|
CONSUMER NEWS RECALLS COMPLAINT FORM SCAM ALERTS |
| Small Claims Guide | Class Actions | Lemon Law | FAQ | Resources | Newsletters | Spanish | |
|
|
|
FINANCE:
Annuities |
Banks |
Credit Cards |
Debt Collection |
Debt Counseling |
Insurance |
Investing |
Loans |
Mortgages |
Payday Loans |
Tax Prep
|
Mortgageselect.com278 Wall Street Kingston, NY 12401 |
|||||||
|
Jeffrey of Hoboken NJ writes (10/30/01):
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
|
|
|||||
Back to the top | Mortgage Companies | |||||||
Advertisement
|
Home |
Rogues Gallery |
Good Guys |
Complaint Form |
News |
Recalls |
Search |
Site Map |
FAQ |
|
Terms of Use Your use of this site constitutes acceptance of the Terms of Use
Copyright © 2003-2008 ConsumerAffairs.com Inc. All Rights Reserved. |
|