On the 22nd October my wife and I initiated an application for a re-mortgage with Home Loan Center Lending Tree on our home in Maine. At the time this seemed like a good idea as we wanted to consolidate our UK credit card debt into one monthly payment at a lower rate of interest with our mortgage payments.
We moved from the UK early in 2003 selling a house there and paying 50% of the purchase price of our new home in the U.S. I am a US citizen and my wife has permanent resident status in the US.
Up to date we have paid all mortgage payments on time for all houses we have owned.in addition we have used our own resources $50,000 to restore our home here in Maine.
In the UK we had developed a good credit record that aided us in our mortgage application on our house here in Maine. Unfortunately this credit record we have found out cannot be used in the US. We have to start all over again. A long process.
When we initiated an application with HomeLoanCenter we paid $600 as a lock-in fee on the understanding that this would be returned to us should the underwriters find we did not meet their eligibility requirements. My wife works as a nurse and I am self-employed as a computer technician. As we had to start afresh with our credit here in the US and our record of employment is short Home Loan Center Lending Tree underwriters found themselves unable to make a loan.
I have been informed that we have been refunded $325 of the $600 as the remainder, $275, is to be paid by us in regards to an appraisal that was undertaken for our application. Nowhere is this mentioned on the website.
We now feel pretty sore about all of this and will continue to complain until the full $600 is returned. This application also will have affected our credit rating here as requests to the credit agencies are considered negatively. It is only understandable then that we feel upset and we hope that HomeLoanCenter Lending Tree will reconsider their decision to only part refund our lock-in fee. Considering the large amounts of fees they charge and interest their loan providers make it seems incredible that they expect something for nothing. Their motto A loan for every home doesn't ring very true to us.
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