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Mortgage Master


Posted : 7 Apr ,2015 by    John Pie



My Husband and I recently used Mortgage Masters to obtain a Mortgage on a home. We talked to the loan officer, I can provide his name privately. We were told that if we locked in at a certain rate, if that rate went below a 1/4 percent we could use a one time float to get the lower interest payment. (This was told to us in a Wink, Wink I will do this just for you type of thing from the loan officer, I believe he said this just so we would sign on) Also, initially we we were going to come with a less than 20% down payment, but with the assurance the interest rate would go down if we came in at 20%, we did everything we could to get to 20%. I believe we were horribly mislead by the loan officer. When I called him when the rates went below the 1/4 percent to get the lower interest rate, he told me in fact they hadn't, he said it so fast I don't believe he checked. He told me we were lucky to get the interest rate we did, and the interest rates would only go up from here and would not go down, and we were locked in anyway. I had it on very good authority that at that time they had in fact gone down by 1/4%. He was rude, condesending and arrogant. He talked over me and would NEVER ANSWER A DIRECT QUESTION, everything was a cheesy joke to try and divert the conversation. Then when we did come up with the 20% he said, "Oh, we did the numbers and it looks like the rate won't go down". I wrote several e-mails asking why with no response, he was not prompt in returning e-mails, if he returned them at all. I finally wrote him an e-mail saying I was trying to understand why he would not return e-mails and he called me at my office. His answer to the question as why the rates didn't go down at 20%, was "I DON'T KNOW". Then he must have thought about it and wrote an e-mail saying it was because the home is a condo, even though it's a conventional loan and my husband and I both have credit scores at over 800 the rate still wouldn't go down. He said he didn't know before, was because he had "refrigerator vision", you know, where you look in the fridge for milk several times, and don't see it, and then finally do". When I asked him why it being a condo made a difference, he said that is was just a fact and he didn't know what else to say to me. We were in too deep to find another mortgage company. When it came time to get to the table, he wrote an e-mail saying he "was coming in hot" and might be late because he had his children that morning. When he did arrive and we started filling out the paperwork, at the table with everyone in attendance, I asked a question, he made a suggestion that I refrain from asking questions until after we were done. My response was "why would I ask a question/questions AFTER I SIGN the documents?" I responded that if I had questions I would be asking him as they came to me. He said, "Hey you can call me at 3:00am this morning if you want...I said....the papers would already be signed, why would I do that? In closing, this was the first home I personally ever purchased, and he turned an already difficult process much worse than it had to be, IT WAS HORRIBLE. All he needed to be was first and foremost HONEST, and polite. I will never recommend Mortgage masters to anyone. I also have e-mail threads to back up what I've said here. I would like to get the interest rate lowered by a 1/4 percent and factor in the interest rate to include the 20% or just an explanation as to why these things can't happen or be compensated somehow, besides "refridgerator vision". We did close yesterday, so as the interest rates probably can't change now, I would like some kind of compensation. I would also like someone to speak to him about his sales technique so THIS DOESN'T HAPPEN TO ANYONE ELSE. I would like to discuss this with someone, not sure how to come up with a dollar amount.

Mortgage Master
102 Elm Street
Walpole, MA 02081
Phone: (508) 850-4100
Fax: (508) 850-4200


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