I met with a sales consultant at the Sunfield communiy part of Centex homes in Buda Tx.in May. Me and my wife picked out a Home. I filled out a paper with salary and bill information and gave it to the salesman. A few days later I came back and discovered I was " prequalified "based on the financial information I turned in. I was told if I went with Pulte mortgage I would recieve substantial incentives and money towards closing cost. It sounded like a good deal. I submitted a $500.00 earnest money check.
The sales consultant has us sign a job intiation/purchase order a (67 page complex legal document) This was all in a matter of day after stepping into his office. So we were obligated in the legal sense for a house based on minimal financial information.
. I was told I would be contacted by Pulte mortgage to finalize the loan. Pulte mortgae is out of state so everything is done by email and phone calls. You recieve a email from a Team assitant, who puts you in contact with a loan consultant who goes over some financial documents. Then your put in contact with a lSr loan processor. This was over a month period. Pulte uses multiple persons where normally one person handles the loan process. We were also required to sign off on multi page disclosure package another complex legal document.
We were going with VA financing and a origination fee was rolled over into our loan, something Pulte never told us. We picked a jacuzzi as a option and a deposit was required which (the deposit we declined) Information about charging deposit and terms of the contract was all in the fine print of the documents we signed.
The point is you had better be smart enough to know about the loan process and mortgages because the sales force and people at Pulte mortgage are not going to tell you. The whole process is designed to scam the unsophisticated buyer. The lender deceptively convinced us to unfair and abusive loan practices
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