Priceline mortgage has lower rate to attract people to borrow the loan with them. It looked good until they use the following tricks on the customers who had little time to change to a different lender.
1. After working with them to provide all the information that they asked, they finally issued the commitment letter, and it was issued after the 30 day lock expiration date.
2. After quite a few phone calls, the loan officer finally provide the information so that the processor can update the commitment letter stating that for every additional week after the 30-day lock expiration, there is a 1/8 cost to continue lock the rate.
3. There was no condition or disclosure on how long that weekly lock can be extended. Then all the sudden a few days before the closing, I got a letter with new good faith estimate which has new interest rate which is. 25 point higher, with simple explanation stating that the characteristics of my loan changed.
4. Many phone calls later, finally reached the loan officer whose signature is on the updated package. He told me that he did not sign the document to increaes my interest rate and someone else did. I talked to this someone else, his supervisor, and that person told me that the loan lock was expired. I questioned them what the Commitment letter is for? He said read the fine line, they reserve the right to change or cancel the loan. The current rate went up was the reason that, they single handedly changed the rate, 3 days before my closing and left me with little room to change lender.
They accuse me not close the loan fast enough and play the game with what's in the commitment letter. After all, it is the commitment letter issued by them. If they dont mean the words in it... Wait, they meant the fine print, not the part in the regular body of the text. It is MY PROBLEM believed the commitment that they made.
Working with them is the worst experience I ever had with a mortgage lender.
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