Complaint / review text:
We have our first mortgage with Chase Home Mortgage, which was not by choice, but our small bank in Cedar Rapids sold it to them. We were interested in re-financing and thought since we were already customers of Chase we would talk to them first. A. Kim is the first person I spoke with on December 29th, 2008 and I paid the application fee because he said after the first of the year it would go up almost double. We sent in the required paperwork on the list he sent, and he sent an e-mail that everything looked good, and he would send it to the underwriter, then we needed to send in more paperwork, and then we would send in that and be told we needed more.
Finally in February (Feburary 16th) I called R. Schulz who was handling the paperwork and asked her where things stood. She said they were still waiting for paperwork regarding our second mortgage, and she still needed to confirm my employment, because after 6 weeks that had not been done yet. I got a call two weeks later from Renee that the closing cost were going to be well over $8000 and we would need to bring almost $5000 in cash to closing. A. Had sent a Good Faith Disclosure statement that said the estimated cash to close would be $2819.39, which is almost half of what R. Quoted.
We paid our March payment because R. Thought that would bring the closing cost down however it did not, and she said the lowest amount she could get it to is that we would need to bring $4400 to closing, again a huge difference than A.'s amount he quoted. She advised calling Andrew and asking why the difference, but also advised that we were going to pass the deadline of the interest rate. We talked to R. About not escrowing our taxes and insurance to reduce closing costs and she said we would be charged a fee by Chase if we chose not to Escrow. This is the second fee we were told we were paying on our closing costs that was not disclosed.
I have e-mailed and called A. And R. And have gotten no response back. So we have paid the $350 application fee and spent 2 1/2 months going through this headache of a process for NOTHING.
We are out $350 application fee, plus a savings of over 200/month if Chase would not have taken so long with the paperwork and then hiked up the closing costs. I am not getting any response back from anyone at Chase regarding this issue and we feel we were taken advantage of, and scammed. We will now have to wait to re-finance with another company and go through this process and pay another application fee with another company. We were lied to and the amounts they disclosed on their good faith estimate was not close to being accurate. We both have good credit scores and just wasted a lot of time with this company thinking we were going to save money and do what was best for our families future, to have nothing come out of it.