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Review 10/14/2011
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After working with a broker for 2 weeks so that I may get a CDMP loan and a week after getting a pre-approval on the loan, the mortgage broker informed me that me forgot to take an item into account and that my wife and I may not get this loan. This was told to us after we had made an offer on a home.
Was were then referred to a woman who works with FHA loans, after a week with working with that we began the documents for a renovation loan. This loan took 45 days to be processed and we were giving a date for closing.
On this date of closing we were scheduled to do it at 10:00 am.
The day before I was told that the closing would possibly be moved to the afternoon.
On the day of I was told that it will be moved to 2:00 pm.
At 2:45 I had not received any information of substance from wells Fargo or the title company.
At 4:00 pm I was told that I would be charged extra because the closing would take place after hours and that the people in charge had made "prior" engagements.
Listen to your realtor when she/he says not to go with big banks on mortgages, they know what they are doing.
They need to set solid timelines on home closings and keep the buyers/sellers informed on what is happening in final reviews and underwriting. Also, they charge extra to even file for a mortgage with them and fine us when they are late. It is up to the bank to cover these costs.
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