Since this was my first time purchasing a home, I don't have any other experiences to compare this to. It appears that the closing fee that I had to pay would be very similar to what would have been offered by other Lenders.
Interest Rate
The interest rate of my lender was comparable to other lenders available to me. I simply selected my particular lender because they were affiliated with the credit union that I primarily bank with.
Loan Officer Service
My loan officer did not seem to plan in advance and as a result caused me to have to acquire certain items at the last minute and within the very short notice. I think they took advantage of the fact that since I was so far in the process, it would be highly unlikely that I would switch companies and potentially lose out on the home I was attempting to acquire.
Overall Rating
Pros
I like that my lender was friendly and seemingly knowledgeable about the mortgage process. In the beginning, before I completed any paperwork, they appeared to be accessible and a good fit for my needs.
Cons
I dislike that my lender was unprofessional. They did not do their part to make the home buying process easy for me as a consumer. On multiple occasions, I was required to get documents at the last minute and within a short time span. Also, there were times when the information I was previously given was changed.
Date: June 25, 2018 Age: 40 to 49 Gender: Male Marital Status: Married
Closing Fee
I got the buyer to pay to close, so it wasn't on me. The fees when I researched them didn't seem to be too bad, however. I would rate them as better or at least on par with other companies
Interest Rate
Easy enough to work with but I'd like to refinance for repairs at to lower the interest rate. Select Portfolio Services isn't great for that. Everyday dealings are pretty good though
Loan Officer Service
They helped me overcome deficits I had and we worked together to get me and my wife approved. They took a lot of time to help, which I really appreciate.
Overall Rating
Pros
Really full service and took a lot of time to help me discover the best options open to me. I would use them again and would encourage others to look into Select Portfolio Services as well.
Cons
My rate could have been better, and I wish the process could have been quicker. Otherwise, I don't really have any reservations. The bank doesn't have robust refi options.
Date: February 13, 2018 Age: 50 to 59 Gender: Male Marital Status: Married
Closing Fee
It seemed to be standard. The seller paid a good bit of them instead of lowering the price of the house. We went back and forth a few times before coming up with this solution
Interest Rate
I am paying 6%, which was good at the time. But I see that I can get a new rate of about 3%. I will either refinance or, more like, relocate to a new city for work in the next year and take advantage of a lower rate.
Loan Officer Service
She shopped around before finding us the best deal with little out of the pocket experience. This was before online lending sites made things a lot easier. I will turn to online next time.
Overall Rating
Pros
The lender really worked hard to find us a good loan. We got really good terms and were able to move quickly on the home we wanted.
Cons
It took a little while to come up with the right solution. The initial mortgage offers weren't great and required a lot up front. I guess this problem would be solved by online services like rocket mortgage, etc.
Date: February 09, 2018 Age: 40 to 49 Gender: Male Marital Status: Married
Closing Fee
The closing costs were typical of any company. Maybe it could have been a little better but because my interest rate and all around mortgage process were easy and great I would have never thought about leaving or looking elsewhere since they were so great.
Interest Rate
My interest rate and PMI are great. I haven't found any other company that could do better than what I have. I would consider re-financing in the future with the same company.
Loan Officer Service
My officer was awesome! He would keep me updated on the whole process. He walked me through all of my options and what would/could happen in the future. Instead of a stuffy office space, we would meet for coffee at the local coffee house. He went above and beyond for me and helped more than he had to,
Overall Rating
Pros
The Lender treated me like a friend, an actual person, and not just a number. They understood that I wasn't completely confident with the mortgage process and walked me through the process and my options. I was with another lender prior to deciding to use this one and they didn't seem to care. They would rush me and not return phone calls. Like all they wanted to do was close the deal and make money off of me. I appreciate someone who takes pride in their work and cares about the people they work with.
Cons
Truthfully there wasn't anything bad about the lender. Maybe I am naive because this was my first time buying a home and didn't know much about the process. But what I do know is people, and these people were genuine and great.