Beware of their loan tactics! Company and it's employees are scam!
Prior to signing up with them I have a loan about to sign with another lender. But Richard Anthony Reyes of Equity Funding Inc. Promised me that I don't have to pay any points and fees if I signed up with them. So I decided to ditch the other loan and went with them. During the preliminary process, I have received a good faith estimate and the Truth in Lending disclosure and Richard told me that the final documents were no different or much different from the good faith estimate and the Truth in Lending disclosure. Before the day me and wife sign the loan, I called him again and to verify if everything is still the same and no changes. I specifically asked him if there are charges that I did not know about and he said no.
So the next day we drove all the way to their office in Santa Ana from San Ferndando Valley and met with him; which by the way he also notarized the documents. He showed us documents we signed but DID NOT TELL US OR MENTIONED ABOUT THE POINTS AND FEES WE HAVE TO PAY. Nothing was disclosed to us that the final loan amount borrowed will be about $20,000 above the original loan. I actually found this out when we received the first statement from the lender.
So I went through all documents they gave me and noticed that something is missing. The CLOSING COST STATEMENT and the HUD information. I have to call the Title company to get all those information. The fees I was charged is the POINTS which is 3.5%! Don't you think that's being greedily excessive charge! Even if it is. 5%, the point is they promised me that I don't have to pay points and fees. I can understand the title fees and document fees but for that point fees, I don't know! So there, those points and fess and I'm only getting 5 year fixed.
So leason learned. You can't trust this scambug company Home Equity Funding in Santa Ana, CA.
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