I've had my mortgage with them for four years now. Just decided to refinance due to the extremely
low interest rates and thought it would be easiest and get best rate with their "competitive rate guarantee". What a joke. Less than 12 hours after filling out application Third
Feds rate dropped .04%, which is what I was going to submit for the competitive rate. After calling, I was told that to change my rate it would cost another $325
application fee!. I asked being a Mortgage Passport holder if the rate could be changed instead of me submitting a competitive rate challenge:. I was informed that I had to submit a challenge which included a
Good Faith Estimate from the other lender.. I contacted the other lender and talked them into e-mailing me a
Good Faith Estimate that day (since you only have 3 days to submit it to Third Fed)'. This was e-mailed to them and funny how they never received it, not once but twice?. After sending it to them repeatedly they did finally say they received it,. The "Competitive Rate Committee" now had to determine if they would adjust the rate.. The rate that I applied for was 4;.29% and the other lenders rate was 4.25%. The "committee" came back that they would adjust the rate to 4.27% after adding in the other lenders closing fees. Note the other lenders fees were $1800.00 less than Third
Feds ($1495 origination fee + others ; not counting the $325
application fee - this doesn't go in closing costs) All in all, a horrible
business process and if I would have known this is how they do business I would have gone with the other lender (Valley Savings) the first time around!!!! 35b226d
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