Posted on: 29th Aug, 2007 01:06 am
Hi everyone, here's my story so far with Mortgage Capital Associates, Los Angeles, CA when I applied for refinancing my loan. I had actually applied there after shopping online and observing the rates for a number of months, but who knew I would land up in uncertainty. I completed an online application and they emailed me stating that I was pre-approved. The email confirmed the arte that I applied for and asked me to lock the rate.when I tried to do so, they said I'd require a higher rate. I did not agree but they again called back and said they've mistaken my offer for someone else's and hence the higher rate, so I could then get the rate I wanted. Somehow I locked in the rate. But again there was a problem, after repeatedly trying to talk to the loan officer, I could get him to explain a few things but he didn't pick up the phone. I sent emails instead but no response., finally after about 2 weeks, I got call from him saying that they required more documentation! However, I did send the ones he asked for and I'm still waiting for his response. But this whole story is strange, do you think I should carry on??or is there a better company I can look forward to??
Its quite simple actually.
Its sum of the following:
Your new fully amortized mortgage payment +
Your monthly home insurance payment or in a case of townhomes and condos your monthly home association dues +
Your monthly property tax payment +
Any applicable monthly mortgage insurance payments +
Your minimum monthly credit cards payments +
Your monthly installment loan payments such as car payments, personal loans, student loans +
any applicable child support and alimony payments+
monthly payments on any other properties you own (rental leases can be used to offset this)
-------------------------------
Total it up
Divide this by you gross income (adjusted gross income if you are self employed) and multiply by 100
you now have a % ratio known as your debt to income ratio
Its sum of the following:
Your new fully amortized mortgage payment +
Your monthly home insurance payment or in a case of townhomes and condos your monthly home association dues +
Your monthly property tax payment +
Any applicable monthly mortgage insurance payments +
Your minimum monthly credit cards payments +
Your monthly installment loan payments such as car payments, personal loans, student loans +
any applicable child support and alimony payments+
monthly payments on any other properties you own (rental leases can be used to offset this)
-------------------------------
Total it up
Divide this by you gross income (adjusted gross income if you are self employed) and multiply by 100
you now have a % ratio known as your debt to income ratio
Hello Maria,
Eugene is correct.
To make things easier you may use the calculator provided here http://www.mortgagefit.com/calculators/diratio.html to determine your debt-to-income ratio.
Hope this helps you. Feel free to ask if you have any further query.
Eugene is correct.
To make things easier you may use the calculator provided here http://www.mortgagefit.com/calculators/diratio.html to determine your debt-to-income ratio.
Hope this helps you. Feel free to ask if you have any further query.
I just closed a debt consolidation with Mortgage Capital Associates and had a perfect experience. On July 5 (Sat.), I called MCA and talked with David Young. He locked a loan for me at that time. He emailed me forms which I FAXed back a few days later. I then FAXed even more documents and was able to meet Mr. Young in the following week when it was convenient for me to deliver some copies of documents. The end result was that the loan closed and recorded 23 days after the first day. There were no surprises. I hope that others have had such a good experience.
Hi JohnS,
Welcome to the forums.
It's good to know that you have had a good experience with Mortgage Capital Associates. And I guess the loan was closed within a few days. So, let's hope you'll be able to pay off the loan comfortably and in case you have any queries or problems, feel free to share it here.
Take Care
Welcome to the forums.
It's good to know that you have had a good experience with Mortgage Capital Associates. And I guess the loan was closed within a few days. So, let's hope you'll be able to pay off the loan comfortably and in case you have any queries or problems, feel free to share it here.
Take Care
I recently completed a transaction with Mortgage Capital Associates and it was the worst business transaction that I've experienced. My "loan consultant" changed 3 times and each one offered me different rates than the previous loan consultant. They were terrible about responding to my calls & emails and they waited until the last minute to process my loan.
They lure you in by offering excellent rates then they charge you a $300 rate lock fee to trap you. My credit score was 803 and I put 20% down, but they treated me like I was a sub-prime candidate; not to mention that they sold my loan before closing and didn't notify me of the new service provider (the closing attorney gave me the information).
STAY AWAY!!!
