I do not trust this bank anymore. Something is shady with them. We called and got a great rate and terms. So we started the application process all in the same phone call. When the application finished, the mortgage rate had increased. This was not because of our credit score. We knew our exact credit score and reported it accurately. It was (they said) because the rates had changed in the last half an hour.
First, some banks would have honoured the other rate because that is the number that we were quoted when starting the application process. They had even input our credit score and everything when they had first quoted us.
So we were annoyed and didn't lock or sign with them. The next day we called back and were quoted the same number from the day before after giving our credit score. But when it came down to the real mortgage rate, it was a lot higher again.
This company IMO does a bait and switch. I called the manager of the mortgage loans and spoke to him. I told him that his company should honour rates that are given then change during the application process during the same phone call. He was very snotty with me.
He told me that the rates quoted are based on a credit score over 800. I told him that was deceitful practice because he knows very well that few people have a credit score over 800 so they are quoting 95% of people a rate that those people will never, ever get.
And I gave our exact credit score to every person that quoted me the false rate. That bank knows very well what they are doing. They are quoting the majority of people are really good rate that is a complete lie and then after that person has submitted W-2's, bank statements, recents pay stubs and whatever else is requested, then the borrower is given a worse rate based on their credit score even when the broker/bank always knew what the credit score was.
Something is very wrong with that bank. I would not ever get a loan with them. All this happened before we even agreed to go with them and paid a nonrefundable application fee. Imagine how bad they cheat you right when you are signing the closing papers. I'll bet they really change their numbers then. I'd rather feed a bear berries from my hand at this point then do a mortgage loan with sneaky Wachovia.
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