• Report: #412198
Complaint Review:

Clayton Homes Vanderbilt Mortgage

  • Submitted: Wed, January 14, 2009
  • Updated: Wed, January 14, 2009

  • Reported By:Charlotte North Carolina
Clayton Homes Vanderbilt Mortgage
Clayton Homes 500 Alcoa Trail Maryville, Tennessee U.S.A.

Clayton Homes Vanderbilt Mortgage Refusal of the right to choose mortgage company Maryville Tennessee

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I qualified well for a Vanderbilt home loan at Clayton Homes but refused the outrageous interest rates that were offered to me. I chose a mortgage company that offered me an interest rate of 5%. I did everything I was asked in a timely manner and received my approval so that my home could be ordered. Just as I went into the final steps to have my home ordered my sales rep. called and said that I could not use my mortgage company to complete the transaction that I would have to use their source which is Vanderbilt.
My experience after receiving a better understanding of the process by my patient banker and real estate attorney.
* If you qualify for a Vanderbilt loan, then most likely you will qualify for a normal mortgage with a fair interest rate. Right now fair is 5-5.5%
* I was quoted over 9% interest and told I could buy down my rate. (thousands to get what other companies give for free) Why would any sane person do that? Ahh are they hoping for the insane to walk through those doors?
* Always hire a real estate ATTORNEY (not title company) to protect your interest. It is allowed by state law that every customer has a right to choose their attorney. This is SO important, you will pay for that attorney in closing regardless. Make sure you are protected.
* If you are told you have to use their lenders, file a report with you states Commissioner of Banks or Bank Commissioner.
* If you are told your lender is not approved, find another home center that is not affiliated with Clayton and you will have no issues or just find a realtor that is experienced with actual home sales unlike these mobile home car dealerships that can ruin your life!
* Don't buy a house that can be repossessed! If it is on a permanant foundation, they can't take it without a legal process! No sleepless nights worrying that your house will be pulled away while you sleep!!
* Educate yourself, don't buy on a whim! They pray for ignorant buyers! More money for them!

Charlotte, North Carolina

This report was posted on Ripoff Report on 01/14/2009 07:17 PM and is a permanent record located here: http://www.ripoffreport.com/reports/clayton-homes-vanderbilt-mortgage/maryville-tennessee-37804/clayton-homes-vanderbilt-mortgage-refusal-of-the-right-to-choose-mortgage-company-maryvill-412198. 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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