We decided to refinance our existing mortgage to a 15 year loan using an online lender. The process with the initial contacts went smoothly....however, when that company turned it over to the company (Freedom Mortgage) things went seriously awry. Someone at Freedom dropped the ball, and the locked in rate we had (with no points) deadline was missed....so when I got the final papers, asking for a signature, the settlement costs were over $4000 more than the prior set of preliminary papers had shown.
I asked the company who started the process for clarification and they told me the ball was dropped at Freedom, the person who was doing our loan is no longer there, the person who got our loan to do put it at the bottom of the pile, and even though Freedom admitted it was their fault, there would be no adjustment on the points. Guess what? There is no finance either because we decided no way would we reward a company for screwing something up like that.
The company we started the process with, is no longer doing business with Freedom either, because we weren't the only customers with a similar story to tell. That was Prime Lending and they have been stellar. But they only get paid if the loan goes through.
Yesterday, I got my usual mortgage statement to find an $80 dollar extra charge on it. Last month it was a $20 charge. No explanation, but I called and they said it was for a request for loan pay off amount. That was reasonable. The $80, was a result of four more pay off requests (and she gave me the dates of the requests), "made by phone so there is no way to trace them." That's when I got a little unreasonable myself. I called Prime Lending and my contact there, who is still making no money off the work he is doing for me, is going to research this.
It seems like a seamless process, but as with everything else, there are things to watch out for and some things you just cannot foresee that might put a cog in the wheel.
I hope this is helpful.