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Prestige Lending?
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kromel
Mueller Community

Posts: 217
Joined on January 19th, 2008
Prestige Lending?
by kromel on February 7th, 2008

Some of you maybe wondering if Prestige Lending is a good deal. I say shop around. Ask for a good faith estimate from others before you put down your application fee (if required). In my experience, Prestige Lending's fees were very high and the 1% incentive does little to offset that. Also, my experience with Windy was horrible; she was not very responsive. Furthermore, the good faith estimate she provided included 1% off the base price and 1% off the closing costs, which was totally wrong - you get one or the other. Had I not caught that, I would have been very upset at closing if I chose Prestige. I got a better deal with Capstar Lending and there is no application fee. Ask for Debra Ginac. 512-459-2400
 
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RSims
Mueller Community

Posts: 37
Joined on February 4th, 2008
Prestige Lending
by RSims on February 7th, 2008

I'd totally agree on the shop around front. However, we did shop around and found Prestige's rates to be very competitive. You just have to ask them for what you want. If you don't ask, you won't receive. Now, I would have to disagree w/ Windy not being responsive. We had a great experience with her. Maybe you caught her on an off day...

Anyway...for sure look around and see what everyone is offering. But, I'd be surprised if Prestige won't match what else your finding out there.

My .02
 
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momof4
Mueller Community

Posts: 727
Joined on August 30th, 2007
untitled topic
by momof4 on February 7th, 2008

We also had a great experience with Windy at Prestige. My friend in the mortgage business said we were getting a pretty good deal overall. There are a million things to consider when you are shopping. Make sure you get the final final cost of the loan, not just asking about points or rates.
 
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vaneis
Mueller Community

Posts: 382
Joined on October 7th, 2007
untitled topic
by vaneis on February 7th, 2008

We had the same experience with Prestige as kromel. They rarely returned calls and were not competitive at all with other lender we ended up going with, which was Treaty Oak Mortgage.
 
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ineoeni
Mueller Community

Posts: 103
Joined on May 18th, 2008
Re: Prestige Lending?
by ineoeni on May 23rd, 2008

I just got my materials from Prestige, and apparently the deal now is 2% off closing. Vaneis, did you work with Josh?
 
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eagertomove
Mueller Community

Posts: 119
Joined on November 23rd, 2007
Re: Prestige Lending?
by eagertomove on May 23rd, 2008

The 2% sounds pretty good. We worked with Windy and had no complaints. Over our many home purchases we have found that if it is not your month to close then don't call them that last week of the month. It just seems that they go into a one minded focus on those end of the month closings and nothing else. We wanted a special type loan, Windy got it for us , and the rate 5.5% was good at the time.
Eager
 
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vaneis
Mueller Community

Posts: 382
Joined on October 7th, 2007
Re: Prestige Lending?
by vaneis on May 23rd, 2008

We didn't use Prestige, we used Treaty Oak Mortgage. We were extremely pleased and got much better service and rates than we were getting with Prestige. That was last November - December though, so maybe Prestige has improved their processes. Here is who I worked with at Treaty Oak:

Kinta Wendt
Treaty Oak Mortgage
101 Westlake Dr. #109 Austin, TX 78746
512-617-3636 direct line
 
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TinyHornet
Mueller Community

Posts: 59
Joined on May 20th, 2008
Re: Prestige Lending?
by TinyHornet on July 14th, 2008

OK, I'm resurrecting this old thread here, but can anyone tell me how you're supposed to figure out which lender is best before putting down a $350 app. fee with Prestige? Our contract requires loan commitment w/in 20 days, but this commitment can't easily be procured through another lender in such a short time frame, so Prestige defaults to be the only lender able to provide it. Problem is, Prestige apparently requires us to pay the app. fee to get the commitment. I don't mind paying the fee if I ultimately go with Prestige, but I won't know which lender we'll prefer until we get near closing, when I will know which interest rates the lenders are asking. Does anyone else see this as a problem? Did everyone just fork out the app. fee no questions asked?

Also, when did you all receive the Good Faith Estimate? After pre-approval, or only after the loan commitment? Thanks
 
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gford
Mueller Community

Posts: 64
Joined on March 18th, 2008
Re: Prestige Lending?
by gford on July 16th, 2008

We used A+ FCU (http://www.aplusfcu.org) and the loan process was relatively easy. Plus, their application fee was only $100.

We forked over the $350 fee up front and regretted it. The fee includes the appraisal before closing. Most other lenders apply the appraisal as a separate charge. Also, since we did not go with Prestige, they did not refund nor move forward with an appraisal, even though we prepaid for it . Appraisors perform the work for the lender and write it in the lendor's name (in this case, Prestige). However, for ~$100 fee they will change the lendor if requested. The only issue is whether or not the new lendor will accept the appraisal. Our new lender was willing to review the appraisor's creditials to see if they could be added to the approved appraisor list but Prestige didn't want to honor what we already paid for. Prestige wanted to keep their money and have nothing else to do with us so we were out a second appraisal fee ($350). After multiple messages with no response from the office manager, I dropped it. I don't recommend Prestige simply because of their poor business practices.

I hope this helps.

Oops, almost forgot... your GFE comes after the lender processes your application (you have to pay the app fee). I recommend you shop around for lenders. Find the best 2 or 3 you feel comfortable with, submit apps to each, and compare their GFEs. Not sure if you've ever done this before but submitting a mortgage app can be crazy! Fortunately, once you've submitted one, you should have all the proper documentation for the next lender readily available.
 
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Lorrie
Mueller Community

Posts: 554
Joined on May 3rd, 2008
Re: Prestige Lending?
by Lorrie on October 17th, 2008

Here is the name of someone I've been working with and he's been super helpful. His rates beat everyone else I've looked at including Prestige (even with their rebate).

Mark Abernathy
Capstar Lending
459-2400

Hope this helps!
 
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