Either the L.O. thought Myra was my secretary or believed I was a complete retard when it comes to loan; which would explain the zero calls I received from our L.O.
Communication
Or shall I say lack thereof. After talking with our L.O. (Loan Officer) she initially quoted us a savings of $500 dollars over a 3 year period; which amounts to about 18K dollars. Cool I think to myself. We would be able to re-coup the amount of the Refi (approximately 10-11K) and have a few more K’s to spare if we rode out the entire life of the first. Sooo a few days go by, nothing. I don’t hear anything. No calls, emails, nothing. I begged Myra to contact our L.O. to find out the status. Finally we get a call back to sign documents. Um okay great - we drive down to the L.O.’s house. First we find out that my DTI (Debt to Income ratio is too high so I don’t get the better rate), second it may be mandatory that I pay off the furnace I purchased in December of last year, and third we find out that we DON’T save $500 dollars a month and we end up saving 317ish a month which amounts to about 11K over the three years.
After hearing this I feel stupid. Stupid for trusting someone, stupid for not researching, stupid for not letting Myra just do our loan. (Cuz if anything goes wrong with our loan - she has no place to live) So I give in, yes I sign the docs. Okay my only “ask” from our L.O. was to get the payoffs from my loan companies. I call up the companies, request for a payoff, and faxed over the docs to our L.O. You’d think you’d hear a “I got the payoffs I’m going to do x now and let you know”…but nooo I don’t hear a thing.
So the 14th comes around and my first mortgage isn’t paid yet, it’s due the 16th, I hear nothing of the status of our loan, and I’m freaking out. I talk to Myra to get a status (again Myra isn’t even involved with this loan other than living in the house - this is the L.O.’s job) I take pride in my successful credit score. And then the bomb came. We are short to close $3558 dollars. What the FUCK? C’mon I have three days to cancel the loan and you get me this info on the THIRD DAY? So I say fuck it and tell Myra to tell our L.O. NO we will be cancelling. So we cancel. I faxed over a document saying I want to cancel to the L.O. I paid my first mortgage online, and look who calls 2 hrs later - our L.O. “We can try this…” Okay thanks for telling us you’re still gonna work the loan. So NOW instead of being able to save a payment on the first, I lose out on more money. WTF? Our L.O. thinks I hate money for some reason.
This is so wrong, I do not wish the L.O. on my worst enemy. There was NO communication, the information I received was incorrect and given to me at the last min, the L.O. NEVER called me and I’m the Borrower! What’s wrong with this picture.
Sometimes…you should never trust your family with your money…
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Let’s see…
Communication was ONLY done when I would first make contact. POOR.
Initial Disclosures were not sent for you review and signature. OUT OF COMPLIANCE AND POOR.
DTI NEVER SHOULD HAVE BEEN AN ISSUE on this “FAST & EASY” loan. POOR.
NEVER APLOGIZING FOR HER MISTAKES?!?! Summamabich.