• Report: #1036361

Complaint Review: Embrace Home Loans

  • Submitted: Wed, March 20, 2013
  • Updated: Wed, March 20, 2013

  • Reported By: Tatersalad — Taunton Massachusetts
Embrace Home Loans
25 Enterprise Center Newport, Rhode Island United States of America

Embrace Home Loans Deceptive. Time wasters Newport, Rhode Island

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

Got an offer letter in the mail to Streamline refi my FHA loan on Feb 1. Embrace promised fast closing and lower payments, so I gave them a call. While on the initial phone call they pulled my credit report, promised me over $400 a month in savings and if I got them all the usual docs quickly we could close at the end of Feb. Two days later they had everything that they required from me. Then the foot dragging began. Send us this. Send us that. By the first week of March they were asking for self employment taxes for 2012, which haven't even been filed. Their rep claims the underwriters won't give the loan the approval because of debt to income ratio. It's a fact that the minute a credit report was pulled, the debt to income ratio would have been apparent right then on the first phone call. Yet, Embrace had us gathering paperwork, submitting it to them, gathering additional paperwork and submitting it to them for 6 weeks. I suspect that Embrace overstated the savings that they promised me and wanted to quietly let the deal die. They claimed that lowering my interest payment by 1 1/2 points on a 200k note was going to save me over $400 a month. Impossible. Do the math. When I questioned the Embrace rep he stated that it was really true, so I continued with the process to see how it would turn out. Now I know. I lost no money on this, so I can't say Embrace stole from me. But they did want @$1,800 from me at closing. But I can say that they willfully misrepresent the truth to try to put a deal together. I've had 6 mortgages and been self employed for 22 years and never once had a problem until I called Embrace.

Good news is I close next week with another company. Saved a realistic $170.00 a month on my payments and it  only cost me $350.00 out of pocket. Moral of the story" Embrace is "too good to be true "

This report was posted on Ripoff Report on 03/20/2013 09:40 AM and is a permanent record located here: http://www.ripoffreport.com/reports/embrace-home-loans/newport-rhode-island-/embrace-home-loans-deceptive-time-wasters-newport-rhode-island-1036361. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

Click Here to read other Ripoff Reports on Embrace Home Loans

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?