I'm very disappointed at Chase. I recently applied for a mortgage through them and DeborahWilliams@chase was my lending officer. Last week I was referred to Chase. I called up Deborah and asked for a Loan Estimate. She provided me with the all the information and I thought I got a very competitive deal. My loan cost was going to be roughly $3419. When we went over the estimate she promised that I would get different credits towards my loan. This included taking off $410 for Origination points, and $500 for taking the Home Buyer's course. That's over $900 in credits alone! So after applying the credit, my loan cost should be about $2519. She also quoted me for $62/month for mortgage insurance since I was putting down 5% as down payment. Keep in mind this estimate was given after she ran my credit score.
Today I got a completely different story. After we went ahead and submitted my application she told me that I did not qualify for the Home Buyer's course, and they changed their mind on not charging me for Origination points. Not only that, they increased the amount to $1677! She also didn't mention that they were going to charge me more towards processing fees (went from $595 to $995). They also increased my mortgage insurance to $84/month. So, comparing the Total Loan Costs alone I have to pay $2577 extra from what we agreed on Friday!
I'm completely aware that these are estimates and would have been OK if the difference was a couple hundreds. But the estimates were completely off. My problem is that I was promised credit that I can't get and my mortgage insurance and loan costs are significantly higher. My biggest disappointment is that it has been a big waste of time. Now I have to look for another mortgage lender that can close on the deal in 28 days or less!
This doesn't make any sense for it to change that much in a couple of days, maybe it's because I'm a Muslim? read more