Element Funding

I bought many homes before, but this was my first time buying a new construction with Element Funding. Let me tell you, it was a terrible experience. I feel like they took advantage of me and it really upsets me. It was honestly the worst experience I've ever had. They charged me for unnecessary expenses without even telling me about them. I had to call them out to find out about these expenses. It's like they're playing a game, waiting to see if I know about the charges before deciding whether to remove them. It's frustrating to be kept in the dark like that. If you're not familiar with buying new construction homes, I wouldn't recommend using this lender. They will nickel and dime you for every little thing. I didn't write a negative review initially because I didn't want to be seen as just one unhappy customer, but things got even worse.

Let me explain briefly. When my loan was sold to JP Morgan, the first payment was supposed to be due on 3/1 according to the mortgage note. However, when I called JP Morgan, they told me the actual payment date was 2/1. I called my loan officer, and they said it might have been a mistake. I thought I got lucky and moved on. But then, the loan officer called me back and said they were wrong, and I actually owed the 2/1 mortgage payment. It's frustrating that they didn't even know when the first payment was due. That first mortgage payment is crucial, and they should have had all the details straight.

On top of that, in all our email conversations, we discussed the monthly mortgage payment including a $150 HOA fee. I've never bought a house in an association before, and as an investor, I wanted to know all my options for renting out the place. We talked about the $150 dues being part of the monthly payment for analysis purposes. Even on the CD, it stated that HOA dues were included in the monthly payment. However, now I'm two months behind on my HOA payment because it turns out the $150 is not included in my mortgage payment.

How could they make me believe that the $150 per month for dues would be included in my mortgage? I have emails clearly stating this. If you ask the lender, they'll say we discussed it, even though I have emails saying the opposite. If you ask me, I'll say we didn't discuss it because I asked the question multiple times and always got the same answer.

To sum it up, be cautious if you decide to work with this lender. Some of the blame might be on me, but I asked all the questions and more to make sure I was saving money wherever possible. This lender made me feel like I had to defend myself as a customer. I would never recommend them. I never felt like I was getting a good deal. Please understand that there are nice people working there, but their business practices are questionable. This is just my perspective on their business, not an attack on anyone. If I could, I would give them 0 stars. It's costing me an extra $1800 per year that I thought was already accounted for.

They will probably respond with all the things we discussed and what I can do now to fix the situation, which is nice. But if you want an experience where the lender is truly on your side and wants to help you in a way that suits you, I suggest finding another lender. The fact that I had to use this lender because of the builder was a red flag for future home purchases.