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Review 3/26/2010
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I'd previously tried refinancing my condo through my bank (Chase) and through LendingTree. Chase was literally a fraud, as they took my money and did nothing. LendingTree wasn't that much better, as they took my money and told me they could refinance me at X% but then a month later they said Oops sorry, we can't do that after all, but we can do it it for X+.75%. Gee, thanks.
I was starting to think that I just couldn't get refinanced. I got a letter/flyer from Purpose Lending telling me they could refinance me for low fees, and I wasn't too optimistic, especially since the flyer they sent it on looked like it was trying to appear as a government document (a slam-dunk red flag for a company you should stay away from). Still, I called them out of curiosity, and they said they wouldn't charge me any up-front out-of-pocket fees, and that they could save me about $120/mo on my mortgage at a cost of about $1,500 or so in fees. A 12-month breakeven sounded great, but based on my experiences with Chase and LendingTree, I wasn't holding my breath.
Still, I went along and gave them all the info they needed, and before I knew it, 3 weeks later, my Chase mortgage is paid off, and everything is exactly as Rich (my Purpose Lending rep) said it would be. My monthly payment is about $120 lower, and total fees (not counting non-controllable things like interest, tax impound escrow, etc) totalled just about $1,500.
I couldn't have asked more out of Rich. When I e-mailed him a question, he usually answered within 5 minutes (literally). This was such a big change from my Chase bank rep, who would answer my e-mails within.... oh wait, they never answered my e-mails.
I would heartily recommend Purpose Lending to any of my friends who are looking for loans/refinances.
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