Horrible experience on my jumbo refinance.
Started smooth, then Vic DeSantis my "loan originator" told me I had to buy a Costco membership for $250. After my appraisal was paid for suddenly they need to see more cash for reserves. Not an extra 2000 or 3000, but $28k.
I sell some stuff and have the $28k in about ten days, but a few days later, they want to see $50k cash. No explanation on why. Vic goes on vacation, rates drop, but I'm stuck with my current loan as NBKC has no rate guarantee. I need to pay $13k in points, which would have been covered by the rate drop. I tell Vic I'm willing to wait 30 days to avoid paying the points, and he doesn't respond to me for over a Week. I'm being told by NBKC to NOT pay my mortgage as my loan is in the final stage of underwriting at this time.
After this long wait with no answers to my emails or voicemails, Vic drops me a 1-liner email telling me he "did the best he could" but I need to show $300k+ cash reserves and he can't make a deal work. This is fifty (50) days into the refinance process, when I've jumped through every hoop and paid every bill NBKC has asked me to.
Yes, I'm self-employed, yes it's an expensive house, but keep in mind, I have over 40% equity in my home, I have solid tax returns easily showing I can afford the home, and I have owned my own business since 2011. Also, none of these facts NBKC keeps "discovering" were hidden, they were provided before NBKC even ordered the appraisal.
What a giant waste of time and money, worse still, I had been comparing 3 loan Companies and ditched the other two, after all three ran my credit. Now I get to start over with a fresh round of hard credit pulls, because Vic DeSantis is too lazy to know his own bank's policies.
Ironically, Vic won me over by claiming the other vendors were less than reputable.