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BluFi Lending pulled a bait-and-switch scheme on us. They promised us a 3.375% refinance rate and closing costs of $2,500, which was to be rolled up into the new mortgage balance. Once all the paperwork was completed the mortgage officer called us to congratulate us on having our loan approved, however there was a little glitch. BluFi stated their loan underwriter approved the loan at a rate of 3.675%, which would "only" cost an additional $20 per month. Also, we would need to pay $8000 out of pocket to complete the loan. Needless to say, we rejected the "deal". This experience cost us $400 for a property appraisal.
Yes, my lock did expire. It expired because they didn't complete their end in a timely manner. I did everything I needed to do in a timely manner. They didn't! 30 days was just not enough time for them. That's why it expired. They are charging me 3/8 to extend it... which equals $1200. And yes, I am paying it because it still saves $15,500 in interest vs. taking my business elsewhere at the now higher rates.The point is this... I did what I was supposed to. They didn't! They dropped the ball and I'm paying $1,200 dollars that I should not have to pay. If you read articles about this "rapidly growing company", you will see that they supposedly pride themselves on customer service. I my case the customer service is absent.
They made a huge mistake and won't fix it. They have also had an indignant attitude when they were called on it. The hide behind be the statement, "We're not making you do anything you don't want to. You are free to go elsewhere for your loan." It is true that I am free to go elsewhere, but at this point, it will cost me over $15,500 to do that. I'm willing to stand up for what is right, but I'm not $15,500 stupid enough to take my business elsewhere at this point.
So now, I'm making it my mission to make sure my $1,200 is the costliest $1,200 they have ever earned (I'm using "earned" very loosely). I am going to share my experience on every website, every internet article comment section and every review of BlueFi I can possibly find.
I am a san diego native and worked with Blufi before. I had a great refinance with a great rate. the only thing that stinks is i see they put up billboards around town and now they are stalking me everywhere I go i see BluFi!! Maybe MebMe your lock expired, as did mine i just paid the quarter point and continued on. Worth it at 4.25%. What was your rate? You should have a rate lock agreement. At least I did. Good luck to you.
I'm still waiting for a phone call back. When a company notifies you that you will need to extend your lock and the very next sentence is "management is not willing to waive the fee" followed by a reminder that the rates have gone up, it's pretty calculated. I guess I shouldn't just make that assumption. There could actually be an element of incompetence. I'll update on the eventual outcome.
I'm in the process with them right now and so far, it looks like the savings I thought I might realize was too good to be to. With an excellent credit rating, turning in all my necessary items in a timely manner and them dragging their feet, they want to charge me a fee to extend my rate lock. Even though the delay is their fault, they say they won't waive it.
I'm basically being strong armed as they have told me I can take the appraisal I paid for and go to another lender if I like. But they know it's still cheaper for me to pay their fee as the rates have gone up since I started the process. It's funny how the mortgage lender of today has replaced the used car dealership of years gone-by.
If you want to feel like you just got some lov'n, federal penitentiary style, by all means, use BlueFi!
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