Commonwealth Mortgage LLC

unknown

Will NEVER work with this company again. Extremely slow and weren't able to close in 30 days as our contract stated because of slowness on their end. Took weeks for them to reply to emails and they never answered all of my questions. Not closing in 30 days required a rate lock extension. This typically costs $1,000+. After lots and lots of push back and reaching out to the owner of the company, they waived this fee because it was their fault everything took so long. I would HIGHLY recommend going elsewhere if you're looking for a quick and easy close. Terrible company, terrible service, terrible employees.

We first contacted Commonwealth Mortgage with a form on the company web site and got an email response fairly promptly. Mike Demers calmly and politely offered information but was never pushy like other lenders and he didn't spend time quibbling about how other lenders do their work. Instead he simply explained their process. My husband and I were a little reluctant to use Commonwealth at first because it is a newer company and no references were available on Angie's List or in other venues. Still, we were pleased with the results. The closing costs were well explained, and communication was fluid via both email and phone. The process of sending in documentation for the refinance was fairly straightforward. We had the sense that we were working with a small but professional office. When we got nervous about their credentials, I was contacted by the attorney who owns the company who was happy to explain things further--being able to communicate with the mortgage company owner is an unusual pleasure. Mike Demers was a great loan officer (though typos in the application had to be fixed, which would be expected). The closing attorney was professional, patient, and thorough. Our closing costs (listed on the home page of the company web site) were the best around, and the 1 month start-to-finish refinance was great. We also were able to refinance with the closing costs built into the loan. There were only two small items of note--I didn't fully understand up front that the loan wouldn't be exactly the balance of the principal of the original loan--that lender charged a couple of discharge fees and Commonwealth arranged the loan amount based on a close estimate, which really was incredibly close to what was needed so not a problem. In addition, we never got the paperwork from the company that bought our loan from Commonwealth so we had to do some emailing to get the contact information and account number when it was time for the first payment (which made us quite nervous). Although that part could have been a bit smoother, this type of blip is likely being ironed out in their offices and Mike was very responsive to feedback even after the loan closed. I would recommend them again to anyone wanting a low-cost and low-hassle refinance in MA and NH.