Mortgage refi - unbelievable experience, opinions please!

[TheVBs]

So, we recently received an offer from a major bank to refinance at a lower rate at no cost to us. Genuinely no cost, the bank is paying the closing fees and home appraisal fee, not rolling it into the principal. We're already at a decent rate, but this would bring us down about 1/2 a percent at no cost to us, so I started the application process.

As soon as I get the documents I notice mistakes that are fobbed off by the mortgage guy we're working with. Discussing these things with him and asking questions about the documents we need to provide, I experience some frustration and conflicting information.

I had received an email from the bank with a link, asking me to provide feedback throughout the process. So, I did just that. I get a response from someone on that, I'm sure the equivalent of a help desk person. Very generic response, except at the beginning of it there's this:


Hi IGETTHATYOUREHAVINGAROUGHGOATTHISBUTYOUREGONNAHAVE TOSUCKITUP

It was written just like that. Obviously this is something he wrote then thought he deleted, but didn't and it came through in the email. I had to laugh, but the bottom line is, I don't exactly feel comfortable handing this bank our mortgage, even if it will save us money.

So, I've gotta ask - what would you do in response to this?

[Goofy4TheWorld]

I would hit reply and say "That is NOT how you spell my name" and then I would walk away from the mortgage. Sloppiness in mortgage processing is why we are where we are right now, and I wouldn't give them the time of day again, much less my Social Security number and mother's maiden name.

[SBETigg]

Considering the bad feeling you have, the unprofessionalism, and questions that you have coming up, I would walk away from this one. You might want to save the email and present it as a reason why, but I wouldn't feel comfortable doing business with them at this point.

[VWL Mom]

I would forward the email to the bank president, branch manager, and the person you were working with. This is totally unacceptable in my book and heads need to roll.

[MississippiDisneyFreak]

Too many red flags not sure I would want to deal with them or at least this guy

[Ms. Mode]

Too many red flags not sure I would want to deal with them or at least this guy

I agree, there is NO WAY I would get involved with this company!

[1DisneyNut]

Same here. There is no way in hell I would do business with them after getting that in an email. I would probably reply to the guy that sent that email the following:

IDONOTDOBUSINESSWITHIMMATUREUNPROFESSIONALSIWITHDR AWMYAPPLICATION

[Mrs Bus Driver]

Same here. There is no way in hell I would do business with them after getting that in an email. I would probably reply to the guy that sent that email the following:

IDONOTDOBUSINESSWITHIMMATUREUNPROFESSIONALSIWITHDR AWMYAPPLICATION

This :thedolls:

Seriously run do not walk to the nearest exit. The risks do not out way the savings.

[cer]

Run.

Seriously.

[magicofdisney]

I want to add that I'm in agreement with all the responses. As an aside, I first thought he was talking about a goat's butt. I KNEW that was unprofessional. :-)

[disneymom15]

I agree totally with everyone's response.
I would not give them my business.

[TheVBs]

:rotfl: Thank you for all the responses! You guys made me laugh and I needed that.

Astonishingly, DH still wants to move forward with the refi! I get it in a way, the better deal would be nice, and if things aren't right at closing we don't sign.

But, a very large part of my brain is screaming that it would be INSANE to go forward. Even if this bank supposedly has a good rep.

[SBETigg]

:rotfl: Thank you for all the responses! You guys made me laugh and I needed that.

Astonishingly, DH still wants to move forward with the refi! I get it in a way, the better deal would be nice, and if things aren't right at closing we don't sign.

But, a very large part of my brain is screaming that it would be INSANE to go forward. Even if this bank supposedly has a good rep.

If you're going forward, or not, I would definitely present that email to a higher-up at the bank. They need to know their employee is doing that sort of thing, even if unintentional.

[DizneyRox]

I've bailed on companies for lesser things... These guys would get an ear full along with mentioning the company name on the web along with this experience every chance I got.

