SELECT MORTGAGE

We used Melissa Guthrie at Mortgages Direct and we had a TERRIBLE experience. She ended up costing us $2275 and in the end she couldn't get us a mortgage so we had to delay closing a month while we scrambled to find a new lender.  We were trying to purchase a multifamily property. From our first conversation I disclosed that there were not any comparable properties in the neighborhood so the mortgage would need to be based on the land value and rent rates. She said that would not be a problem. We went under contract on the property and did not word until a week before we were set to close that something was wrong. The appraisal came in at the sale price, and our credit is great. However, Melissa suddenly couldn't find anyone that would underwrite the loan because it is a unique property. This is what I had warned her about from our first conversation. We found another lender that was happy to take us that will underwrite the loan, but trying to use Melissa first cost us $2275 and a month of our time. The breakdown of our expenses were as follows - $525 for appraisal, $50 credit checks/app fee, $1700 to rent the property from the owner for the month between when we were supposed to close and when we did close. At the time we were also paying rent for an apartment which is another $600, but since we were living there I'm not including that in the total. Working with Melissa may have been fine if it was a simple deal, but I would have really appreciated if she was upfront about things and communicated information with us sooner. Really a bad experience.