When shopping for a mortgage, I came across Everbank (that I never heard of) that offered the best rates.
Dealt with a gentleman named Leonard. He was fantastic until I paid the $350 application fee.
After that, I have to keep calling while they drag their feet.
After they start processing, they ask for a very difficult list of documentation I need to provide:
I have 20% down for the down payment. But on top of that, they want to see that I have an extra 18 months of mortgage payments sitting in my account.
And they want tax return proof of 5x the mortgage payments.
Ok, fine,
Under their own appraiser, they deem the house to be a Duplex even though every other document including a city inspection says it is a Single Family Home with Recreation Room
They raise my jack up my rates and increase my required downpayment
Ok, fine,
They then say I have errors in my property title. (Even though Chicago Title says theres nothing wrong)
They raise my jack up my rates and increase my required downpayment
(at which point im at nearly 2% higher rate and 40% downpayment)
Ok, fine,
Then they deny my loan. LoL
Long story short, they keep making up requirements so that my loan isn't approved.
Everbank = Big waste of time.
They don't care or try to help anything once they have your $350 application fee.
It was already day 20 into escrow when they started pulling this crap. They knew to wait until it was too late and I was stuck with them. Luckily I still closed escrow with another company. But I almost lost my deposit and house due to these idiots.
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