Awwad N.
Not worth the trouble
The mortgage originator I dealt with was very nice and really tried to help me. Rodney was great to work with, very polite and tried to help and very responsive. However I initially applied and received certain information on the loan that, then after a few weeks he contacted me to tell me that their loan rules had changed while he was on vacation, and he wasn't aware of the change. So it led to the rates being less favorable for me. Supposedly the criteria for the loan requirements changed. Houses over a certain value would get the rate that was advertised and that I was initially given. Houses valued under that threshold, I believe it was less than $250K or $275K, got a worse interest rate. That was not on their website and was not told to me in the beginning. That came about after a few weeks into the process. By that point I had already paid for inspections, paid earnest money, paid title company fees and bothered the previous owners, their realtor and my realtor for too long. So I continued going forward with it. Also, I had to send and resend the same documents over and over again, because whomever they had reviewing the attachments I would send would only look at perhaps the first attachment and none of the others. On several occasions I pointed that out. Fast forward a couple of weeks and I was contacted by the loan originator that I was working with and he told me that other criteria had changed too that he was not initially aware of. I needed more of a down-payment, higher reserves in my bank accounts, higher initial payments for the escrow accounts (I was told a full 12 months). I was annoyed, but I went too far to back out. I received the loan information the day before the closing date with all of the new requirements. The day of closing, as I was on the road to the title company's office, I get another email with a new closing cost that was about $10,000 lower. Apparently I didn't need the 12 month in escrow. It was a nice surprise, but I had to go get a new cashier's check.