Citywide home loans reviews in 2021
Citywide Home Loans (“Citywide”) provided consumer loans for a new home. During the loan process, the borrower was asked to provide up-to-date documents and information, according to a standard process.
In this particular case, there were more requests for updates than usual due to the house taking longer to build than the builder initially estimated.
The closure was scheduled based on when the builder expected the project to be completed; the closure was postponed when construction was not completed within this timeframe.
After construction was completed, there was a one-day delay for closing due to a missing signature from the co-borrower on the closing disclosure. Once this signature was obtained, TRID demanded a three-day wait; the city-wide fundraising team was able to accept the funding the same day upon expiration.
On March 1, 2021 – the original estimated close date provided by the builder – the builder postponed the estimated close to April 19, 2021. This was a 50-day time frame that was beyond the control of both the customer and Citywide.
Citywide home loans reviews in 2021
The loan officer had tried to explain to the borrowers that an extension of the lock could become necessary in the event of delay in the construction project; however, as the rates had started to rise at that time, the borrower chose to lock in the rate.
The rate was initially locked in at 5.25% on 02/26/21; extended on 03/28, and again on 05/18. The final inspection was completed on 05/25/21, the loan closed on 05/30/21 and the final cost of the lock was $ 7,116.80, of which Citywide provided a credit of 561.00 $.
Citywide apologizes that borrowers were unhappy with their lending experience; however, the delays and additional costs caused by those delays, described in their complaint, were beyond Citywide’s control.
Citywide home loans reviews in 2021
The absolute worse mortgage lender in Las Vegas, and thieves. I dealt with Luis G at CityWide Home Loans on Eastern Ave. My girlfriend and I went through an eight-month process of buying a new home. We had multiple “assistants” asking for the same documents time after time.
Now we’re near completion of our new home and our closing date is set. A week before closing we are being asked for the same documents, and now our closing is delayed.
Finally, come closing, here comes the thief. During our process, we decided to purchase points. Now at closing, we not only see an $1100 fee for a rate lock extension, we see our rate has gone up from originally agreed upon a couple of weeks before closing.
Now, if we are going to pay for a rate lock extension shouldn’t the rate be locked? So now we are paying almost 6k for points to get our rate back down to a rate that was “locked”.
Luis G put us in a situation where we had no choice to sign or we end up losing more money from being charged delay fees from our builder or risk losing our dream home. Someone like that should not have the license to be in business.
Citywide Home Loans Reviews (“Citywide”) was ultimately unable to qualify the borrower and her spouse for a loan due to a change in their employment/income situation (neither were employed full time), after the pre-approval was issued.
If the customers’ circumstances have changed, and they are still in the market for a Citywide Home Loans, Citywide would be happy to re-evaluate them for a mortgage loan.
List of Select Loan Programs Offered
CONVENTIONAL: Traditional loan programs usually require at least 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
VA: Offers long-term home loans to active duty US Military service members, eligible American veterans, and reserves or their surviving spouses. Citywide offers reduced fees on VA Loans and even has Veteran Loan Officers on staff that can assist you with your VA Loan.
CONSTRUCTION LOANS: A short-term interim loan for financing the cost of new home construction. The loan is made directly to the borrower and managed by Citywide’s experienced Construction Department.
STATE BOND: Programs that offer 100% financing to first-time and repeat homebuyers. These low-cost, low-interest mortgage programs enable more people to invest in their own homes.
USDA programs that provide homeownership opportunities to individuals in qualifying rural areas.
JUMBO: Loan programs that offer to finance for loan amounts greater than the convention or high balance limits.
FHA: FHA-insured loans require very little cash investment to close a loan as well as offering more flexibility in calculating household income and payment ratios.
Designed to create opportunities to repair or improve existing homes and increase the value of the home in a single mortgage with low, fully amortized, rates.
DOWN PAYMENT ASSISTANCE: Loan programs and grants designed to help homebuyers with a portion of, or all of, the down payment required to purchase their new home.
A variable-rate mortgage, ARMs typically have a lower initial rate than a fixed-rate mortgage. A cap limits the increases in P&I at each adjustment.
An interest-only loan is a loan in which, for a set term, the borrower pays only the interest on the principal balance, with the principal balance unchanged.
Commonly referred to as a piggyback loan, 80/10/10 eliminates the need for the borrower to pay private mortgage insurance (PMI).
HOME EQUITY CONVERSION MORTGAGE
For those 62 years of age or older, a Reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
AND MANY, MANY MORE: Citywide prides itself on having the products that our customers need. Don’t see the loan program you were looking for? Reach out to us and ask- we’re sure to have a program to fit your needs.
Citywide home loans Reviews: It is a correspondent lender with a full range of standard and unique loan products: Conventional, FHA, FHA 203k, VA, USDA, CHFA, and many other bond programs in the states where they do business.
Licensed in more than 35 states, with offices across the country, Citywide has the products and professionals to get your next loan approved.
Citywide Home Loans was founded on December 7, 1998, by Steven J. Goorman as Citywide Funding. His entrepreneurial, dynamic, and determined style has grown the small broker company of just 5 employees to the large corporation it is today.
Even though Citywide Home Loans now employs nearly 800 employees and covers more than 37 states, the company still maintains its small company roots. Steve Goorman lives by the motto, “leadership is taught by example.”
Steve Goorman is a true original. A strong leader whose vision and commitment to his employees and customers has fueled the incredible growth of Citywide over the years.
Steve is in the office every day and continues to ensure that the company stays true to its roots and that each person, both customers, and employees, that Citywide works with is cared for and treated like family.
Committed to creating more opportunities and providing innovative products, Steve is leading the organization into another period of strong growth and giving more and more families access to the company’s superior service. Citywide truly is a reflection of Steve and the principles he stands for.
Citywide home loans reviews