I originally obtained a mortgage quote from Senior Loan Counselor Cengiz Sarikcioglu at American Lending Group (ALG, a.K. A Avant Lending) on 6/5 to obtain 100% financing on my first home. Upon review of the Good Faith Estimate, I signed a lock sheet sent over by ALG to lock the 80% loan at 6.625% on 6/7. I was assured that the 20% loan would also be locked in at 6.925% by the Senior Loan Counselor.
Less then 24 hours before we are supposed to close on 6/30, I get a phone call from the Senior Loan Counselor stating that I no longer qualify for the rate that I locked in due to an unforeseen exception. Due to this, ALG (Avant Lending, American Lending Group) told me that the 80% rate was now 7% and the 20% rate jumped up to a 10.55% balloon loan. Because I did not want to lose the house, my earnest money, and paying a whole month's interest by delaying the closing even more, I had no other choice but to close on the house with ALG.
After many phone calls with ALG, they would not honor their Lock Contract that I signed with them and were rather unapologetic for my first home buying experience. I filed a report with the Better Business Bureau.
If you like bait-and-switch lending and getting ripped off, then I would recommend American Lending Group. Do not use avant lending group or american lending group! A.K. A American Lending Group (St. Peters, MO) ALG Avant
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