They treated me poorly & couldn't get the loan done
Let me start by saying my credit isn't perfect, but it is good. That said, I applied to refinance my home this past spring and all was going well. The appraisal came back solid and everything was go. My loan officer told me were were ready to close the following week and I was excited to get the refi done. As instructed, I called him on a Monday to schedule the closing and I was told it was in underwriting and that he'd call when ready. The next day, I was put off again. Finally on Wednesday I called and was told the deal was off! What?!!! We were supposed to close this week! When I asked what happened I was told that an issue with a past account torpedoed the whole deal. Goodbye!!! Just like that I was back to square one
This "issue" was something I should have known about EARLY in the process, not the week we were to close. Nothing, I repeat nothing in my credit history had changed from the beginning of the process to the end. So how did we get that far along and nobody red flagged the issue? They are amateurs. I went online and found New America Funding. They got the same deal done. Only difference was the we went FHA and not FreddieMac. So why didn't Merchant Bank of Indiana figure this out? After working on the loan for weeks, why was I shown the door in such a rude way? No telling. They wasted a ton my time and left me disappointed. Worse of all, the way this played out hurt my feelings and left me feeling like my past credit issues were at fault for the breakdown of the loan process. In reality, these inept "bankers" couldn't find their behinds with both hands. THEY couldn't close the deal that the next bank handled easily. It had nothing to do with my credit and everything to do with their resourcefulness. As always, your mileage may vary. Just know that I was treated poorly and that they really don't know their jobs. To be clear, this was not my loan officer's fault. It was his boss that called the deal off. He was told the deal was undoable. I got it done with another bank, you should too.