Posted on: 13th Jul, 2010 12:30 pm
my husband and i made the mistake of choosing mortgage capital associates when we decided to refinance our home loan. so far, this has been a disaster. the company took over a week to provide us with our initial disclosures, despite our repeated requests, and then told us if we didn't sign and return them immediately we would lose our rate lock.
they even threatened, at one point, that they would not guarantee our rate if we did not use their preferred closing agent. we keep sending them paperwork, only to have to re-send it over and over as things are repeatedly "misplaced." despite their assurances that we would be charged nothing until we went to close, they continue to make unexplained charges on our credit card.
our phone calls and emails regarding any questions and concerns we have are usually unanswered, and when we do get a response it either ignores our questions or turns out, within a few days, to be a false assurance. our rate lock has now expired, although we have done everything we can to comply to their requests, wasting hours and hours of our time each week for nothing.
both my husband and i have excellent credit (scores near 800) and our income is very stable and secure. they have had no reason on our end to delay the loan. my question is this: the company is proving to be very unreliable, and i am quite scared. at this point, we are already out quite a bit of money to this company. should we continue to follow through with the closing? they have, at this point, refused to let us know what our current rate will be.
or should we try to start over with another lender? if we do that, is there any way to report this company for what they have put us through, or to at least get back the money they have charged us and stop them from charging us more? both my husband and i have excellent credit (scores near 800) and our income is very stable and secure. they have had no reason on our end to delay the loan.
they even threatened, at one point, that they would not guarantee our rate if we did not use their preferred closing agent. we keep sending them paperwork, only to have to re-send it over and over as things are repeatedly "misplaced." despite their assurances that we would be charged nothing until we went to close, they continue to make unexplained charges on our credit card.
our phone calls and emails regarding any questions and concerns we have are usually unanswered, and when we do get a response it either ignores our questions or turns out, within a few days, to be a false assurance. our rate lock has now expired, although we have done everything we can to comply to their requests, wasting hours and hours of our time each week for nothing.
both my husband and i have excellent credit (scores near 800) and our income is very stable and secure. they have had no reason on our end to delay the loan. my question is this: the company is proving to be very unreliable, and i am quite scared. at this point, we are already out quite a bit of money to this company. should we continue to follow through with the closing? they have, at this point, refused to let us know what our current rate will be.
or should we try to start over with another lender? if we do that, is there any way to report this company for what they have put us through, or to at least get back the money they have charged us and stop them from charging us more? both my husband and i have excellent credit (scores near 800) and our income is very stable and secure. they have had no reason on our end to delay the loan.
Hi larajax,
In my opinion, it won't be a good idea to continue with Mortgage Capital Associates as they are delaying the process without any real reason. It would be better if you could get in touch with another lender, get pre-approved for a mortgage and try to get the loan.
This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you would receive.
Take care.
In my opinion, it won't be a good idea to continue with Mortgage Capital Associates as they are delaying the process without any real reason. It would be better if you could get in touch with another lender, get pre-approved for a mortgage and try to get the loan.
This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you would receive.
Take care.
You need to take this situation to the banking commissioner, the Attorney General in your state, or whatever federal agency oversees this outfit. I am aghast at their requirement that you use their closing agent. That's blatantly unlawful.
Would I ever suggest continuing with them? Not on your life...though I can understand that the time, money and energy expended might make you lean in that direction.
This situation calls for some sort of legal intervention, however, in my opinion.
Would I ever suggest continuing with them? Not on your life...though I can understand that the time, money and energy expended might make you lean in that direction.
This situation calls for some sort of legal intervention, however, in my opinion.
