Morgan Real Estate

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.