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Guest

First and foremost, I do NOT work for nor am I affiliated with MCA in any way. In fact, I am considering obtaining a mortgage refi from them. However, after obtaining two mortgage loans, as well as mutliple refinance loans over the last 16 years. Furthermore, I am not a loan officer or anything like that. I am simply a consumer sharing what I have learned about this stuff over the years.

As far as who gets the rates offered as the 'teaser' rates, they are typically only people with credit scores of at least 750 or in some cases 800. As the credit score drops, the interest rate and often the fees as well, go up correspondingly.

If you have a choppy work history, ie. you change jobs more often than once every five years, you will also have a higher rate because you are a higher probability of default. People with stability in their employment have better rates, because the mortgage company sees the likelihood of them staying employed at that wage to be good. Of course the current economy makes that harder to be sure of, but they have to make a 'best guess'.

As far as the loan to income ratio, that is pretty much a hard and fast rule from what I know. The premise of course is to ensure you can pay for food, clothing, utilities, miscellaneous stuff, home insurance, home taxes, and of course the mortgage without exceeding say 90% of your 'net' income.

Can a perfectly good company, with an "A" rating at the BBB, and with very few complaints recorded online, have problems? Sure. There can be lousy loan officers, that don't do their jobs and thereby cause the loan to fall through the cracks and be forced into a higher rate. In that case, it is likely that the loan officer makes more money personally if the rate is higher. That just means they are unethical people, not that the company is unethical. It would only apply to the company, if it was standard practice for all loan officers to do what they could to push the rate higher.

jameshogg · Posted: Fri Dec 05, 2008 1:08 am Post subject:

Hi Neal Brown,

Thanks for sharing your opinion and experience with the community. You seem to be a very knowledgeable person regarding mortgage. Why don't you join out community and help the people who are facing issues with mortgage?

Thanks

Guest

They were great! Initially I received the rate promised but they also provided me with a float down to a lower rate at the end. The costs were within a comfortable range as estimated. I would use them again.

Niicss · Posted: Tue Dec 09, 2008 2:19 am Post subject:

Hi Naree

Thank you for sharing your experience with Mortgage Capital.

Guest

We just closed our refinance w/ Mortgage Capital Associates.

This is not a "they were absolutely wonderful", nor a "damn idiots" posting; just my honest experience w/ them.

At the beginning of November, I started a refi w/ a "big vendor" (not Mortgage Capital) . They gave me a high rate AND a point; I thought there must be a better deal. I also strongly suspected that rates were coming down, so I felt double-gypped to be starting all this on the high side. So, I did a search and Mortgage Capital Associates came up w/ a quarter point better rate AND no points.

So, I started the process w/ submitting my request to their web site. The next day, Nov 11, David Young sent an email starting w/ "Thank you for your business" followed by their terms followed by what information they needed from me.

My wife and I prepared the information they wanted and sent it. Then nothing for a couple of days; they didn't return my phone calls. Here's where I got nervous. I thought, "Who ARE these guys? Just something I found on the Internet. I don't know these guys from Adam." So I sent an email to David Young indicating that I was very uncomfortable w/ their business practices and that I wanted to cancel the application.

The next day he called me back and politely asked me what the problem was. I told him that it was unsettling to send all this sensitive personal information to him and not get a response. Heck, I didn't even have a loan identification number so that I could get my questions answered and know that the application we were talking about was indeed the same one.

David patiently answered all my questions about his firm and our application. David said that he really liked our qualifications which was why he gave us the better terms. Mollified, I felt much better, apologized to him, and canceled my application w/ the "big vendor".

This really is the gist of my experience: my anxiety in dealing w/ a vendor I couldn't meet that I had to trust for a very important financial transaction. They didn't help matters in that they didn't pro-actively communicate very often. So I was much more "crazy anxious" about this than I wanted to be.

I coped by doing the following:

* I did all the Internet verification of Mortgate Capital Associates I could.
* I verified that they were licensed to work in the state of California.
* Their license was used for several different closely-related business names; this made me nervous.
* I looked for complaints about them; found none.
* I found other people in Mortgage Capital Associates to get my questions answered, most notably Lilliam Chirip.

I emphasize that these were MY problems. David could be difficult to reach, but when I asked for Lily, she was usually available. Both of them were very polite and helpful when I did talk w/ them.

