I have called the TD BankNorth's toll free number and got an local Mortgage specialist's contact for discussing my investment property's mortgage needs. I explained every detail to this Loan office about my needs and she lured me to fill an online mortgage application by offering great interest rate and 10% down payment options.
I filled the complete application but no one got back to me for days! Usually, mortgage companies are quick enough to take application and issue a priliminary pre-approval letter based on your application and credit report.
I have perfect Credit, good job, cash in bank, own primary residence and Income property with +ve cash flow.
I called after a week and she told me that underwriter needs more information. So I complained that no one called me to ask for additional information, can I dream of it ? I gave the information. No reply back for 2 days, so I called her back again. She started telling me that well, you need to put down 30% down and offered much higher rate of interest. Again, I said that why didn't you call me to give this disapointing news. The griefe, The TDBANKNORTH, lures new applicants in with false offers and they are very slow. You could loose the deal in the time they will make their mind.
They had me fill an hour long application, pulled my credit report, never called back, after I chased them, they told me that I need to put down
30% !! I could have got the loan at those terms from any mortgage company.