Livonia, Michigan
Not resolved

I am a first time home buyer, I initially have my mortgage pre-approved at Flagstar bank. I called their " Senior manager" a few times to check mortgage rates and different questions about closing costs. I never get a straigt answer. They told me one thing, and turned around and did something else.

So, after our home inspection, we are getting ready to write up an estimate, I called again and ask for their rate. I was told, "Flagstar Bank is aggressively working to get you the best rate." I was quoted a rate of 5.875 over the phone. After I recieved my estimate, it said 5.99% and they have bought a point WITHOUT MY KNOWLEDGE to the closing cost.

Really, THEY DID NOT TRY TO HELP ME. THEIR RATE WAS 6.250 ALL ALONG. The reason I got 5.99 is because they applied $1495 out of what the seller agreed to contribute to my closing costs and bought down a point for me. I WAS NOT AWARE OF THIS AT ALL.

When I called their senior manager to ask him what the deal was, he told me that I am wasting his time and his assistant's time. What a ***. I promptly cancelled my application with them and will NEVER recommend anyone to FLagstar bank again.

Product or Service Mentioned: Flagstar Bank Mortgage.

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By far the worst bank I have ever dealt with. They are delinquent in paying my taxes by over a month!!!

The last update is they sent my payment by snail mail...30 days late and you choose snail mail for a delinquent tax payment. If your a complete *** there is an executive possition waiting for you at Flagshit!!!


Be careful when getting a loan through flagstar bank..they have sub par correspondent/mortgage brokers who are not financially stable(bad credit,BK,foreclosures) doing your loans. They also quickly cover up high performance brokers who have personal loans with them for properties being foreclosed on.

They quickly sell of these loans to keep the brokers who make them a lot of money. Ask for a background check in the broker offering you a loan through this bank..chances are they are getting paid an high commission rate to push the loan and want to meet quota to keep this crafty lender happy...brokers have run out of choices!


:( first time homebuyer with a credit score of 790 and an income of 350k with no outstanding debt other than med school loans (which are current, never late). Was told that I had to have my new job write a letter with my start date on it to qualify for a mortgage of $178k.

My signed employment contract (legal doc) with start date was not acceptable as they are afraid I will not move into the house within 60 days? How can I start the new job and move in on the same day? I am moving in before 60 days and starting job in 70 days. What a joke!

just another layer by an underwriter...where it is not an fha requirement....needless to say I will be refinancing as soon as the waiting period is over!!!!! p.s I qualify for a home of 1.7million...and I am just trying to get $178k.



Poestenkill, New York, United States #220909

"Your Waisting Your Time" calling Troy MI, there main office doe's nothing! Please read all complaints!


I have been dealing with a mortgage lender now for 2 months. She has 'misplaced' and 'never gotten' some of the documents that I have sent to her.

She also has told on several occasions that we would be closing early and that my loan was fine. We are now a day away from the closing due date and still have no answer from the 'big wigs!' This has been the most stressful two months of my life. Trying to speak to someone concerning your mortgage when they are not organized or competent is frustrating!

Not only am I having to file an extension, but I am now also filing complaints with the corporate office in Troy, MI. I am very dissatisfied with this bank, and I DO NOT recommend anyone using them in order to get a mortgage!


I dealt with them for 10 months, was approved, told I needed to do repairs to the house, completed all the repairs, the inspection they completed was cheap and incorrect, they listed an electric hot water heater mine is natural gas, they could not locate the inspection plate outside the front door I had to do that for them, they did not do a title search, I had to do that as well but they still charged for it. The price for all of this was phenominal, I had tohave a second inspection which I paid for, their inspector of course again, the house passed. Then they came up with an excuse too much time had passed and it was up to them not to approve the loan, after they had already approved the loan and the work had been completed

Macarthur, Australian Capital Territory, Australia #24630

I had a good faith estimate from Flagstar bank for a 5 year interest only loan at 5.125 %. At closing, the closing statement was for a 3 year loan at 5.375% with an undisclosed Flagstar fee in the amount of $1975.

When I contacted Flagstar, I was told take it or leave it.

If I didn't close on that date I would lose $100k deposit. What would you do?

Ashton, West Virginia, United States #20038

Brew is exactly right. Lenders are required by law to provide good faith estimates within 3 working days of the application. But they cannot control what happens to rates between the time they take your application and you lock the loan.

It's quite possible that you got a raw deal with your lender. But it is also possible that they were honest with you but communicated very poorly. Another possiblity is that you are seeing the interest rate in one place and the APR in another.

Not only do rates move daily, sometimes they can move much as several times per day. That is why it is so important to work with a lender who truly is looking out for your needs and best interests. A good lender will keep you in tune with the markets, as well as advise you as to when you should lock.

Saint George, Utah, United States #16297

I agree, rates change everyday and the only way to lock in is to sign a contract immediately.

Burswood, Western Australia, Australia #14625

You should have gotten a Good Faith Estimate within three days of application. Then another one once you found the house.

You probably got what is called a Market Rate, meaning there is one point attached to the rate.

Please check your initial application package and make sure the rates didn't go up since you applied. That happens also.

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