Morgan Real Estate

Loan Service

I refinanced with Morgan Real Estate & Financial after getting a referral from a coworker.

They got me a good interest rate on a “no point, no cost” loan.

However it looks like they lied or misled me on the points and costs.

After closing, the numbers just didn’t add up. I ended up paying for some of the costs, or I wasn’t fully refunded.

Also, over $4000 showed up as points on my 1098 tax form.

There is some discrepancy here, because the amount I overpaid is not equal to this number.

I showed all of this to my long-time CPA, and she wasn’t sure what kind of weird math they used either.

I tried to get some clarification from Morgan when I discovered these issues, but I was ignored.

I was also required to increase my homeowners insurance coverage significantly, which increased the premium dramatically.

This very much detracts from the savings I got by refinancing.

The lender they use also does not have any online payment option.

The refinance process took longer than I expected, and I had to suffer through pretty poor communication throughout.

Sure, they got me the interest rate I was looking for, but I ended up paying for it in the end.

If it isn’t already, this type of behavior should be illegal.

Be careful, and triple-check the paperwork before you commit to Morgan Real Estate.

UPDATE (3/18): Apparently my review got their attention.

I received an e-mail from them out of the blue explaining the discrepancy mentioned in my review.

I’m grateful for the explanation, but it took a YEAR to get it. As mentioned, my previous attempt at communicating with them directly (on 3/12) was ignored, but it looks like they will respond when they see a negative review.

I stand by my comments, and hope this additional data point helps others make their decision.

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1 review on Morgan Real Estate

  1. This broker is not responsive and incapable to close loans.

    This broker is not responsive and incapable to close loans. It did not show any relationship with major banks or mortgage lenders, therefore, they could not resolve any small issues that arise, and failed to close my loan at the last minutes.

Junction Avenue 2051
San Jose 95131 CA US
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Reported Loss :3277 $
Severity of Scam :High
Reported by : Anonymous
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