The rep. From Guaranteed Rate that contacted me was persuasive and relentless. He checked-in and followed up every couple of days, provided breakeven analysis, options for different mortgage programs etc. After I began my application, he behaved completely differently. He sat on my paperwork, nothing was done until I called. Then nothing happens until my next email or voicemail. After awhile, patience and understanding became pure frustration, anger, concern, worry and more. I've bought four homes in the past ten years - this is the first bad experience I've had! My rep did not know (or pretended not to know?) that in WA state, the max. First loan without taking a penalty was $563K. I'm taking a loan of $600K and he tried to get me to borrow about $97K on the second loan that had a much higher interest rate, until I told him no, I can borrow $37K - first red flag! He communciated rates for both loans and I'd get clarification and then as we're about to proceed, he tells me the loan structure has changed, and suggested it was miscommunication - second red flag. Every week, he'd ask me for more and more paperwork although we have excellent credit (over 790), have little debt and more than sufficient assets. I understand the basic docs are needed: Salary, employment, asset statements, loan statements, income tax filings etc. I did not have a sale contingency on my loan and we are able to carry mortgages for two homes, yet he wanted my current home mortgage note... Things like that. He was not proactive at all... Only when I called would he give me an update on the status or request for additional docs. I had the HOA meeting minutes and budget three weeks ago. That was a condition of the loan yet he never once asked me for it until I asked for the status of the loan in the very last few days to closing. I gave him the selling agent's contact #, my agent's contact # and so on yet he never once contacted them.instead he sat on things he had to do to fulfill the conditions of my loan until I called. Makes me wonder if he even cares about closing my loan and how he's compensated. He is sloppy - makes mistakes in the spelling of our names, in the loan amounts, and so on. He'll tell me "Oh, that's not a problem, we can close on July XX". That day comes and goes and its as if he never promised anything. I told him upfront before even applying for the loan that we will be going on vacation internationally - so there is a critical time period where escrow needs to have the documents so we can close. I must have repeated this critical timeline 20 times over 5 weeks and it has fallen on deaf ears. There is simply no dedication, no follow through, no attention to detail, no communication and total lack of customer service and attention. DO NOT use Guaranteed Rate if you want to close on time and receive good service without having to manage them every single day and be kept in limbo for weeks where you don't know when to schedule movers, when to turn off services, start services etc. They do not give you peace of mind. STAY AWAY for your own sake!
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