Nations Choice Mortgage

Previous lender was 3 weeks start to finish. This company is only a paper push with no customer relationship.

I have explained my situation (income etc) prior to moving forward with the loan. Loan officer officer is at the mercy of underwriters who make it very difficult. Will go back and do another "no cost" loan with my existing lender. This place I would not recommend.

I'm out $495 bucks but will take it as a lesson learned. My wife agrees.

We got national choice through the bankrate.com. We decided to refinance our mortgage from 4.125% to 3.5%.

She told us we cant make it on time for the papers work. We try our best do to it as fast as, we can. She propose several loan options if we dont like it, she will return our money. We check the new loan proposal and we dont like it because either the rate to high or she charge lender fee.

We sent her email "we are not interested with the new loan proposal" We just want to move on and get return our money $495.I hope some one out there read all of these review before go to this company. There so many lender company without charging fee!

Why we should go with these company! Lernt from our mistake font waste your time and money!

Please read this review don't waste your time and money. They do bait and switch first they offered low rate and they rush you and said you cant make it in time manner and the interest already going up.

They give several options with high interest rate (very not competitive rate. She promissed to return the fee $495 but she did not. I sent email she never response. They are bad company and bad people.

I hope someone out there can help me. I just dont want this happend to another person.

Please think about this why this company charges $495 and mostly lender doesnt charge fee? Because they want to steal the money!

What a JOKE! They claimed to have locked my rate but the agent could never send me a confirmation of the rate lock.

She could never be reached unless she was calling for a new document every few days. Returning voicemails with emails is just unprofessional and a shows a complete lack of professionalism. The processor made me fee like I was bothering her anytime I tried to get an update (since I could never reach my agent) - why was I paying fees for this kind of customer service?

IF YOU ARE IN THE MARKET TO REFINANCE OR PURCHASE DO YOURSELF A FAVOR AND FIND A REAL MORTGAGE BANK. There are so many choices out there and I would stay away from Nations Choice Mortgage, but don't take my word for it - look them up on the BBB.

They advertise a low rate, and then they switched (aka "bait-and-switch"). We hope others can learn from our experience with NationsChoice Mortgage Company. Specifically, here is why others should stay clear:

My wife and I are low-risk borrowers. We each have high credit scores (800 +/- 5 at Experion), high net worth, and high loan-to-value ratio (LTV) on our home. We applied for a refinance loan to lower our monthly payments, with no cash out of the refinance. We paid $495 for an appraisal and our home appraised at about 50% higher than the loan amount. We provided all requested documentation with not problems or outstanding requests from NationsChoice. We were told we could lock the loan rate in, once the appraisal was completed.

Contrary to what we were told, a week after the appraisal was submitted to us, NationsChoice backed away from their statement that they could lock our rate and to the rate previously stated, the rate advertised (BankRate.com, Yahoo.com) - even that day's advertised rate. They raised up new explanations for not locking the rate we had never heard of before. After pressing them, they "suggested" a rate 1/8 point higher than their advertised rate that day. At this point it became clear to us they had no intention of committing to their advertised rate. This was a "Bait-and-Switch" operation. NationsChoice Mortgage Company is a "Bait-and-Switch" company, pure and simple.

At this point we gave them an ultimatum to meet the advertised rate, the one they promised. They would not commit. We don't do business with unethical companies like NationsChoice, and terminated the application, leaving $495 on the table.

I was promised to have my $495 appraisal fee refunded if the loan did not go through. I was working with a guy name Jason Landeen, after submitting every thing that he asked for, he assured me that I would be approved no problem.

They sent an appraiser out and charged the $495 fee, I repeatedly asked him to make sure that it was refundable if for some reasons that the loan is not approved. And he said that his company is big and that they don't do that. After about a month, with all the phone calls. Finally, they said that I don't have enough income after just a few days ago he said I qualified and that he sent docs in to underwriter for processing.

Now they don't want to refund my $495. I will make sure to post this information to every website available to make sure that they don't do this to others.

And of course, I will make sure that BBB, consumer affairs are aware fo this as well. Also, I just refinanced with Greenlight 3 months ago, I was qualified then, but not now.

