It took four hours ago but we have already found the lender that is right for us. Four hours ago, we refinanced and got instant approval so that we can get the funds we need to pay for a new place. The problem is that we found a fake lender online that didn’t tell us the price they will charge when we apply for a loan.
The bad news is that we are now behind on our mortgage payments and it looks like we will not be able to make them. The good news is that I found a new lender that has great customer service, interest rates, and a lower cost to refinancing. The bad news is that it took me and my husband an entire day to find the one that was right for us. Let me tell you why it took us so much time to find this mortgage. I will tell you about our experience after the jump.
We started looking for home loans in our hometown. We went to every lending company except one. I went to their website to see if they had a preview of their offers. The website told us that we could look at their offers from their press releases online and decide which one was the best one. I made a mental note to never do that again because that website is making money from us by selling us teaser rates that we can’t even afford! Let me explain what happened next.
Two hours later, I got a call from our homeowner’s insurance company. They were reviewing our claim and they wanted to send someone out to our house to get an estimate on our home. The estimate included the value of our property. The insurance agent told us that our estimate was low, but it would not affect our credit score. He also confirmed that our mortgage was not canceled as a result of our foreclosure.
We were elated to hear that because of the lapse in foreclosures, our interest rate would not increase. But there was still one more thing we needed to do. We had to contact our mortgage company and tell them that we saw their website and received a teaser rate but now we cannot apply because we already checked out the website. We asked if there was a way to get a hold of our current homeowner’s insurance company and confirm that our numbers are correct.
A representative from the mortgage company came over to our house within an hour. She was very friendly and did not want to leave before we finished our inspection. She asked if we would like to go into our homes with her to take a look at the property. She said she would be glad to show us around, just let her know that we saw their website ahead of time. That is when she showed us all the information about our house and about our property.
After looking around for a few minutes, we decided to purchase our home. We found out that the reason for our pre-screening was our current lender’s verification system. They wanted to see our other accounts and make sure that we had the numbers in order to move forward with the mortgage loans home mortgage comparison. But we found out that this verification system was so unreliable and slow that it took us almost 4 hours ago to finally submit our forms. That is over two hours that we could have saved by using an automated account management program.
If you are a US citizen and you found out that you are not yet a citizen, then there is a fast and easy solution for you. It only takes about three minutes and it allows you to skip the embarrassing paperwork process associated with applying for a US citizen. There are no forms to fill out, no credit checks to complete, no trips to the bank to visit or wait in line. Our new home mortgage process is simple and easy, and we found out that it cuts the time down to less than one-half of what it would take to apply as a non-citizen.