This is the first Yelp review I've ever written. And I can tell you right now, Yelp doesn't have enough stars for Michelle and her team. Take a break from your tireless Chicago mortgage broker search, read this review, and then call Michelle to ease your pain.
This is a long story, so only dig deeper if you have the time. The Cliff Notes' version is: at a time when I was truly in a bind and trying to buy (in a hurry) a difficult property that other lenders recently rejected, Michelle's Team unknowingly competed head to head w/ another broker and blew them away w/ unmatched customer service, responsiveness, efficiency, low interest rates and speed to close. For more details, read below...
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Allow me to set the stage for the story of my Michelle Bobart experience: I'm highly critical, fact driven, curious, impatient and organized (aka - difficult customer) w/ a greater than 760 credit score. I shopped 5 different mortgage brokers, getting quotes from each, in 30 days. The last two standing were Michelle and another broker, let's call her "BigBank". Ultimately, I went w/ BigBank because of her expertise w/ VA Loans, which was a unique entitlement that I planned to use. I was also living in a temporary sublet that was going to end in a matter of weeks, and needed the purchase process to move at lighting speed.
I fell in love w/ a bank-owned foreclosure property in mint condition in a River West condo building w/ less than 50% owner occupancy. I was outbid by another buyer and lost it. That buyer's lender declined the mortgage due to the building's low owner-occupancy; he got spooked and cancelled the purchase. Then I went after it again and got it! I went after it using a VA Loan, but ultimately the VA denied loan because they didn't like the association's bylaws. That would make this property 0 for 2 w/ regard to being approved by major lenders. I was nervous, to say the least - disappointed that I would have to go w/ a conventional loan, and worried that perhaps the property would get denied yet again. My expiring sublet made matters worse, and more urgent.
This is where things get interesting.
I called Michelle back and asked her to help me finance my dream condo at the best rate, and as soon as possible. With the same breath I called the lender I was already working with, "BigBank", and asked her to re-start the underwriting process anew, this time conventional and not VA Loan. Michelle vs. BigBank: both lenders were off to the races, unaware that the other was working the same deal.
The difference was impressive. For every task or milestone that Michelle's team completed in a few hours or one workday, it took BigBank 2-3 days. The appraisal was done in 3 business days. All documents were signed electronically via DocuSign (BigBank was on the 2002 secured email attachment, log in, download, print, ink sign, scan, email submit model). Michelle's team of highly competent individuals, a few of whom I met in person were waiting on me hand and foot for every question - and challenge - I could come up with. With BigBank, I was shuffled around to 2 different loan handlers in call centers, and they had many redundant requests. Michelle and her team had a 5-90min response time. Typically 5-30min, to be honest... FOR EVERYTHING. BigBank's response time could be an hour, or sometimes a day and a half.
Michelle and her team had both the property and I fully approved and cleared to close within 8 business days. At this juncture, BigBank was still asking for information/details that Michelle and her team got from me a week earlier, or never asked for at all because it was unnecessary. Michelle then went ahead and scheduled a fast close w/ the Seller, Fannie Mae (who was previously adamant about closing on their own sweet timeline) - and we ultimately closed 17 days earlier than planned - despite some fairly material changes to the terms in the final 60 hours.
All of this, mind you, at a lower/better interest rate than BigBank's initial offering.
Michelle's team is First Class. Do yourself a favor if you need to move quickly, efficiently, at the best price available and want to get the job done right the first time. In the city of Chicago I wouldn't recommend anyone else for a conventional loan! read more
