Complain about a product or service

Mortgageselect.com

278 Wall Street Kingston, NY 12401

Jeffrey of Hoboken NJ writes (10/30/01):
I found them through Lending Tree looking for a 5/1 ARM mortgage for a New Jersey co-op I am looking to buy. Not only did the website say they financed New Jersey co-ops with 5/1 ARMS but the loan officer I spoke with quoted me rates.

After getting a week extension from the seller regarding my mortgage commitment and 19 days into the application process, the loan officer from mortgageselect.com said they could not offer me a 5/1 ARM for a New Jersey co-op. Interestingly, the loan officer called me the prior business day to let me know I had been approved and gave me a verbal commitment. The next day, they said all they could do was a 30-year fixed rate.

I relied on the information that was provided to me that they finance New Jersey co-ops with adjustable rate mortgages. I feel it was a "bait and switch". Now I have no time to go to another lender and have to accept the product they are offering me if I want to buy this property. All they said was that they made a mistake. Well, it's a bad mistake and one that should have not taken them 19 days to uncover.

I have in writing a pre-qualification document outlining the 5/1 arm they said they could offer me. I also have additional papers speaking to the fact that they were going to offer me an adjustable rate mortgage for a New Jersey co-op. I may lose the rights to buy this property today plus it is now going to cost me more money on a monthly basis. I went with them because of the low rate they were offering. Now I am stuck with a higher rate on a product I was not interested in from the beginning.

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Share		Follow us on Twitter.

Back to the top | Mortgage Companies