I have been shopping for a new mortgage (refinance) for several weeks now. I have working primarily with 2 different companies. After much thought and evaluation, I decided to go with a loan company closer to home. I decided not to use the company out of California for several reasons. #1-Their refinance was $9,000 more being borrowed then the lender I decided to use. #2-Some of the paperwork had false information on it that they sent to under writing (Namely I didn't feel the appraisal they listed was an accurate assessment (too high) of the actual value of my property as well as they checked a "no" box under a disclosure box when it should have been a "yes"). I won't go into details on the latter except the fact that if I signed this document I could be performing fraud. #3-The loan person I was talking to was rude, aggressive and a "high pressure" person-Bottom line...I don't feel I can trust him. #4-I didn't feel the loan was in the best interests of me and my family. This loan would have made reselling the home in the near future nearly impossible as I don't believe we could sell the home for what we were borrowing. There were other factors influencing my decision but I believe the above make my point clearly.
With these things in mind, I went with a lender in Colorado. We are proceding with the closing at this time. I received a phone call from the lender in California (Voice message) informing me he and his company are charging me for his time and effort in trying to earn our business as well as any costs incurred for their efforts. From the information I've recieved from credable lenders they tell me the can't charge me for them trying to earn my business and that not only can't they charge me...what they are doing is unethical in this line of business. One lender said that a customer going elsewhere for a loan is part of doing business in this line of work.
Up until a few days ago I hadn't made my mind up 100% on who I was going to use. In fact he had scheduled us to sign the underwriting on a Friday and on that Friday I heard nothing. When we finally talked on Monday he said there were so changes that had to be made and it wouldn't be ready for another day or two (Why didn't he call on Friday???). He said he apologized and that the delay was part of doing business. I made my final decision to go with someone more honest and trustworthy and someone that would deliver in the time they promised.
At that point this person started with the threats of being billed and led me to come to the conclusion if I don't refinance with him...the other loan would cost me more $$$ due to his charging us for his efforts.
I know I don't owe him anything...I just wanted to see how others including legal professionals feel.
With these things in mind, I went with a lender in Colorado. We are proceding with the closing at this time. I received a phone call from the lender in California (Voice message) informing me he and his company are charging me for his time and effort in trying to earn our business as well as any costs incurred for their efforts. From the information I've recieved from credable lenders they tell me the can't charge me for them trying to earn my business and that not only can't they charge me...what they are doing is unethical in this line of business. One lender said that a customer going elsewhere for a loan is part of doing business in this line of work.
Up until a few days ago I hadn't made my mind up 100% on who I was going to use. In fact he had scheduled us to sign the underwriting on a Friday and on that Friday I heard nothing. When we finally talked on Monday he said there were so changes that had to be made and it wouldn't be ready for another day or two (Why didn't he call on Friday???). He said he apologized and that the delay was part of doing business. I made my final decision to go with someone more honest and trustworthy and someone that would deliver in the time they promised.
At that point this person started with the threats of being billed and led me to come to the conclusion if I don't refinance with him...the other loan would cost me more $$$ due to his charging us for his efforts.
I know I don't owe him anything...I just wanted to see how others including legal professionals feel.