ED Magedson – Founder
Guaranteed Rate4400 N Federal Hwy Boca Raton, Florida USA
Guaranteed Rate Mark Harrison Run Boca Raton Florida
First Mark Harrison gave my partner and I a pre-approval saying we qualified for the loan. Then he said one of the credit agency was reporting my partner's short sale as a foreclosure. We contacted the credit agency and they said they were reporting it correctly and it was Guaranteed Rate's software that was out of date and reading it incorrectly -which he would not look into.
So Mark said that I could qualify for the loan on my own. Then he said, the I would have to rent out my current house, which I then contracted to rent. Then he said oh that doesn't qualify. Now I needed 20% equity in my current house and that I needed to get an appraisal, which he ordered. The appraisal came back showing just over 20% equity. Then he said oops, sorry now you need 30% equity. So he had me pay down the principle of almost $20,000 on my current property.
Then he said, oops, since you refinanced your current property in the last year, you don't qualify. I had refinanced with him so he should have known this before making me pay all this money down! Then he said you can only qualify for an FHA loan that requires mortgage insurance of $400/mo. I have an 800 credit score and going to put down over 20% on the house I was trying to purchase so there was no way I was going to accept these terms. I ended up buying the new house for cash after all the extremely frustrating and infuriating experience.
I did everything he asked and then he had the nerve to charge me for the loan application fee plus the appraisal which came to $500. Incompetent and misleading doesn't even begin to describe this company. I called the corporate office in Chicago 3 times and no one would call me back. So I guess they would rather have negavite reviews than do the right thing and take responsibility for their incompenent actions.
This report was posted on Ripoff Report on 10/18/2013 06:29 AM and is a permanent record located here: http://www.ripoffreport.com/r/Guaranteed-Rate/Boca-Raton-Florida-33431/Guaranteed-Rate-Mark-Harrison-Run-Boca-Raton-Florida-1092804. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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