New Day USA takes advantage of Veterans
After seeing their advertisements on TV, I decided to take advantage of my VA benefits with them. I completed the application process and things were going well until my mortgage consultant had a phone call with me and preceded to tell me that my closing costs were going to be over $20,000.00 and that I had to pay for points to get a 4.25% interest rate. This set-off alarm bells with me, so I told them that I was not willing to pay points and will not accept closing costs of $20K. They then told me that the interest rate without points would be 4.75% and they asked me if I was a disabled Vet which I am and they siad they could take off a $9,000.00 VA fee for using the VA mortgage a second time, but my closing costs were still going to be over $12,000.00. To me, this was still totally unacceptable.
I contacted my brother who had run a mortgage broker business for years. He put me in contact with a bank that he had always done business with and I wound up with a VA cash out loan with a rate of 3.25% with no points and my closing costs were only a little over $4,000.00.
This shows that New Day USA is taking advantage of Veterans to line their own pockets with money at the expense of the Veterans.
Six months of grief, and no loan!
We started this refi in July 2016 as a way to lower our interest rate and get out from under an FHA loan. We started out with one rep, Matt, and ended up two weeks into the process with John. After six months of lost paperwork, "expired" loan deadlines, requests for repeated inquiries for paperwork, and trying to close three times, this morning, Jan 2, 2017, was the last straw.
Our rep stated he was sending closing paperwork to be signed and emailed to him, but we had to wait until today to do this as his office was closed for Christmas week. So, we had the paperwork ready to go when he called this morning. As he was talking to us, he stated he had received an email from his processor about us and would call back. When he did, it was to report that they needed another termite inspection as the current one would expire in 2 days. Now, we had this inspection done at their request, and our expense, in October 2016 with a negative result. Why did they need another one?
We told him NO and to cancel the loan. We have never had a VA loan or any loan go this long, and with so much confusion. We complied with every request and deadline. So, as a result, we now have to sell our home as we can't afford an anticipated raise in the mortgage rate next month. They are not for the veteran!
Closing was consistent with what I was presented on the initial call.
Just finished up a refinance to consolidate credit card debt and get some cash out to finish my basement. There were a few bumps in the road but the loan closed in about 3 weeks after the appraisal was complete. The terms of loan at closing were consistent with what I was presented on the initial call. Account rep knew what he was doing.