| 10/12/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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Hello, I am in the process of purchasing an inventory new home from XXXX XXXX XXXX in the XXXX, TX area. The XXXX website advertised a promotion offering {$25000.00} XXXX XXXX that could be used at my discretion however only with the XXXX preferred lender- XXXX XXXX. The same promotional advertisement also provided summary level details of a mortgage " buy down '' scenario where your first year interest rate would be XXXX XXXX below market, year XXXX XXXX XXXX below market then lock in at a fixed rate.
Overall, the promotional offers seemed fair on the surface so I decided to move forward in the transaction. However, issues have now surfaced that are causing me conceXXXX XXXX XXXX XXXX XXXX XXXXte shopped purchasing points with one competing lender and found I could save {$4000.00} at closing. I suspect if I rate shopped more the savings could be higher, however, I am trapped with the preferred lender thus paying a higher rate.
XXXX ) When I selected the home I was interested in, I was advised it would be completed in mid to late XXXX. On the morning I was to sign the purchase agreement the completion date shifted to " possibly into XXXX ''. Prior to signing I responded back to the Sales rep that impacts would need to be considered specifically the lock period. The Sales rep stated she would email the lender. It appears that communication never took place as I was never provided an answer. I assumed no impact. XXXX XXXX is now pressuring me to purchase a loan at a higher rate to extend the lock period which I don't agree with since I have no control at all over the rate of construction and simply in this economic environment can't spend another {$200.00} a month on the payment.
XXXX ) Today I find out through research that the home builder XXXX and XXXX XXXX ( the lender ) appear to be the same company. This was never disclosed during the phase where I decided to use the XXXX preferred lender. I am concerned that XXXX and XXXX XXXX financially benefit from a delayed closing and are pushing me to purchase a longer rate lock and a more expensive mortgage. I am also unhappy that their preferred lender is not provided the most competitive rates.
I expressed my concerns on a virtual meeting with my direct sales rep and her manager on Monday XX/XX/XXXX. My XXXX money of {$32000.00} was threatened when I stated that the financing piece of the transaction did not seem equitable.
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| 11/03/2018 |
Yes |
- Mortgage
- Other type of mortgage
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Web |
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I have a current loan application for a brand new construction home with XXXX XXXX. Lender is First Equity Home Mortgage. It has been in process since XXXX of this year and closing should be XX/XX/2018. I was supposed to receive XXXX at closing for using this lender because I receive closing costs for having a XXXX loan. He has received my paystubs for the past 5 months and has my offer letter when I started my new job In XXXX. Yesterday he called me to say I was not going to get the XXXX loan or the XXXX at closing because I worked some overtime and went over the income limit. I told him why he didnt say anything about the limit since he has been receiving my paystubs for 5 months. He said he didnt know I was hourly! He has my job offer letter! He didnt even look at my paystubs once before yesterday. He also said he was late to request the appraisal and and would not have closing docs ready for XX/XX/XXXX. I already had those XXXX compromised to pay back a loan of XXXX I did to pay an account. I have to pay it back after closing. I also have a large number of contractors scheduled to do extra painting, install blinds, deliver furniture, washer dryer that I cant cancel. This lender has not been accountable at all. I am renting and have to leave my apartment on the XXXX. He just said I can have an FHA loan but dont get my money and have higher interest. He screwed me so bad I dont know what to do.
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| 03/28/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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XXXX XXXX was using illegal steering tactics to force me to use their " partner lender '' First Equity Mortgage to buy my home. In the contract addendum it specifically states that a preapproval letter from this mortgage company is required to be considered a contract. Addendum dated XX/XX/2018.
I never applied with or received an approval letter from the " required lender '' making contract null and void and had my atty type a letter stating this and requesting my earnest money of XXXX back based on the fact that according to their own language in the contract stating the contract is not valid. XXXX XXXX XXXX Division President of XXXX XXXX replied stating that they will not refund my earnest money. This is not only a violation of their own contract, but also a clear violation of anti steering laws.
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| 05/29/2018 |
Yes |
- Mortgage
- Other type of mortgage
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Referral |
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