We went to this lender who was referred to us by a friend of the realtor. We gave him all of our information he requested. Credit reports were pulled, bank statements we sent over and pay stubbs were dispursed.
He calls back in a week or so and says he has a loan that is perfect for us. Gives us our interest rate on an interest only loan, the payments.
I called back and asked if the loan had a early payoff penalty and how long before the interest only became conventional and I had to begin paying principal.
I got the verbal answers I wanted to hear, but when I asked for a Good Faith Estimate and information on the Mortgage Company that would actually be issuing the loan and any of the "fine print". I was told I would not get that until closing.
I asked how could he expect someone to purchase or commit to a house not knowing what their financing consisted of. I was told I was out of line for asking that question. The officer proceeded to get ugly and tell me that he had bent over backwards for me. He didn't do loans for people like us.
Before I could speak with him, he tried to offer my husband a program that costs $500 to remove anything derogatory from our credit report and write any necessary letters the mortgage company may require.
The gentleman would never spend time with me on the phone to discuss anything. I was always put on hold so he could answer his personal cell phone. I was told I had an attitude and was very ugly.
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