I had a bad experience with Poli Mortgage Group and I think it’s significant enough to share.
I was a past customer with mixed results and I had done business with other brokers too with good results.
I decided to re-engage with Poli to get cash out. I like the idea of keeping my money with local businesses whenever practical.
I requested a refi loan with them on August 28th. I signed the closing papers on November 28.
I’ll tell you what happened in between that created the bad experience.
I also want to think that my experience isnt attributed to individual people, rather it’s about the process/es that the employees have to follow.
I live in a very nice area of Norwood and needed 10k out from my refi.
I was up front about this from the beginning. My home is in great condition and in a great neighborhood.
The appraiser from Dorchester valued my house below market and was not familiar with the town.
He compared the property to other 3 bed/2 bath areas in town that were on hills, near abandonded lots and in one instance 1/4 mile away from a sex offender.
I appealed for some wiggle room but the appraiser would not budge 5k from this ESTIMATE.
Finally around Sept 17, I appealed the appraisal in writing. My broker was very helpful and understanding here.
But I fault Poli for the uphill battle of bringing on appraisers (I KNOW they cant pick them) who dont know the town and who are new to the appraisal business.
I was able to secure a new appraisal. The valuation which came back around Sept 23 was good and I was a happy camper.
Then I got the phone call telling me that I can only get back around $3000 ( I needed 10k) given my current interest rate and the length of time between the quote and the good appraisal. Ugh.
Dont ask me what happened; I’m not a mortgage math guy. But I had several discussions with my broker and arrived at a solution: I can get my 10K if I agree to a quarter point higher.
I did the math and accepted the deal on Sept 19.
From September 19 to November 26, there was no activity.
On November 28, the lawyer came to my house (which was great) to close.
I saw that my cash back was less than 7k. Folks, I was dumbstruck…..
So feeling helpless I signed all the papers (just a few hours ago) and called my broker.
He called me back later on and told me that in addition to the cash back, I didint have to pay my mortgage for the next two months, so that would make up for the difference.
I expressed to my broker that WE are the consumers and we depend on mortgage brokers to set us up with loans that meet our needs; and expect that they shall communicate any variances to us that effect our anticipated outcomes.
From the beginning it was clear what I needed– 10k cash out.
Dont jack up my rate and promise to deliver 10k cash out and tell me it will all work out in the next few months.
Ultimately, my broker apologized to not communicating with me and added that he didnt think he’d ever be able to satisfy me.
This was a professional failure Im now stuck with a $3000 cash out loss with a quarter point higher rate when it was not what we agreed to and no one communicated this to me! Surprised they dont sell used cars too.
Let the buyer beware. Shop elsewhere.