I will admit I didn’t do my normal due diligence when starting the mortgage process here with RPM Mortgage.
I though my friend who is a mortgage broker couldn’t mess things up too badly, well from the beginning is a rough road.
Gave them 3 months to get it right, after 3 expired locks and numerous loan changes, I looked for another lender.
Even after starting 3 months later, my new lender (Guaranteed Rate) was able to get me approved and closed before RPM was….
From the beginning with RPM I had to go back and forth on rates, terms pricing, fees, just everything seemed more expensive than it should be.
But it was ok as long as I was able to get a loan.
THey kept telling me how difficult my case was, and how all of these delays were my fault.
I’m very organized and got them all of the documents, all of the multiple times they asked for them.
Poor communication, disorganization, caused me so much stress during this process I almost gave up and just kept my dramatically higher rate on my existing mortgage.
It didn’t need to be this way. Literally 4 months of going back and forth, sending and resending the most mundane of pieces of info.
IE what is deposit that says “paycheck” on it…….Me: like the other 8 months of banks statements you have thats my paycheck it comes every 2 weeks and says paycheck.
At once point I was even told I was approved and wired a 6 figure amount from my investments (taking a huge capital gain in the process) to be ready to close on time…….several days later of course there was a problem and we would have to look for another lend.
This was prob the 3rd time something like this had happened.
I don’t like having my money or time wasted. So looked for another lender.
WHo told me that I’d be the easiest case the would be closing this year. (I have equity and income…….and cash to play with points, loan amounts etc.)
Breezed though with new lender, I paid about 20% of the fees I was going to have to pay with RPM, and was able to qualify and close on a loan that was $100,000 larger than RPM was having trouble getting me qualified for.
I know different lender have different underwriting guidelines, but apparently I had applications with the same lender.
Guaranteed rate had no problem getting me approved for $870,000, where RPM couldn’t get me approved on a much smaller loan.
Only hiccup I had with new lender was when we were funding, I had to jump through some hoops to prove I wasn’t taking the loan with RPM, because they apparently didn’t close out my rate lock appropriately.
If you want the best rate, best terms, and a easy loan process look elsewhere.