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.