Pleasant Valley Home

Pleasant Valley Home Mortgage Company Do Not Do Business With This Company. Great rate to start then bait and switch! Moorestown, New Jersey

28th of Dec, 2010 by User882654

Pleasant Valley Home Mortgage Company offered the most competitive rate on a 30 yr. fixed mortgage. We locked at the bottom at 4.375% in October. We paid $400 upfront for a home appraisal (red flag) and believed we were moving forward. As rates began to move up PVHM became less and less responsive, and created obstacles towards our closing. They blamed our current lender for the delay when in fact it took PVHM several weeks to request the information needed to close. When our rate lock expiration approached we became frantic because PVHM would not give us a close date. They offered us a rate extension at an additional cost to us of $100/day. We begrudgingly accepted because rates had move up 50bps. We continued to request a closing. Many calls to PVHM went unreturned. They even sent us important documents password protected so we could not open them, then ignored our inquiries as to if they were important. They lead us to believe the only thing needed to close was information from our current lender. PVHM made half-hearted attempts to get the necessary document timely. We had to provide them with contacts at the lender. When we finally received confirmation that the document was received PVHM notified us that a name was spelled incorrectly and that our rate was due to expire that day, a fact disclosed in the password protected document we inquired about but were told "everything was in place to close". Ultimately, PVHM told us that there was not enough time to close and our rate would expire. They would not offer another extension but did offer another loan at current market rates (100 bps. above our lock). Bottom line, PVHM did not want our loan because the rate became unattractive. They became unresponsive, withheld important information, and dragged their feet so the rate would expire. We lost $400 for home appraisal and the opportunity to refinance at low rates with a reputable lender which will cost us over $500 per month for the life of our loan.

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