Financing in San Ramon>Question Details

Mater, Home Buyer in Berkeley, CA

Any one used

Asked by Mater, Berkeley, CA Sat Oct 31, 2009

Has anyone had experience with The are quoting 5.0% with 0 discount point compared to 5.25% quoted by majority of lenders (BOA, wellsfargo, citi)

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For 30 year fixed rate loans above 417k I believe the current rate offered is 5.25% (0 discount points) by most banks (direct). The online entities offer .25% lesser
2 votes Thank Flag Link Sun Nov 1, 2009
Thanks for all your responses. I did verify their BBB rating, it is a A+…

Also they allow you to lock in the rate and do disclose all other expenses involved. I just need find someone who actually closed a loan with them :-)
2 votes Thank Flag Link Sat Oct 31, 2009
This is a scam. Rate is 1% higher than market rate.
1 vote Thank Flag Link Sat Oct 31, 2009
Unless the rates are locked, what you see is not what you get.

Check both rates and closing costs.

Also mortgage is not just about rates and closing costs. You need to know which product is good for you. What are your financial goals? Which is better 15 year or 30 years. Do you have mortgage protection insurance?

Please feel free to contact me with any questions that you may have.
1 vote Thank Flag Link Sat Oct 31, 2009
these guys are slimy sales people. do not use them. i went with them and after 2 months of excuses and false advertising; i decided not to go with them. it is all about sales and the manager Dan Mason is very unresponsive. He hides behind the computer and does not address any concerns.
0 votes Thank Flag Link Mon Apr 1, 2013
I too compared Close Your Own's rates to all of the banks and found that they were about .25% lower than Wells, B of A and Chase. Honestly, I loved using their online mortgage process. I can get all the figures right up front, I sent in my docs the next day and had a full pre-approval later that same day at the exact same terms I saw online.

Disclaimer: my credit is good and I can document my income easily. CYOL did tell me that it is harder for people with bad credit or undocumentable income to get a loan. So, I guess if you have bad credit, you need to pay higher rates and really focus on the getting someone who will spend lots of time trying to get your loan somehow approved. This is probably why the loan officers who work with poor credit homeowners charge more. It must be a lot more work.

All I can say is my loan closed on time, I got lower rates and fees than the banks were offering and I never had to talk to a salesperson to get a quote. What's not to like?
0 votes Thank Flag Link Sat Apr 24, 2010
I've attempted to use them - it's a long story, but I would definitely NOT recommend them. They are no different than any other mortgage broker except that they fail to communicate well. They charge about the same fees as everyone else, but certainly, in my case, provided no real service - just made sure I had sent them all the documentation which they provided to the lender... This would be fine if they followed through or acted on your behalf, but they just take their commission and hand you off. (They are also somewhat lacking in the application of the new rules regarding FHA and VA loans, thus misleading you, perhaps unintentionally, until the lender educates them.)
0 votes Thank Flag Link Wed Nov 18, 2009
Agree, their 30 fix rate is not bad.
0 votes Thank Flag Link Sun Nov 1, 2009
their rate is abnormally high. You can talk to bank directly. Direct bank rate is much more less than their rate.
0 votes Thank Flag Link Sat Oct 31, 2009

We are in a very stringent lending environment nowadays. The loan process has many facets which are handled best by a mortgage broker or a loan agent. Even "perfect" clients are facing potential roadblocks that can slow down the escrow process. I highly doubt you will get the best service and assistance to close your loan on time dealing with the firm that you mentioned. Don't be surprised if you end up doing all of the leg work to get your loan closed in time due to their reduced fee structure.

Feel free to contact me with any questions whether its getting pre-approved or if you would like various financing options I can provide that you as well.

0 votes Thank Flag Link Sat Oct 31, 2009
Question : will they work and help a homeowner who is under water with no equity in their house?
0 votes Thank Flag Link Sat Oct 31, 2009
Make sure you have some recommendation for the loan agent you are working with. You don't want to be in the situation where the docs arrive into escrow and the rate and fees are not what you were promised, and the seller is imposing a penalty for any delay beyond the contract close date.

Talk to some more local referred lenders.

Web Reference:
0 votes Thank Flag Link Sat Oct 31, 2009
I would be highly skeptical and 'check them out' thoroughly via the Secretary of State, BBB, maybe some of the on line resources available, and so on. Personally, I squirm whenever my clients use a lender I can't reach out and touch, so to speak. Cost is not the most important factor to deciding upon a finance provider, or any professional service for that matter, and all other aspects should be seriously considered, especially the trust factor, and that's hard to get when you can't meet face to face. The other prudent thing to do is get, in writing, a detailed account of all fees involved; you may find there are escalated fees in other areas of the closing costs associated with your loan that 'make up' for their discounted rate. If you'd like, I have a cousin in Berkeley; she and her husband bought a home recently and I could ask her who their lender was, if they were happy, etc. and so on...


Disclaimer: I am a licensed real estate broker and property/casualty insurance agent in the State of Ohio, providing information and sharing experiences acquired over 15 years in the industries. I do not profess to be qualified to give advice in any other field, though will share opinions and information obtained during my course of work. It is always highly recommended that consumers seek counsel from a specialist in each area in which there is a question or concern.
0 votes Thank Flag Link Sat Oct 31, 2009
Looks like trulia is a hype site for mortage broker industry because I just checked out the reviews on zi11ow and saw 5 starts for the last 10 transactions highly recommending CYOL and their loan advisors. I say do your own homework is see what best fits your own personal situation.

If you need to be hand-held through this process by someone gouging fees, than by all means use a broker. I will be recommending this service to all of my clients.
Flag Sun Feb 23, 2014
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