This month makes 4 years that I’ve been with United Wholesale Mortgage. I should be celebrating this milestone by having PMI dropped from my mortgage, but instead, I’m at odds with my lender.
September of 2016 was a happy time for our family. We had been searching for the right home for nearly a year and we believed we had found it. Once we found it, we immdiately started working with a variety of lenders. Quicken Loans was one of the many we worked with but UWM came out on top. They clearly offered the best rates and had great online tools for customers. After a thorough discussion with our realtor, we decided to go with UWM.
The problems actually began on closing day. We were shown a monthly mortgage payment that was significantly higher than what was shown on the GFE. Of course, I refused to sign anything until they sorted it out. After going back and forth with the broker, an agreement was finally reached but it was still $237 higher than what I was originally told. It was brough to my attention that I would have to agree to an escrow account with PMI in order to close that day.
Reluctantly, I signed that day. Little did I know, this lender would look for every opportunity to increase my mortgage for years to come.
One year later, I had a surplus of funds in my escrow account. The property taxes weren’t as high as the lender had anticipated, so I was due a refund. While I was at it, I decided to request a removal of the escrow account. I never had one with my previous mortage and knew to set extra aside for the property taxes when they were due. Fortunately, my request was granted and my mortgage dropped another $400.