It was average on the high side. However, I had limited options as the condo I was moving into was in a subdivision where not all of the condos were done being built. This severely restricted my choice in lenders.
Interest Rate
I took a slightly higher interest rate. The reason for this is the mortgage company I worked with offered a no-PMI loan without putting 20% down. This resulted in lower payments even though the interest rate was slightly higher than the current market rates.
Loan Officer Service
She was thorough and to the point. I really got along with her. She was pleasant to work with and talk to and guided me through the entire process.
Overall Rating
Pros
I'm looking for a low-cost lender with reasonable closing costs and competitive interest rates. I want a lender who is up-front about all fees charged instead of low-balling me to get the sale and then having the structure change over the long run. I want someone who knows the business, knows what they are doing, what documents to gather, and bothers me the least.
Cons
I thought the interest rate was a little high, closing fees were a little high. She also had to request documents a few times even though I already sent them to her and my closing document wasn't right the first time around. I wish that the institution would've done a better job notifying me in advance when they sold the loan, transferring lenders.
Date: June 05, 2018 Age: 40 to 49 Gender: Male Marital Status: Married
Closing Fee
I thought the closing fee was fair and that it was "part of the process". It was the cost of making this move. We had no problem paying this fee.
Interest Rate
The interest rate was very competitive, and this was a company that I was familiar with. The customer service was excellent, and overall, I feel that the interest rate I ended up with worked very well for me.
Loan Officer Service
They were friendly, informative, and made sure we knew what we were doing. Our Loan officer even had an assistant that we were in contact with also. Having both working for us made us feel that we received the best rate possible.
Overall Rating
Pros
Huron Valley Finance was clear, friendly, and made us feel like we received the best rate possible. They walked us through every step and made sure we knew what we were doing. If we had any questions, which we did, they answered them quickly and thoroughly.
Cons
I suppose the worst part was that we still had to go to their office for the final signing. It was a little out of our way, and in the middle of the day, not a very convenient time. Still, much of the paper was handled online with electronic signatures. That was the first time using that, and I thought it was helpful.
Date: June 04, 2018 Age: 50 to 59 Gender: Female Marital Status: Unmarried
Closing Fee
The closing cost is just slightly lower than the first company. But the second company's closing cost is much higher even though they quoted me a better rate.
Interest Rate
This is refinanced. At the time of applying, I compared three different lenders. One rate is too high. The second one gave me a better rate, but the agent wouldn't give me a breakdown cost. so I choose the lender I am using now.
Loan Officer Service
The agents are not very helpful. They are not quick to answer my question through email unless I called them. I feel that once the application process started, they know I can't back out so they don't care anymore.
Overall Rating
Pros
Ally bank has a good reputation in terms of personal banking. I like the ease to do everything online or over the phone and the ease to do closing at my home.
Cons
The agents need to improve customer service. The agents seem only to care about get customers signed on, once they are sure about their commission they don't care anymore.
Date: June 04, 2018 Age: 30 to 39 Gender: Male Marital Status: Unmarried
Closing Fee
the closing cost was comparable to the rest. I think the hidden fees dealing with the town and lawyers were unexpected.
Interest Rate
the interest rate was comparable to the other lenders. It was probably 1/8th of a percent lower, at best.
Overall Rating
Pros
I think the lending institution is like all the other ones. They aren't hiding something but someone going into it as fresh meat, probably won't know the difference.
Cons
who the money is going to for the fees. I feel like I could have done half or most of the work myself, save myself a few hundred to thousand dollars.