They lure you in by offering excellent rates then they charge you a $300 rate lock fee to trap you. My credit score was 803 and I put 20% down, but they treated me like I was a sub-prime candidate; not to mention that they sold my loan before closing and didn't notify me of the new service provider (the closing attorney gave me the information).
STAY AWAY!!!
[b] Same Old Games Companies like Mortgage Capital are still playing the same games that got us into the housing mess, we are currently, in. I am working with my attorneys and the media to bring to light, companies like this. [/b]
why did you close the loan when you were not getting good offers? they have been unfair to you in spite of the fact that you have had a great credit score. also, they should have sent you a notice informing about the sale of your loan. so, what's your situation now?
i hope you have been making the payments. you may think of refinancing your existing mortgage with a lender who's ready to offer you suitable rates of interest. but i guess you can only refinance after a year of taking out the loan.
in case you'd like to know about refinance, check out the refinance faqs section.
take care
i hope you have been making the payments. you may think of refinancing your existing mortgage with a lender who's ready to offer you suitable rates of interest. but i guess you can only refinance after a year of taking out the loan.
in case you'd like to know about refinance, check out the refinance faqs section.
take care
I commend those that post their experiences here with lenders that do not act ethically. More need to do the same so that these bad lenders do not keep benefiting from their behavior. The only way they wont benefit is to loose business by word of mouth. I hate hearing that companies like these are still in business at all.
I am currently experiencing the same poor level of service with MCA. My realtor has been trying to contact them for the last 3 days to get everything finalized, and there has been zero communication from them.
In my opinion they are not very professional, at least not with the customer service aspect.
Also, they sell all of their loans. Which doesn't matter to me, however, maybe that adds to their issues.
If you can get in, and get out with a good rate, your lucky it seems. I had a friend who had a great experience with them and recommended them to me...
It has been an ongoing struggle for me however.
Everything from not responding to emails, calls, voicemails to not gathering all the documentation correctly to now possibly royally screwing up my loan. At this moment, with less than a week to close, I can't get a hold of them nor get any information out of them.
Real professional!
I feel they are unprofessional and will not work with them again or recommend them.
In my opinion they are not very professional, at least not with the customer service aspect.
Also, they sell all of their loans. Which doesn't matter to me, however, maybe that adds to their issues.
If you can get in, and get out with a good rate, your lucky it seems. I had a friend who had a great experience with them and recommended them to me...
It has been an ongoing struggle for me however.
Everything from not responding to emails, calls, voicemails to not gathering all the documentation correctly to now possibly royally screwing up my loan. At this moment, with less than a week to close, I can't get a hold of them nor get any information out of them.
Real professional!
I feel they are unprofessional and will not work with them again or recommend them.
Hi J,
I agree with you that there approach towards you is highly unprofessional. As the deal has not been finalized, I would suggest you to look for another lender. Right at this moment, they have a zero communication with you. Later on, you may face further problems with them regarding loan servicing and other documentations.
Thanks,
Jerry
I agree with you that there approach towards you is highly unprofessional. As the deal has not been finalized, I would suggest you to look for another lender. Right at this moment, they have a zero communication with you. Later on, you may face further problems with them regarding loan servicing and other documentations.
Thanks,
Jerry
It is neither professional nor appropriate for a mortgage company employee to say anything derogatory about another. Other consumers may respond positively or negatively and they have a right to do so. When you receive one or two or ten replies you must decide yourself if that small number of replies is indicative of the normal conduct of that company. Maybe you do not know anybody, howeveer, best bet is probabaly take a referral from a friend to a specific loan officer. While they change companies sometimes, they are typically good no matter what company they are from. In this case, we can not tell if the company is bad or one person you are dealing with is bad. We can tell the correct rate. All we can tell from your problem is that one or more persons in the commpany are not "communicating" well or properly with you. If someone communicates properly, you may not like the answer but at least you will know. Tehn again, you may like the answer. You need to work with someone who "communicates" as well as locks your rate, etc.
Hi John,
I agree with you. One should deal with a company or lender with who he can freely communicate. However, there can be lack of communication from both sides. I've often heard of lenders willing to negotiate but the borrowers are shy enough to come forward and have a talk with them regarding their mortgage problems. At times, such borrowers simply think of walking away but a straight talk can often resolve issues.
