This is my first time buying and taking a mortgage. I worked with Carolyn through out the whole process.
My experience with her is that she is not as responsive that I would expect it would be and don’t expect her to have any integrity too.
The process started quite well on screening but the pre-approval for them was taking quite long slight above 1week and she claim because it is a fully under written process.
I didn’t see any differences comparison to other lenders that I got within a few hours.
This causes me a few chance of putting down an offer until I engaged another 2 backup lenders.
By the time they gave me a pre-approval I had 3 other pre-approval with similar or higher loan amount.
After a few round of searching, I finally got my offer accepted.
Now come the interest rate locking. I have 3 pre-approval lenders that I talk to to compare the best deal for me the other 2 lenders are able to provide me with a good rate 4.25 with out any negotiation so I told her I’m in this situation and if she able to get me the same rate as the other I will proceed to get it from them as my agent/realtor are comfortable working with them.
After a few call she agreed to match the rate and top up with another $300 lenders credit.
In advance I told her that I need to lock the rate for ~45days even before selecting them (other lenders have no problem with locking till 60days).
She agrees and this was done through phone while I’m traveling overseas.
Since she verbally agreed to match the rate and lenders credit I’d selected them.
Upon returning and after appraisal, I was told that the rate was not locked and the interest rate when up to 4.75 that is when I left only about 10days to close my escrow.
I was completely stuns by this and almost call off the whole process.
My lease is ending and escrow closing is near due to the last minute and short time available, I afraid I won’t be able to switch to other lenders and running out of choice so I’m forced to pay for the high rate due to the negligence of her.
I felt kinda of being cheated and cons to select them.
I believe SnapFI is a good lenders but be aware of who you are working with.
Some bad apple might ruins the whole company reputations.
Please be aware of this and make sure all communication are recorded in emails else you might get exploited.
Now after closing my loan was sold to bigger banks and thy are off the hooks.