Business Description:
Prospect Financial Group, Inc. is a mortgage lender that specializes in home refinance and home purchase loans. NMLS #365482 | BRE #01779147
5 105 reviews
Categories
mortgage broker
Prospect Financial Group, Inc.
948 Garnet Ave, San Diego, CA 92109, USA
(858) 605-0952
https://www.prospectrefinance.com

Service

Total Experience

Will Recommend

Ron S.

Carmichael, CA
Prospect Financial Group, Inc.

Bad experience.

I did business back in the spring with Prospect. During the course of the loan they told me they had to increase the rate because the appraisal did not come back high enough. They said they would allow for another refi with a lower rate before the end of the year. What BS. They drug their feet and kept asking for ridiculous LOE's. What a pathetic way of doing business.

comments

While we understand the refinance process can be daunting and require a lot of time and effort on the borrower’s part, we cannot control what documents a lender requires to process the loan — and every situation is different. Regarding the rate being raised during the initial refinance, we have to base rates on the same loan application criteria as any other lender. We quote rates based on the current market standard, but the final rate will always depend on each borrower’s individual financial situation.

In this specific borrower’s situation, we had to ask for two updated letters of explanation (LOEs) to work toward a second refinance at a lower rate. We even paid for the appraisal fee, so the borrower wouldn’t have to pay anything out of pocket. We are happy to move forward with the refinance, but we do need the required documentation to proceed.

Prospect Financial Group, Inc. commented on 11/13/2014
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