Good luck
I agree with you. One should deal with a company or lender with who he can freely communicate. However, there can be lack of communication from both sides. I've often heard of lenders willing to negotiate but the borrowers are shy enough to come forward and have a talk with them regarding their mortgage problems. At times, such borrowers simply think of walking away but a straight talk can often resolve issues.
Good luck
Called last Dec and they give me a great rate.I said let me check a few more and I will call you back. Two days later I called back and they had change the rate, It went up.The lady was real nice,she said the ten year bond fund had gone up and they set thier rates with the 10 bond fund.She told me what the bond fund was when I first called and said watch it and when it gets to that point call back and they would me me that rate.I started watching and the next thing I knew the bottom drop out of the fund.I called back wanting to get a great rate.They said he lady was on leave.I told them the story.They said they no longer go with the 10 bond rate and the rates was still the same.
Welcome trgreer,
I think you should look out for other lenders. The one with which you are dealing now is not giving you the correct information I guess. So it's better to do some mortgage shopping and go for another lender.
You can also get a no obligation free mortgage consultation from the lenders of this community. You can then compare the rates and go for the best one.
I think you should look out for other lenders. The one with which you are dealing now is not giving you the correct information I guess. So it's better to do some mortgage shopping and go for another lender.
You can also get a no obligation free mortgage consultation from the lenders of this community. You can then compare the rates and go for the best one.
First and foremost, I do NOT work for nor am I affiliated with MCA in any way. In fact, I am considering obtaining a mortgage refi from them. However, after obtaining two mortgage loans, as well as mutliple refinance loans over the last 16 years. Furthermore, I am not a loan officer or anything like that. I am simply a consumer sharing what I have learned about this stuff over the years.
As far as who gets the rates offered as the 'teaser' rates, they are typically only people with credit scores of at least 750 or in some cases 800. As the credit score drops, the interest rate and often the fees as well, go up correspondingly.
If you have a choppy work history, ie. you change jobs more often than once every five years, you will also have a higher rate because you are a higher probability of default. People with stability in their employment have better rates, because the mortgage company sees the likelihood of them staying employed at that wage to be good. Of course the current economy makes that harder to be sure of, but they have to make a 'best guess'.
As far as the loan to income ratio, that is pretty much a hard and fast rule from what I know. The premise of course is to ensure you can pay for food, clothing, utilities, miscellaneous stuff, home insurance, home taxes, and of course the mortgage without exceeding say 90% of your 'net' income.
Can a perfectly good company, with an "A" rating at the BBB, and with very few complaints recorded online, have problems? Sure. There can be lousy loan officers, that don't do their jobs and thereby cause the loan to fall through the cracks and be forced into a higher rate. In that case, it is likely that the loan officer makes more money personally if the rate is higher. That just means they are unethical people, not that the company is unethical. It would only apply to the company, if it was standard practice for all loan officers to do what they could to push the rate higher.
As far as who gets the rates offered as the 'teaser' rates, they are typically only people with credit scores of at least 750 or in some cases 800. As the credit score drops, the interest rate and often the fees as well, go up correspondingly.
If you have a choppy work history, ie. you change jobs more often than once every five years, you will also have a higher rate because you are a higher probability of default. People with stability in their employment have better rates, because the mortgage company sees the likelihood of them staying employed at that wage to be good. Of course the current economy makes that harder to be sure of, but they have to make a 'best guess'.
As far as the loan to income ratio, that is pretty much a hard and fast rule from what I know. The premise of course is to ensure you can pay for food, clothing, utilities, miscellaneous stuff, home insurance, home taxes, and of course the mortgage without exceeding say 90% of your 'net' income.
Can a perfectly good company, with an "A" rating at the BBB, and with very few complaints recorded online, have problems? Sure. There can be lousy loan officers, that don't do their jobs and thereby cause the loan to fall through the cracks and be forced into a higher rate. In that case, it is likely that the loan officer makes more money personally if the rate is higher. That just means they are unethical people, not that the company is unethical. It would only apply to the company, if it was standard practice for all loan officers to do what they could to push the rate higher.