123 views
New Reviewer
0 comments

Hello,

I'd like to say something about the lack of competition in America concerning mortgage (we could talk about ISP & co, but it is an other story).

As I wanted to buy a property, I looked around for the best mortgage rate. At first, you can "window shop" without giving away your social security number and it is great.

Or is it?

All the crazy low rates they advertises are based on the best case scenario (allegedly) which you will probably never get.

So when you finally apply, the bank perform 2 or 3 (depending on the bank) hard inquiries on your report before giving you a final APR with approval / denial.

Of course, that final number as nothing to do with anything they advertise everywhere nor with what the banker told you before, and they have plenty of excuses to explain how and why.

Very disappointed, moving on to an other bank, but because the previous one did 2 or 3 inquiries, your credit score dropped drastically and you can an even worse rate.

(Now it is really my fault because I didn't realize it at first)

Moving on to a third bank, and now, even though I still got approved, the rate or ridiculous.

My credit score dropped 270 points in 2 weeks as I was considering my options for a Mortgage. In the end, I had to go with the first one (Citimortgage), not because they are competitive, but because they were the first.

Reason of review: Not as described/ advertised.

Monetary Loss: $50000.

Preferred solution: Let the company propose a solution.

Location: Pompano Beach, Florida

Do You Have Something To Say ?
Write a review

Comments

chat-icon

Please avoid publishing any personal information and promotional content

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment

CitiMortgage Reviews

  1. 45 reviews
  2. 8 reviews
  3. 3 reviews
  4. 1 review
  5. 1 review
CitiMortgage reviews