National City Mortgage / unethical practices
My husband and I recently decided to do a refinance for a lower rate and get cash out for home renovations. I spoke with nine mortgage companies (national companies through Lending Tree and some local banks) and got "Good Faith Estimates" (GFEs) from four. National City Mortgage was in that final four since they already hold our mortgage; I was assured by their agent that they would do "everything possible to keep our business." What a lie!
The agent was cheesy and usually distracted when he spoke to me on the phone.
The good faith estimate included junk charges totaling about $1500!
He tried to rush me into closing "tomorrow" or "the next day" twice.
The fees he promised to remove were NOT removed on the second and third drafts of the GFE.
He told me in a couple of different e-mails that he had "talked to his manager" and "contacted corporate" to get rid of the fees I knew were bogus. (Is this a used car sale???) They STILL were not taken out of the final GFE.
In the closing costs, he charged us the $350 appraisal fee which we already paid. He told me we would "get a check at closing for the $350." Why would I want to finance $350 for 30 years when I've already paid it?
Each GFE came out to the same number (about $2, 000 more than we asked for in the loan, but the charges were creatively shifted to different spaces on the GFE.
The closing costs (PLUS the prepaid items) came to about $6, 000! It's important to note that since we already had our mortgage with them, we had $2, 500 in escrow.
The copy of the appraisal that we are entitled to by law has never arrived. It was done the first week in Feb. and I've called about it twice.
Overall, it was a horrible experience. The agent tried many times to talk me into a quick closing and had hidden junk fees all around the GFE. When I looked at the mortgage agreement we did with them nine years ago, I can see that we got rooked; we were young and stupid and wanted our first house, so we signed without thinking.
I told the agent that we would not be closing with them no matter what because I was so unhappy. I just got a letter today saying that "National City Mortgage will not approve our refi because of credit issues." Interesting. My husband and I have credit scores in the 800 range and have no credit card debt - two of the reasons the agent said they were "so eager to keep our business."
I have found a local bank that I am closing with on Thursday. 4.75% with no points for 30 years. Closing and prepaid totals $3, 100. No one at this local bank works on commission. Dealing with the local bank was a pleasant experience from day one.
DO NOT use National City Mortgage unless you are ok with being ripped off!!!
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