Upon the beginning of the loan, they charged us 4 points. We were able to talk them down one full point saving us around 1380 dollars. There were seller concessions of $5,000 dollars and a total of around 3,800 coming from our own cash reserves. They told the seller his portion would pay the closing costs but told us we needed this extra 3,800 dollars. We agreed to this but to no more.
We needed to obtain financing on the property by a certain date from which the mortgage company knew. If we did not obtain this financing, we would lose out on the property by that date. About a week before closing, they gave us another good-faith estimate totaling extra 1,374 dollars added on top of the 3,800 dollars and the 5,000 dollars of seller concessions. They claimed these 1,374 dollars was the down payment, but when asked if this would be credited towards the selling price of 165,000 dollars, they told me it would not. I debated this during the meeting and they did everything they could to distract me and twist the numbers around on us. After all their tricks and brow beating, I realized I would never get out of their unless I agreed with them that I did not know what I was talking about and that the extra money was not really extra money like they said it was.
I realized they were attempting to re-coup their one point so I hired a lawyer. This lawyer saw what I saw and told them to re-work their numbers and send him the HUD statement. Pine Tree mortgage maneuvered around our lawyer and hid the HUD statement from us until 18 hours before our scheduled closing. They stated it was their policy to not talk to lawyers. We told our lawyer this and he told us to fax them permission to discuss this with our lawyer. We faxed them permission but they took their time contacting our lawyer. Keep in mind we needed to get financing before the date set by the seller's lawyer otherwise we would lose out on the property. When we saw the HUD statement, they added extra fees in including a processing fee making-up a good amount of the original downpayment they said would not be credited to the balance. We were not happy at the least to see they manipulated the numbers and added this extra amount to our loan in fees.
We had no choice but to accept the loan because we would lose out on the property. Pine Tree Mortgage are crooks and their association with Morgan, Smith and Cronin is twisted. When I pass the CPA exam and open a practice, I will be sure to steer my clients far, far away from PINE TREE MORTGAGE and MORGAN, SMITH, AND CRONIN.
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