I am hoping this is a forum that people will seriously read before making the same mistake I (and evidently several others) have made.

NationsChoice advertises low rates and no fees. Before long, however, "we want to help you close this deal before escrow closes so let's get an appraisal done." That sounds right. "Now we just need $500 for the appraisal...It's not a fee, it just covers the appraisal." Hmmm...well, I do want this property and I need to close the deal so...here's my credit card number...

Days turn into weeks and you can't wait any longer..."Hey, how's my loan going?"

"Things are looking good. Our underwriter just has a few questions but if you can fax us over some additional documentation I think we can complete your loan."

Sounds great, huh? Not so fast. You fax everything they need, some things twice since 'somehow' they misplaced a document or two. Then you wait some more. Now you're getting a little nervous because escrow is creeping up on you. You don't dare pursue another lender because NationsChoice is already into for the $500.

Well, they finally break the news (with a real positive spin) that it "appears" that they can "almost" approve you but because of some technicality the rate will be higher than advertised and, well, they're going to need to charge your credit card another $1,000 because your particular loan is a "little out of the ordinary." They found out through the appraisal that the house has nine windows instead of the standard eight windows, and there are three outlets in the master bedroom, not the four required by the 'American Institute of Master Bedroom Outlets.' But, not to worry, "we're working really hard for you and you're going to be so happy with your new home."

As you are only days from escrow closing you call/email daily. "Oh, I'm sorry, so-and-so is out of the office today" or "She just left, can I take a message?" Of course, you're getting calls from your agent (who may have warned you about unscrupulous lenders like this, but 'you knew better') and the escrow office but you've got nothing solid to share with them regarding the status of your loan.

You finally come to the realization that you've been "had." There is no loan, the 'underwriter' is a figment of someone's imagination, and someone in Gilbert, AZ is trying to determine on a Friday afternoon which bar they're going to celebrate with your "appraisal fee."

Oh yeah, at some point during the day you receive a phone call from NationsChoice. They've been notified by escrow that escrow is over and there's no deal. That wonderful sales person from NationsChoice that wouldn't return your calls for days now begins to call you wanting to know why you're canceling your loan. You stand in disbelief thinking that it's all a nightmare and that you will wake up soon. But no. It's real. You've done everything you were supposed to in an all out effort to get your loan. They've lead you along with no intention of ever giving you one and now they want to know why you're canceling. It's insane.

Is there a silver lining to this very dark cloud? Yes. Don't worry about them bothering you with another phone call. They have your money, they don't need you anymore. The silver lining would be prettier if someone out there heeds this warning. Please get your loan from a reputable lender. Whatever you do please DO NOT do business with this lender.....

Through the website bankrate.com I found Nations Choice Mortgage. The person I spoke to was Mr. Schude. I told him I wished to refinance my home. He took my personal financial information, i.e. how much I wanted to borrow (a loan of $196,000) did I have a 2nd mortgage, what was my income, credit score etc. AFTER he took my financial information there was never any mention of my not qualifying and there was $495 application fee. He then emailed the forms, including a CC authorization form. An appraiser was sent to my home.

Just over a month after I had applied I received a form letter with the box Excessive Obligations checked. I called Mr. Schude. He told me I had insufficient income, but would recheck the numbers and see if anything could be done and call me back.

He never called back. A few days later Mr. Schude forwarded me an email stating "...We got an approval at a max loan amount of $159,000. This would mean that you need to bring $62,000 to close. Is this an option for you?"

It is clear from an exorbitant amount requested at closing that Nations Choice Mortgage never had any intention of approving my loan. Mr. Schude would have known this as soon as I gave him my financial information during our first conversation, yet he requested a $495 non-refundable application fee and an appraisal. This is highly unethical. Nations Choice Mortgage is a company that engages in tactics that are deliberately misleading to the consumer.

I sent Mr. Schude an email stating I would be filing a complaint against Nations Choice Mortgage. Only then did they make me an offer of a $200 refund AND I would sign a document stating I would give up my rights to file a complaint. I didn't sign the document as I had every intention of filing complains on consumer websites, so other would be borrowers would be aware of Nations Choice Mortgage's shady business tactics.