Remember the fiasco that was CTX Mortgage way back in April?
I pulled out the "I can make it up to you" Good Faith Estimate that we got the day after we walked and ASSUMING the GFE was actually what we would have paid at closing (which I know isn't true), after normalizing the insurance and property tax escrows, we would have saved $1/month with CTX. Seriously.
The catch--we would have had to pay $1,000 more at closing compared with what we're paying USAA. Granted, we would have had a slightly larger down payment (~1.25% more down, but that extra down payment money was necessary in order to keep the monthly payment in our budget).
Here's the sad thing...that $1,000 more to CTX is on top of the $5,000 in closing costs paid by Centex. So, CTX was $6,000 more expensive with respect to closing costs!!!!!! Talk about lenders with junk fees!
Definitely another reminder that if it seems too good to be true, then it is. I'm really glad the loan processor made that mistake that day and I'm even more glad that we didn't take the bait.
Brian & Laura - 1
CTX - 0
As a quick caveat, I don't think this means that CTX is a bad company or has bad business practices and I truly believe the mortgage guy just made an honest mistake. But it does show that you really do have to shop around. I think CTX is probably comparable to other lenders--just not USAA.
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