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Predatory Lending / Best Rate Funding / This company is a fraud!

1 United States Review updated:

I used this company off Lending Tree. They told me they were a direct lender, and I didn't find out they were not until a week before I closed. I chose a higher interest rate for lower closing costs and when I got to the closing table... I got both. I was assured that we would make our original closing date (until the day before I was supposed to close). We ended up closing 2 weeks later. My lender assured me that he would "eat" the $100/day penalty fee from the builder and that didn't happen either. I put $6000 down in Earnest Money and was expecting atleast $1200 back at closing, but instead I got smacked with another $3800 (owed). $10,000 to close and yet with the higher interest rate, that is just fraud. Basically they told me what I wanted to hear and lied to me the entire time. Not one thing they told me was true. I don't want anyone else to have to go through this nightmare, ever. My gut told me in the beginning they were bad news and I should have listened to my gut. This was my fist home purchase and instead of my husband and I being excited, we were disgusted with the outcome. They now won't return calls or emails. Great Service!

Best Rate Funding. Santa Ana, CA

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Comments

  • Ch
      1st of May, 2007
    0 Votes

    Thank you so much for your input! My life partner and I are in the process of buying a home together in Arizona and I will not be using Best Rate Funding. This is a very stressful time for people and they do not need the added pressure that these scam artists dish out.

    Again, thank you for posting this complaint, you've saved many of us thousands of dollars!

    God Bless~

  • Am
      7th of May, 2007
    0 Votes

    Thanks for posting this info. The mortgage process can be so difficult to navigate, people need to know about sharks in the water like Best Rate.

  • Na
      4th of Oct, 2007
    0 Votes

    This is the worst company I haveever dealt with, they are a bunch of liars andmake promises they cannot keep-they might have cost us our house we have been in for over 18 yrs-considering a lawsuit, thank goodness I save all worthless promises and guarantees of loan approvals-

  • Ni
      19th of Feb, 2008
    0 Votes

    I must say my experiance with Best Rate was much different. My loan officer worked VERY quickly and was very honest about the process. (although, this is my 3rd time buying- so i already knew what to expect.) I think its who you get as a loan officer that makes or breaks your experience. My lady was great- from start to finnish. (even when she decided to leave Best Rate for another company- she still made sure everything went smoothly with my closing.) I'll have to agree her boss wasnt quite as pleasant- but she was an up-front, no BS kinda gal. I will say their closing costs hurt- but my credit wasnt perfect either- And my husband and I had just started our own buisness so we only had six months of bank statements to document our income. It was a "no-doc" loan.. They offered us a decent intrest rate with no doc, and less than perfect credit.. some times its worth paying a little extra to get a better deal in the long run.
    Anyway there are a lot of sharks out there- you have to be careful- always go with your gut. Do research BEFORE you sign anything. Ask questions. Pull your own 3 credit reports and shop around before ever agreeing to alow anyone to pull your credit. Initially all they need are scores anyway- And if it sounds too good to be true- IT IS!

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