The following were the problems we ran into:

* David predicted that the loan would fund by the end of November; it actually funded yesterday (Dec 10).
* They assumed we would need hazard insurance even though our home is a condominium and that insurance is covered by our homeowners association. They readily corrected this when I pointed this out.
* They weren't timely in returning phone calls; however I could usually get through to Lilliam.
* They confused our property tax amount w/ another property that had the same street name in another city. They readily corrected the amounts.

Other than that, Mortgage Capital Associates did fine. The closing cost estimates were reasonably in line. The escrow company they selected did their job.

And, we saved a lot of money in contrast to the "big vendor".

My only wish in all of this is that I would have been able to relax much more about this experience if someone had posted a review similar to this one.

Would I recommend Mortgage Capital Associates for a refi? If you qualify for their criteria, I would presume that your experience would probably be similar to mine. I would recommend that you relax, carefully go over the paperwork to look for mistakes, and enjoy getting a better deal than you will probably get from a "big vendor".l.

At least you won't be hammered by the boiler room operators used by the "big vendors".

Yes, if I had a refi to do over again, I would again consider Mortgage Capital Associates.

jerry · Posted: Tue Dec 16, 2008 2:22 am Post subject:

Hi Scott Smith,

Thank you for sharing your experience with all the community members. I hope a lot of people will be benefited from this.

Thanks once again,

Jerry

Guest

We used Mortgage Capital Associates for a refinance to a 15 year loan. I found their very low rate (4.65) and low fees through bankrate. The closing attorney was shocked at how great the rate was and how smoothly the closing went. No bait and switch at all. I will most definitely use them again. I hate that others have had bad experiences, I hope they will come through for you like they did for us!

adonis · Posted: Thu Jan 01, 2009 12:06 am Post subject:

Thanks for sharing your experience with Mortgage Capital Associates with the community. It's great to hear that you had a good experience with them.

Guest

I did a Refi w/cash out thru them & everything went exactly as it should. It was a speedy process, which they told me upfront it would be, & all would lead to a closing in 30 days. I was told I would have to respond to provide any additional documentation &/or return signed documentation in 24 hours from their request. I did contact J. Steren once when I felt I wasn't getting the service I needed, and the issue was addressed ASAP. They told me they would sell my loan, whcih they did before I made my first payment. I still have not met anyone who can match the rate they gave me, which was exacty what was listed on their website for people with outstanding credit. If you don't have the credit score, or can't respond quickly enough, don't expect the best deal. No one could match 4.625% fixed 3 years ago, and they porobalby still can't today. Bottom line, I would use them again, I think they did right by me.

Niicss · Posted: Mon Jan 05, 2009 1:35 am Post subject:

Thanks for sharing your experience in the community, Steve. I hope a lot of people will be helped by this.

Guest

Well, I submitted my application yesterday and got a call from Lilliam. I have the same concerns as above, not being able to meet them and sending my personal info to an internet company. Thanks to everyone for sharing your stories and hopefully my transaction will go smoothly and also that I get a great rate.

I will provide feedback as I go through the process.

Guest

Hi Everyone,

I am sorry I have not posted more often but they keep me pretty busy around here Wink

So I have read some of the more recent posts and I am happy to see that I have been able to help so many get the loans they were looking for. I just thought it would be helpful if I dropped a line to tell you what is currently happening in the mortgage market:

RATES ARE DOWN!!! I do think rates will continue to move down into February at which point we will see them either flatten out or bump up a little. Honestly, look at the economy right now....I don't see any good news on the horizon which in turn is going to keep rates low.

I hope all everyone had a wonderful holiday season!

David Young
Production Manager
800-974-4434 ext. 276

[Promotional text deleted as per forum rules. Thanks.]

Guest

I just applied a mortage with MCA and they are doing "bait-and-switch" regarding the rate you saw on their website. They are SUCK AND NEVER DOING BUSINESS WITH THEM PEOPLE!

Guest

Hello Jason,

Thank you for your post. Bottom line we do not do bait and switch. If you would like to discuss your experiance in detail I would be happy to respond to your complaint in further detail. Please provide me with your full name so I can investigate your complaint.
Regards,

Dave Young

[Promotional text deleted and link deactivated as per forum rules. Thanks.]

Guest

I had very bad experience with Motgage Capital Associate when I purchased my house. The loan officers are not responsive and errogant. I will never do business with them again ...

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