First Option Mortgage, LLC Think Twice before you decide to do business with this bank - Never Ending Paper Work Indianapolis Indiana

I had reached out to First Options to refinance my rental property.  I was very impressed in my initial meeting with the loan officer.  They explained to me that I will have to provide a whole bunch of doucmentation before they can provide me GFE.  The reason they would like to get everything up front is so they can be accurate and by the time we close there would be no surprises.  I agreed to provide all the information.  Every day it kept changing as to what they wanted me to send them, however, I complied.

They gave me an application to fill out with interest rate of 4.65% with $25,000 cash out on my rental property.  I also provided First Option two offers from other banks with interest rate of 4.75%.  I went ahead with my application because the other bank could not give me more on cash out.  Since, First Option promised what I thought was reasonable, I went ahead.

First, I was asked to provide a never ending paper trail.  I have been doing refinances and dealing with banks over nine years, however, they asked me to facilitate documentation what was simply a joke.  A lot of unnecessary paper work that it almost turned into a full time job.  Once the appraisal was done which was exactly the same amount as another bank provided a week ago things started to change slowly.  I got another document to sign with interest rate of 5.25%.  They also bumped down the cash out to 25,000 dollars.  I could see why the cash out might have changed since they failed to incorporate second line of credit, however, once again bad business practice on banks part.

Just 24 hours ahead of closing I asked the bank to provide bottom line.  I got a document indicating what I will be getting back a certain amount.  In a matter of two hours I got another document showing $1100 less than I was shown in the previous document.  By the time I got to closing table and asked for additional information that number changed once again. 

I spoke with the branch manager and he indicated this is an honset mistake because the loan was handled by someone new.  Needless to say their mistake is going to cost me $10,000 in interest if I keep the loan for the whole duration.  Similarly, they jacked up $2,500 on closing cost that were never part of GFE.  Bank eventually gave me credit of approximately $650 dollars, but their answer to interest rate change request, we cannot do anything.  So, my advise to you is consider other options.  I am going to be writing an official letter to corporate head office and asking them to make things right, but I am not certain that will do me any good.