MiLend Review

A couple of years ago, we did an addition on our home to accommodate our growing family. Since the market wasn't great, getting a home equity loan to cover it wasn't possible and selling wasn't an option either. We relied on credit to get the addition done and planned to refinance to pay the debt off from adding onto the house.

Fast forward 2 years. We're attempting to refinance with a company called MiLend. While the refinance isn't finished yet, I'd like to just let everyone know how the experience has been so far.

Horrible.

First, our agent tried to rope us into a HELOC with a floating rate that would adjust monthly. That sounded horrible to me, but it was presented as our best and only option. We gathered paperwork and went through the motions. On the closing day, we got a message from the broker - the deal wouldn't go through.

On the other hand, he could offer us a refinance for a little less money, but it would have a locked rate and a lot of PMI. I liked that plan better, just because it didn't have a floating rate. Onward we forged... we were assured that we would close the following month. We did everything requested of us very quickly, faxing documents back and forth, calling creditors and more.

The day before our expected closing, they couldn't give us an exact time or even an exact date that we would be done. That afternoon, I got word that we were waiting on a payoff quote from our old lender. They had reached out a week before, but hadn't received it yet. Perhaps the brokers assistant would follow-up. I took the initiative to call myself and follow up. The lender had not received a payoff request. I had them fax one over immediately.

After that, I did not hear anything. I reached out on the day we planned to close to see what the expected closing date would be and I have been ignored. I am not a happy camper at this point.

I'm a little worried that their customer service is somewhat lacking and having a mortgage through them will be nothing short of a nightmare. I'm hesitant to go through another company since we've done so much work in getting this deal done and we really needed it refinanced last month. Starting over would mean at least another month of waiting.

So, if you're planning to refinance your home and you see MiLend come up as an option on your radar, go ahead and write it off. They are nothing short of a hot mess over there and it's not worth the aggravation you'll surely experience.