Surepoint Lending unbelievable same thing happened to me! Louisville Kentucky
THe same exact thing happened to me. Only I was quoted a rate of 5.75%. Today, they came back and told me the rate is really going to be 7.5!! how do you go from a 5.75 to a 7.5??? I decided to do some research on this company, and i see that this seems to be an ongoing problem. DO not use this company, choose a more reputable company with some integrity! I will also be filing a report with the Better Business Bureau.
Raven
Riverside, California
U.S.A.
1 Updates & Rebuttals
Customer Care
Louisville,Kentucky,
U.S.A.
Rate change usually due to qualification issues.
#2UPDATE Employee
Thu, November 06, 2008
We tried to look up your information to investigate what happened, but based on the little information listed here, we were unable to find any customers matching your description.
Generally, a rate change during the process is due to a qualification issue. Once we get documentation, pull credit, verify property value with an appraisal, and underwrite a loan, a rate change is possible if the customer does not qualify for the original program quoted. As I am sure everyone is aware, the mortgage market is very volatile and guidelines for approval have become very strict. If a customer does not qualify for one program, we always try to find an alternative program to meet the customer's needs. A different program can obviously carry a higher interest rate.
We apologize that you were not pleased, but again, rate changes are due to qualification issues, and we try to at least offer our customers another option.
SurePoint Lending has won the Better Business Bureau Torch Award for Marketplace Ethics 4 years in a row and takes over 100,000 applications a year. As you can see, this is a low number of complaints in comparison.