Because you have a choice of mortgage companies, do not choose Transland Financial Services Inc. I was directed to Transland Financial Services by Joseph Scott Financial to facilitate a construction loan to build a house in Arizona.
I paid $3699.17 fees to Transland to open the loan of only $201,600.00. The interest rate was 2% higher than other sources. At the signing table I discovered the excessive fees and interest rate. I discovered as well that there was a 1.5% pre-payment penalty in the documents, which is total theft on a construction loan. But I figured I would just modify the loan with Transland at no cost and save the 1.5%.
When the house completed I was told that there was a modification fee of 2% or over $4000, I was incredulous. I spoke to several people at Transland to try to work out something reasonable with no cooperation at all.
I was forced to find other financing which cost me over $5000 to accomplish plus Transland in their pay out notice to the new financing company overcharge me over $2000 in the pay out as well.
Therefore I went from a loan on the house of $201,600 to $213,5000. Transland cost me $12,000 dollars.
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