Waterstone Mortgage Corporation

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Comments Rating 1 (1 reviews)

Avoid! Beware! Watch out!

You keep hearing and believe that buying a house is a dream and then you come across people who claim to help you achieve your dreams. When we came across Waterstone we thought what a great company! Friendly people and the management were quick in their responses but all that changed once we agreed to get finances from them. Firstly, even though they claim that their 3% interest rate for first time buyers is conventional and easy, the procedure is killing. They did not specify the documents that are required and caused weeks of delay in replying about queries about ‘missing documents’. Secondly, mortgage insurance was levied even when we told them that we are first time buyers. Even though their website claims that they follow guidelines, they broke their own rules. Their reason was that this mortgage insurance is for assurance.
Now, for the best part, since we are good on our payment terms, we had a credit score of 700 and while this makes us eligible for loans we were told that we need a higher score. Why did I say the best part is that the home loan we wanted was eligible for credit score of 660. Their communication skills and timings are very poor and after weeks of struggling we finally told them that we will look at other options and that got them working. They kept us hanging, kept providing incorrect or incomplete information and kept messing up our timelines and closing dates. Not to mention the complete lack of interest on the part of their loan originator to provide the service they promised. To everyone who are looking for home loans and are first time buyers, please avoid this company no matter how helpful they seem for it is all a bait to trick you and get their commission.

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