How To Avoid Why You Shouldn’t Get A Mortgage Loan

Chase might help you get a mortgage loan. I would advise you against doing that.

Are you considering obtaining a mortgage from Chase? It was a terrifying event that made me distrust the firm. I hope that this information may help you avoid a similar predicament.

The Transition from a Home Loan Expert to a Client Care Explain

After choosing a property and submitting the purchase agreement, I was informed that I could no longer engage with the home lending adviser while the loan was being underwritten. Instead, I would now collaborate with a customer care professional. My customer service representative did not contact me for a week. When I phoned the home loan adviser to find out what was going on, I was contacted by an unassigned client service expert. After this, the situation has rapidly deteriorated further.

Chase Is an Unreliable Lender for Several Reasons

Your File Is Ignored for Weeks despite the Closing Deadline

After that, Sharon fled once again. We still had 1.5 weeks till our deadline, but Sharon had not yet contacted me. I feared our loan would not be approved, and I would lose my earnest money deposit, representing fifty percent of my life savings.

Even the vendors began to feel uneasy. We had to request extra time, which was difficult for them since they were also closing on their house. The worst aspect was that Chase did not inform us of the new due date. We were able to reply, “We do not know when we will shut since we have not heard from Chase.”

I utilized social media to attempt to contact Chase. They responded swiftly and were kind and kind. I wish the home loan service at Chase was as knowledgeable and kind as their social media team. Social media must have contacted Sharon’s boss and persuaded her to take our matter seriously, as she phoned us to inform us of the specific documents we needed to provide. Two days later, underwriting conditionally approved our loan.

It’s deceptive, false, and contradictory.

The following mishap was considerably worse than the previous one. During the first round of the underwriting procedure, I demonstrated rental income by providing acceptable rent receipts. With these rental receipts, conditional approval was granted. After the transaction, however, these receipts were no longer valid. Instead, copies of rent checks were required.

We were unable to provide documentation since our tenants pay in cash. This drastically decreased our revenue. Chase pre-approved us for a loan based on this rental income, but they lied to us at the last minute. Even though I had already made a 50 percent down payment, I was required to provide more funds to offset the assessment discrepancy.

The appraised value of the purchased home was $50,000 lower than the purchase price. However, we already had a 50% down payment, so the reduced appraisal had no impact, and we were still able to purchase the property with a 49% down payment. Sharon reviewed the assessment and informed us we needed to bring an additional $50,000 to the table or re-evaluate the property.

I requested her to verify with the underwriters since I didn’t believe this was accurate. I never again heard from her. Therefore, I suppose there was no issue, and she just told me a lie. In addition, it was unclear which papers would be approved. I was required to contact or visit my banks, HOAs, and insurance agencies to get the documentation I needed, but they were unnecessary. Here are instances of Sharon’s report that were rejected.

They are unresponsive and speak badly.

Even basic queries were beyond Sharon’s ability to respond. She continually said she would inquire with the underwriters, but I never heard from her. She never responded to phone calls, emails, or voicemails. She eventually made contact when the issue worsened due to my social media engagement.

Still, nothing had changed: she lacked knowledge and was impolite and inept. It would have been preferable to converse with a machine. At least the individual who answered the phone would not groan or seem irritated.

They have lied.

Chase would advise you to purchase a property instead of providing an accurate estimate of how much you can pay in the conditional approval letter. If you accept their falsehood, you will bid on a property that exceeds your budget. You will be denied throughout the underwriting procedure and thus lose the property.

They do not uphold the “Chase Closing Guarantee” if they are the cause of your loan closing. Chase increased our loan amount because we had “insufficient money.” We must now pay $300 extra each month on our mortgage. If we had known this before placing a bid on this home, we would have sought out a less expensive option. We’re fortunate to be able to pay for this since $300 more would be a major issue.

Due to this error and the modifications they had to make to the loan amount to make it work, we had to close late. If the closure does not occur within three weeks or on the scheduled closing date, Chase will refund $2,500. I have not yet received that sum of money. They caused us to shut up late and neither apologized nor followed their guidelines.

During the application process, our home loan consultant informed us that Chase would be accountable and make amends with a $2500 payback scheme if they caused us to close late. As it turned out, the closing guarantee was likewise a lie, along with the “conditional approval” and everything else that Chase informed me.

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