[TheVBs]

We definitely bailed. Although it was awful debating whether to go forward to get the lower percentage rate. I think these banks hold people hostage over these offers, knowing how attractive it is and having no accountability for their performance.

I did push this up the line with an email to the executive offices. Just a general email address. Whenever I tried a specific email address, like for the CEO of home lending, it would immediately bounce back. I got two phone calls. One from someone in the exec office (definitely not an exec herself) and one from a manager in the resolution center. Both were very apologetic and pleasant to talk to. Both listened to the laundry list of issues I'd run into. However, neither of them did anything constructive. Simply putting me in touch with a financial person who could give me some genuine answers would have gone a long way.

My rep made a show of getting a corrected good faith statement out to us. Guess what? It was still wrong.

I don't have a FB, Twitter or other social media account, but it's awfully tempting to open one just to share this experience. The company name starts with a letter that sounds like "see" and rhymes with "pace". ;)

[KylesMom]

Don't give up. Seriously. Just recently had a friend who had a similar experience with another well-known mortgage company. After months of runaround and losing the best-rate mortgage, he gave up that they would ever get the refi done. Lost some money in the process for the credit app, pest inspection, home inspection, appraisal, etcetera. Reapplied with another company a few months later, and he closed within 45 days of applying. It really depends on who has your application file.

We refinanced last year, and the closing agent who came to my house asked who did all the due diligence to get the refi done - and then shook my hand because I had been successful.


I think these banks hold people hostage over these offers, knowing how attractive it is and having no accountability for their performance.
I think you are spot-on with your assessment!

[DizneyRox]

We definitely bailed. Although it was awful debating whether to go forward to get the lower percentage rate. I think these banks hold people hostage over these offers, knowing how attractive it is and having no accountability for their performance.

I did push this up the line with an email to the executive offices. Just a general email address. Whenever I tried a specific email address, like for the CEO of home lending, it would immediately bounce back. I got two phone calls. One from someone in the exec office (definitely not an exec herself) and one from a manager in the resolution center. Both were very apologetic and pleasant to talk to. Both listened to the laundry list of issues I'd run into. However, neither of them did anything constructive. Simply putting me in touch with a financial person who could give me some genuine answers would have gone a long way.

My rep made a show of getting a corrected good faith statement out to us. Guess what? It was still wrong.

I don't have a FB, Twitter or other social media account, but it's awfully tempting to open one just to share this experience. The company name starts with a letter that sounds like "see" and rhymes with "pace". ;)
Really? This type of nonsense from Chase bank? Wow! Yeah, I'd bail, not a huge fan of the big banks, but sometimes they are a necessary evil. Somewhere along the line, weren't they Fleet? They were awful too...

[TheDuckRocks]

Chase? Wow, this really surprises me. We only have credit cards with them, but I have always been so impressed how wonderful their customer service departments are.

[Tiggerlovr9000]

Last time we tried to refinance with a big finance company ,they sent us half of our paperwork and half of someone else's paperwork. It had their name, address, SNN, etc. So when I called to let the company know they acted like no big deal. Spooked me, so we didn't refinance.

[TheVBs]

I know. We have the Disney Rewards Visa too and love it. We've had only positive experiences in that regard. So, when we got the offer and saw who it was from, we were genuinely very excited. But, obviously, the experience was a mess. For whatever it's worth, the home loan department seems to almost be a separate company.

[Mom to a Princess and a Prince]

Just an FYI - we just did a refi with our local bank. It was absolutely no cost to us - bank even ordered an appraisal and they paid for it! There were NO hidden fees at all. The interest rate went down just over a point and it is saving us over $300 per month, plus we took some cash out for some improvements we want to do. Don't give up on the refi - just give up on that lender!

[TheVBs]

Thank you! I figured if one bank was making this offer, others would be too. Fingers crossed we'll have another option soon!

I did get another call from the executive offices assuring me they were following up on this. Nice, but didn't really help make things right. Anyway! Again, hopefully something better will come along.