Posted by kevin on January 11, 2001 at 10:01:01:
hi ed in response to your post i also work with allied and your rep should have given you an intrest lock good for 30 days and when having a written purchase agreement given you a good faith estimate within 3 days good luck
mortgage lender integrity - Posted by AWWMi.
Posted by AWWMi. on January 11, 2001 at 24:49:49:
Ed,
I would like to know if there is a way of finding out how trustworthy a mortgage company is. Whats their ‘track record’. Will they try 11th hour tactics to try and suck more money out of the deal when it comes closing time. I want to make sure that I don’t end up stretched over a barrel at the last minute. Such as changing interest rates or points upfront etc… Not trying to sound pesimistic but I want to cover my fanny on a money transaction. I’m working on a loan for ‘distressed’ property. I’m paying $400 upfront for processing fees to include as I understand it, a property appraisal. Should that be a red flag or is it standard practice to ask for a fee upfront? The company I’m working with is Allied Mortgage, a national company. Thanks!
Re: mortgage lender integrity - Posted by Ed Garcia
Posted by Ed Garcia on January 11, 2001 at 10:27:47:
AWWmi,
Your question and your concern is a good one. Unfortunately our experiences with a company, good or bad, are based on the individuals we dealt with at that company.
My suggestion is to ask around. Ask your friends, neighbors, relatives, those you work with, or any professional in the field of real estate, who they deal with and would recommend. References are the best sources. When a company advertises how good they are, that’s just par for the course, and means nothing.
Ed Garcia