Complaint / Review
Austin First Mortgage
Bait & switch mortgage broker - BBB affiliation is a joke, worthless

I shopped on the internet for the best mortgage rate available for my new home. It was between Austin First Mortgage and a Ca. Company. I decided to go local with AFM. Terrible mistake. I signed a contract on a house, with the provision I would lose my earnest money if we did not close in 30 days. I signed a "Lock In Agreement" with AFM on a set loan amount, interest rate and closing costs. I received the Truth in Lending from AFM showing the interest rate and costs we agreed to.

Shortly threafter AFM claimed, never proven to me, even though I have asked for proof, that they could not find three credit scores on my wife, the lender had turned down our loan, so they could not honor the "Lock In Agreement" and I would have to pay an additional 1/4 point or risk not closing in 30 days.

They also told me they would probably not get the loan done in the 30 days they had promised me before, unless I agreed to their demand for additional money.

I went on the internet, found all three credit scores for my wife, sent a copy to AFM. Even with this information in their hands, they continued to insist my loan had been turned down becasue they could not find enough credit scores on my wife.

I asked them to send me a copy of the turn down letter from the lender. Never has any letter or email been furnished to me showing our loan was turned down.
I am convinced it was a ripoff, they suckered me in with a low rate and them were going to find excuses to keep raising my fees. I ran away as quickly as I could.
I protested to the state.

AFM then threatened me with not being able to gt my loan out in 30 days if I filed a formal complaint to the state. I filed it anyway. I protested to the Austin BBB, AFM threatened to divulge my personal information.
I filed the protest anyway, we are currently involved in arbritation over my deposit. I think the certification or endorsement by the BBB is a joke. It will not carry any weight in any future dealings I have with a business.
My and my wife's credit scores were excellent.

I went to a different mortgage broker, he got us a loan in 5 business days, we closed on time.

I would strongly recommend you pursue other mortgage brokers before you use Austin First Mortgage.