Tuesday, February 25, 2014

Review: Chase Mortgage experience (poor)

Because this was my first time going through the mortgage process, I had decided to try a few lenders to compare different rates. This turned out to be such a huge hassle. I thought I could just get the rates that I wanted. To get those rates, I had to submit so many different forms.

There are some costs to go through the mortgage process. I was told that I didn't have to make a decision until it was closer to the closing date. But I was charged an application fee, $400+.

Eventually, I had decided to go with another lender more than a month prior to the closing. So, I asked if I could have the application fee refunded. I figured since they never got around to doing the appraisal for my place because it was still being built, I could recover some of that cost. I never received a response back.

Even thought I had notified the loan officer, the processor still contacted me on how the progress of the building was... so that was another awkward moment.

So sad to say that even though I have been a long time Chase customer since they acquired Bank One, this experience was quite disappointing. I even shared what I would have liked to see to help with my decision, but feel that it was completely ignored.

On a side note, I had also tried Wells Fargo. The loan officer there kept asking for the same information multiple times. The first time, I visited a branch and I provided my name, address, and other basic information. Then, he put me on the phone which I had to provide the same information. Then we scheduled a physical meeting. Before that, he had his processor call me and requested the same basic information. Then I met the officer, and he asked for my basic information again! At this point, I just easily eliminated them as an option.

Now, I kind of wish that I had tried TD Bank. I have found that their desk personnel are much more helpful and seem to be extra helpful with problems. Maybe it is different between branches, but sometimes that it is all it takes. She even mentioned that my credit score could be lowered due to multiple inquiries which I have confirmed because Chase had requested for my credit score twice.

I'll have another post after everything is completed on my recommendation on what to prepare for on a mortgage. I really took the hard way of doing things, but I want to wait till it is all over before I post so that I can evaluate the entire process.