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.

Review: lendingtree.com

Oddly, I heard from two different sources about very low mortgage rates around mid 2% which seemed odd because most of the signs I've seen at banks were around mid 4%. I tried to look the rates up online but I wasn't exactly sure how to find those rates.

The closest I could find were ARMS but no low fixed rates. I stumbled across lendingtree.com and tried their site until I reached the part where they want your personal information. At this point, I did my research on the site and found that lots of people had issues of being swamped with emails and calls.

At this point, I did not continue with the service because I dislike spam emails and phone calls. Besides that, it seems that the service is useful. As that I am too lazy to create yet another email just for these types of marketing (also getting a throw-away phone number is even more troublesome), I am ending my research at this point.

Reference:
http://www.threethriftyguys.com/2013/03/is-lendingtree-a-good-idea/
http://refinance-mortgage-review.toptenreviews.com/lendingtree-review.html

Ryan Homes: Experience So Far

I am currently in the process of buying a new home. I am not sure if I could be any more confused about all the things needed, all the terms, and all the technicalities. I stumbled across a blog that basically went through their experience, and thought to share my experience so far and hopefully continue in the future. I am kind of saddened that there hasn't been any updates since 2010 in the blog but it did go through 2 years after they moved in.

Up to this point, I have "signed" the contract. I am not exactly sure if it is official because most of it seemed to be that I have reviewed it.

First Deposit

After signing, I had to pay $10k for some good-faith payment. There are a bunch of conditions to how I get this money back if financing does not work out. I am not completely clear on this.

Flooring

During this time, I also picked out the flooring with Advanced Flooring & Design. I went with the ceramic tiles in the kitchen and wood flooring. The vendor lady was helpful and kind. I could tell she was getting a little impatient with me though but remained professional and courteous.

Low-Voltage and Security Options

Low-voltage was with Guardian Security. The "representative" claims that he is only there as a consultant and not as a sales-person but the meeting still felt very sales-like to me. I felt pressured into the different options. Also, I was not familiar with all the options so I did not get a lot of time to think where I wanted all the ports for phone, internet, and cable. The mood seemed to have gotten worse after I declined the security option. The security option sounded very tempting where they offered no installation fee if you bought a 5-year service. He also threw in a tidbit that new homes are more likely to be broken into. The "consultation" seemed very much like a sales-pitch to me even if that was not his intention.

Questions

A lot of this is moving way to fast for me due to pressures from my parents so I have not put as much research as I would like to put into such a huge investment. I still believe renting is not much more expensive than buying a home. Although, I admit once you pay off the mortgage it is worth it. It is also probably worth the price after 10 years. But, I haven't stayed in a single place for over 3 years even changing states 4 times during that span.

• How do I shop for mortgages?
• Each bank seem to assume that I will be signing on with them so I'm not sure at what point I should tell them to wait for me to see what I get from other mortgage loaners.
• How do I shop for attorneys?
• I have only spoken to one so far and it seems that she already assumes I am going with her even before telling me what her rate was.
• How accurate are the reviews online?
• Unfortunately, I did not bother to research and just trusted my father that this was a good company. After doing my own research (today), I found a ton of negative reviews and no positive reviews. I specifically did a search on "happy with Ryan Homes" to find any positive reviews. Since I'm already somewhat invested (although very uncomfortably), I hope that a townhouse would not be too terrible since there would be multiple owners. Also, there are plans for 4 more lots so my lot has to at least last till those are sold.
• Why do mortgage loaners ask for so much information?

Overall

Overall, buying a new home takes up a lot of time. I have not been able to spend a lot of time on it because of work and all the research needed (and the lack of time to research). I have also had to take time off from work to deal with different vendors to make certain options. Currently, I am feeling very uncomfortable which is rather normal considering how many unknowns I am dealing with so far.

Reference

http://www.buildingwithryan.blogspot.com