| 02/07/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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We began the process to purchase an apartment and signed an purchase option on XX/XX/XXXX. We submitted the application to the loan originator and in XX/XX/XXXX we received a Loan Estimate for a loan of 90 % of the Purchase Price that was the loan that was discussed with the loan originator. All documentation required was submitted to a loan that were pre-approved before we initialize the purchase process.
On XX/XX/XXXX, and because the appraisal was received for a lower market value amount of the original Purchase Price, we agree with the seller and submitted an amendment to the Purchase Option Contract to reflect a new Purchase Price. After that change we did not receive a new Loan Estimate from the loan originator.
The process continue and after all updates and documentation provided we received a call from the loan originator officer on XX/XX/XXXX that the loan was approved by the investor at 90 %, as primary residence, but the PMI insurance rejected the coverage due to the condominium can not be insured as primary residence. They give us the alternative and sent new Loan Estimates with loans at 80 % which represent a significant larger amount from us and differences in the closing costs from the original one.
I think is important to add, that from the beginning we made clear that we were not interested in a 80 % loan, so was for us a surprise that at the end of the process they are saying that we have approved a loan that can't be close and feel that we were tricked in the process. We rejected the new loans offer and we are losing the opportunity to buy the apartment. After the rejection of the new loans we had not received comments from the Mortgage Originator.
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| 06/30/2021 |
Yes |
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Phone |
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| 04/20/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Struggling to pay mortgage
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Phone |
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| 03/03/2021 |
Yes |
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- Trouble during payment process
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Postal mail |
Servicemember |
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| 01/27/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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Referral |
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| 08/01/2019 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Fax |
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| 03/15/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Phone |
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