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We wanted to move closer to the ocean and found a nice little house. We own our current house in full but we would lose over $100,000 if we sold it now. So we want to put it for rent and pay for the new house with it, at least until the market comes back up. We applied for a 30 year fixed rate mortgage and Provident Fundings gave a very good rate: 3.375% with a 5% down-payment.

They kept asking for all sorts of documents and we provided them as soon as possible. They even asked for a letter explaining why we were moving only 5 miles away and keeping the other house. We explained it all. It is a financial strategic decision.

Seven days before closing, the loan officer e-mailed we were approved and cleared to close.

Three days before closing they asked for another document. We provided it.

The day before closing, they came back at us saying that we were investors and that we will not live in the new house therefore they changed the loan into a 20% down-payment. We needed the cash to pay for repairs in the new house that needs a new roof, new electic boxes, and other major work! So by accepting their counter offer, we would no longer be able to fix the new house !

So here is the deal: that is a bate-and-switch technique! Iโ€™d rather not buy the house than accept their insulting counteroffer just before closing!

If you are out-there shopping for mortgage and you here about Provident Fundings, just pull away! There are other legit and honnest lenders.

Monetary Loss: $60000.

Location: Miami, Florida

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Heidie Kcx

I just got out of a loan from Provident Funding of Santa Rosa California. Three times during the loan my Bank funding the mortgage payment on the 1st, 2nd or 3rd of the month and Provident stated they never got it on time and charged me 87.00 in late payment fees.

I am now trying to get access to my closed account to verify the months and take them to small claims court. They were not willing to discuss the issue but said my bank was at fault when they have two different processes internally that delay the payment receipt crediting.

Not a good feeling professional company to work with. Recommendation someone more reputable.

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