I was contacted by Town and Country to refinance our home. When we notified them we had a better interest rate of 6%, as opposed to their 10.34%, they immediately could do the refi at the same exact rate. All we had to do was show them paper work from the other company, and we were guaranteed a closing duplicating the EXACT same thing. Even including closing costs.
I supplied them with everything needed, even to the extent of the title work! The appraisal was already done and completed. They insisted on sending out some one of of their choosing to complete another appraisal.
But, that company is another story entirely. Anyway... It took this company another month to come out and appraise the house.
We are into this by now over 45 days, when we were already promised we would have a quick closing of 12 days tops. Especially since I had already supplied them ALL their work for them. Since the appraiser they sent out did not know his head from a hole in the ground, we went back to the original appraiser (surprise surprise).
In speaking with the branch manager in the Houston office (Christian) he assured me there were no problems, and guaranteed me a closing. He also guranteed me a closing matching the other company that was giving us a lower interest rate. He also stated we would be closing very soon.
Now, 45 days later, we are told that he can't do the 6% and it will have to go to 9%. AFTER we had already cancelled all obligations with the previous mortgage company!
After arguing with Christian he assures me he can get me the 6.99% and gurantees me it will close within 2 weeks. All "ducks" are in a row. No problems etc. That he made sure he had spoken to underwriting and had pushed this through and there would be no problems. We are GUARANTEED a closing. Especially since "he has pull with the underwriterwriting team".
To date, we are now 90 days into this mess. 5 closings have been cancelled due to one BS story after another. First it was the paper work was messed up. Second it was that the underwriters hadn't released it. Third our loan officer screwed it up and missed some paper work in the file and she had sent it off and things were ok. All the while, still making it known that 100% sure we were going to close no problem.
As of last week, June 27th, we are now being told by Christain that he made no promises at all. No guarantee that this would close. That it is all in the hands of underwriting. The final approval is up to them, and he has no control over anything. What happened to his "pull"?
We have been jerked around since day one. Our interest rate has changed by 1%. The payments have gone up almost $200 a month from what the "guaranteed" match was supppose to be. And, we still have yet to have a closing date!
Sad to say, but all my time has been wasted, and I am once again, checking for another mortgage company. Plus to date, we are out almost $1,000 to date, not to mention other fees.
Do yourself a favor, do not listen to their promises of matching the competitor, or giving you a lower rate. At some point, your rate will go up due to some "unforseen" BS circumstances that is YOUR fault and not theirs!
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