I am a first time home buyer, I initially have my mortgage pre-approved at Flagstar bank. I called their " Senior manager" a few times to check mortgage rates and different questions about closing costs. I never get a straight answer. They told me one thing, and turned around and did something else.
So, after our home inspection, we are getting ready to write up an estimate, I called again and ask for their rate. I was told, "Flagstar Bank is aggressively working to get you the best rate." I was quoted a rate of 5.875 over the phone. After I received my estimate, it said 5.99% and they have bought a point WITHOUT MY KNOWLEDGE to the closing cost.
Really, THEY DID NOT TRY TO HELP ME. Their rate was 6.250 all along. The reason I got 5.99 is because they applied $1495 out of what the seller agreed to contribute to my closing costs and bought down a point for me. I WAS NOT AWARE OF THIS AT ALL.
When I called their senior manager to ask him what the deal was, he told me that I am wasting his time and his assistant's time. What a moron. I promptly cancelled my application with them and will NEVER recommend anyone to Flagstar bank again.