Pacific Coast Mortgage, Arizona Bait & Switch, Hardball Tactics Scottsdale Arizona

I found this company seeking a home refinance loadn through LendingTree.

Everything was pleasant dealing with them until the last day before our rate lock expired. Late in the day, we received paperwork that showed closing costs that were several thousand dollars higher than their good faith estimate.

When I challenged the discrepancy with our Pacific Coat Mortgage agent, he put his manager on the phone. From that point forward I felt like I was in the sales office of on a used car lot.

Since the rate lock was due to expire, they wanted me to sign the contract with the higher closing costs to ensure we received the proposed rate. He then told me I could rescind the contract the following day and that they would replace it with a contract that reflected the original good faith estimate. I asked him why he couldn't simply request a rate extension from the bank funding the loan. He told me that the bank in question didn't accept rate extension requests. I've since phoned the bank and learned that was a lie.

We also spoke with friend who is in the mortgage business. It was our friends feeling that what they may have been trying to do was collect fees. If you sign and then rescind a mortgage contract, you are still liable to the mortgage broker for processing fees.

It seems to me that what they do is keep their good faith estimate in place until the last minute, raise it, and then try to pressure the borrower into signing the documents. I suppose some borrowers may feel at that point that they're in to deep, so they go ahead with the loan and pay the difference. Not me.

Although we didn't pay them anything, we've lost a month's time and effort and now have to refinance under less favorable interest rates.

My advice is to avoid this company. In my opinion their ethics and practices are highly questionable and their hardball tactics are unsavory.

We will not use LendingTree again either.

Bokonon
Phoenix, Arizona
U.S.A.