Prospect Mortgage Mortgage Complaint

Prospect Mortgage Mortgage department,

Conventional adjustable mortgage (ARM) Settlement process and costs Illinois

In - 2015 I was shopping for my - mortgage. I was negotiating with several lenders. - -, then with Prospect Mortgage, matched an offer from another lender - 20 % down and 3.125 % rate. When I started reviewing the initial paperwork, the numbers looked incorrect. I mentioned to - that I did n't expect to have to bring as much cash to close as the paperwork suggested. - reiterated over and over that lenders are required to overestimate, that the actual amount at closing was going to be significantly less. I continued to express concern with the numbers, but she was incessant that I sign - I would see later, she said, that the amounts went down. Being a first time mortgage client, I ultimately gave in and signed. I later discovered that - was quoting me numbers with 25 % down rather than 20 %. By this point, I had no choice but to stick with this lender ( otherwise I would have lost the contract on the property ). In order to receive a loan with only 20 % down, I was forced into a loan with a higher rate.