Please beware of American Direct Lending. They do not keep their word. I inquired online about refinance mortgage rates and was given a Good Faith Estimate rate quote and terms. I dealt with a Calista Calabretta. She seemed very knowledgeable and honest. She offered me a 5.875% interest rate fixed 40 year due in 40 years. I checked out the company as best as I could through the Better Business Bureau and Chamber of Commerce and no complaints. She told me to fill out forms to lock in the rate which I did. I shopped around to make sure I was getting a good deal and I went with American Direct Lending Inc. The other mortgage companies warned me that this rate was too good to be true. I should of listened. I supplied all my financial information. We have excellent credit. Appraisel was done, great loan to value. Not once did Calista tell me there would be a problem obtaining this loan at these terms, the contrary she kept reassuring me all was fine.
Then today I received an email from her that she had found a better program. I called her and she tried selling me an interest only loan, fixed for 10 years due in 30. I told her that wasn't what we agreed upon. She told me that my loan didn't fit the requirments and this was the best she could offer. I told her that she must of known that this loan wouldn't be possible and how could she have led me on for two weeks. That this was very bad business practice. I could have used this valuable time to get a better rate somewhere else. Rates have since gone up with the other local companies I could have dealt with. I didn't lose too much money only the appraisel fee. This company draws you in with low rates. Holds out and then thinks the consumer will be too frustrated to look for other loans and drops the ball. Stay away from this person and company. As the saying goes if its too good to be true it probably is..
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