Mortgage Capital Associates

I applied for a loan with Mortgage Capital Associates and was told that I qualified for a 30 year fixed, no points loan for 4.75%. I sent in all the information that they requested in their paperwork. Then they stopped communicating with me. I sent them numerous emails and voice mail messages asking about my loan. Since mortgage rates were headed back up, I knew that if my loan was not processed soon, my rate lock would expire. They finally came back to me (after I wrote their president and others) and told me that since I did not send in my tax returns they could not approve my 4.75% loan and now it would be 4.875%. This was a phony excuse since their paperwork did not call for me to send in my tax returns and their agent never asked for me to send in my tax returns. They had access to my tax returns if they had wanted them as I filled out a form 4506-T that allowed them to get my tax info from the IRS.

I did go ahead and obtain a 4.875% loan from them since rates had now gone up and if I had gone to another company I would have had to pay an even higher interest rate.

Mortgage Capital Associates played "bait and switch" when offering their loans. They advertise a low interest rate to get people interested and then do not honor the original rate they offered. They have been very deceptive with me and still have not given me a valid reason for raising their rate (this is undoubtedly because they do not have one). My advise is do not deal with these people. I did, and I regretted it.