I did not have a pleasant ending to my experience with Mike Crisanty and Rate.
I was attempting to refinance my mortgage from 7.2 percent to 5.8, which was the going rate in mid February of this year. Mike offered me an even better rate, which seemed too good to be true.
After going through all of the paperwork and locking in the rate, I was alerted that the underwriters had calculated my salary incorrectly, and I was no longer eligible for a program that Mike was using to get me that rate, unbeknownst to me. I assumed it was just the rate they were offering at the time.
The issue is, by the time they realized I didn't qualify, the market had changed and rates jumped way back up. This left me with nothing but a huge bill for an appraisal that was no longer needed.
The real gut punch though was that if they did not try to fit me into this program based on their incorrect math, I could have locked in a slightly higher rate than what Mike offered, that would have changed my life because of the monthly savings. But I was not afforded that opportunity because of the careless work by the Rate team.
To say I am disappointed is an understatement. I am a public school teacher. Rate is a multi-billion dollar company. Why should I pay for their mistake?
I believe they should make this right and pay the points themselves in order to give me the agreed upon rate. It's nothing to them, and everything to me. I am already going to be paying them hundreds of thousands of dollars in interest. How greedy can one corporation really be?
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