We were first time home buyers looking for a Mortage, Both of us in our 40's. We hadnt had much luck with mortgage companys but they were honest, so we called Lending Tree. They took our information and up popped STS Lending.
They in return got All the information they wanted, and about 2 days later we recieved a call back. We were Approved! 100 % for 100,000 fixed rate for 30 yrs between 6.5 and 7 % interest rate. WOW! We were really going to have a house of our own. We got a realtor, found a house seller was going to pay closing costs. Our Realtor got a Letter of approval then from sts lending stating we we approved for 110,000.
We signed the contract and still was waiting for a Good Faith Quote (estimate) from sts. They told us they had sent in it should be in our e-mail. Well 7 days later it still wasnt. We called everyday, everday the same response. Till on the 8th day we had enough, we called lending tree complaining. Then no 20 minutes later we recieve a call from STS lending, The underwriters had our information and it took them awhile till the report was done.
We werent approved! My husband had a poor credit score but enough earnings, I had a great score but not enough earnings. They wouldnt approve him. They would me but not for that amount. They only wanted to lend me 70,000, 20 % down! They needed 8 days for THIS!? We had already signed the contract! They told us we were approved! Thank God it wasnt too late we only had 2 days left and what then it would have been FRAUD! All because of a mortgage company that wasnt honest upfront and the loan officer was supposedly on vacation, and then it was said he was terminated like others in that company because of the economy! Talk about something WRONG!
We learned our lesson, Were glad it didnt cost us money. ANYONE who has had a problem with STS Lending should complain to BBS. Or any other company that is dishonest!
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