Final MiLend Review

This will be my FINAL MiLend Review because after a long, 3 month process, we have FINALLY closed and the house is refinanced. I'm exhausted just thinking about it.

I promise to keep this short and sweet. I won't go into all the different things that held us up, and instead I'll just highlight the important things that potential borrowers may want to think about.

Pros:

• They did finally close the deal.
• Their rates were better than other companies, which is why we went there in the first place.

Cons:

• Very poor communication. Emails would go unanswered, calls would go unreturned. You really have to be willing to hunt them down like a blood hound if you want to do business with them. It's not just the agent we were going through either - the 4 or 5 people on our team were all pretty much unreachable.
• It takes FOREVER because nobody there has any initiative to get things done on time and then certain aspects of the process have to be re-started the following month.
• They do like 3 or 4 employment verifications (because it takes so long), so then your job thinks you're some kind of bum or something getting a desperate last-minute loan.
• They have some pretty shady practices. Our guy encouraged us to not pay our mortgage (so it would be late) to avoid needing a new payoff request. He assured us they don't report the late payment for 30 days or so, but it was still worrisome. Had we closed on time, the first time, it wouldn't have ever been an issue.
• They expect you to return 50-page documents within an hour or 2, and blame delays in closing on your lack of responsiveness, but they don't follow up on payoff requests from your previous lender for more than a week.
• They advocate bad loans. Our guy wanted us to originally do a floating rate, which I was adamantly against. Didn't that cause the housing bubble? Yeah, no thanks.

There's many many other bad points. If you're willing to jump through hoops, wait 3 months and be incredibly frustrated along the way just to get the lowest rate possible, by all means, choose MiLend. If you value your sanity more than a few dollars each month, do yourself a favor and go with a more reliable company at a higher rate.