Greenlight Financial Services Mortgage Review(s) and Rates

admin October 11, 2011 2 Comments »

Greenlight Financial Services, a direct-to-consumer mortgage lender based out of Irvine, California has been a BBB accredited business since 2001. Because they are an online operation with no physical branches they have the ability to offer slightly better mortgage rates than larger brick and mortar institutions. They attribute their success of weathering the financial collapse to three elements – excellent customer service, competitive rates, and efficient loan processing.

Types of Mortgage Loans and Refinance Products Available at Greenlight Financial Services:

- Fixed Rate Mortgages including: 30 year fixed rate mortgages, 20 year fixed rate mortgages, 15 year fixed rate mortgages and 10 year fixed rate mortgages.

- Adjustable Rate Mortgages including: 10/1 ARM, 7/1 ARM, 5/1 ARM, and 3/1 ARM.

- Conforming Jumbo Mortgages including: 30 year fixed rate jumbo mortgages, 20 year fixed rate jumbo mortgages, 15 year fixed rate jumbo mortgages and 10 year fixed rate jumbo mortgages.

- Government Mortgage Loans including: FHA 30 year fixed rate mortgages, and FHA 15 year fixed rate mortgages.

BBB Business Review and Rating for Greenlight Financial Services:

On a scale of A+ to F, the BBB has given Greenlight Financial Services a rating of A+.

Within the last 3 years there have been 18 complaints against Greenlight Financial Services. Of these 18 complaints all 18 have been closed and 17 were closed within the last year. The majority of the complaints (9) came from advertising and/or sales issues. 6 complaints were derived from problems with the product and/or service. 2 complaints came from billing and/or collection issues and 1 complaint came from guarantee and/or warranty issues.

Mortgage Rates provided by Greenlight Financial Services:

(Mortgage and refinance rates listed below accurate as of October 11, 2011. Visit our mortgage center for updated rates, closing costs and fees from lenders throughout the country.)

- 30 year fixed rate mortgage on loan up to $417k featuring an APR of 3.935 and 4.299 depending on points.

- 15 year fixed rate mortgage on loan up to $417k featuring an APR of 3.421 and 3.84 depending on points.

- 20 year fixed rate mortgage on loan up to $417k featuring an APR of 3.811 and 4.066 depending on points.

- 10 year fixed rate mortgage on loan up to $417k featuring an APR of 3.371 and 3.729 depending on points.

- 10/1 ARM on loan up to $417k featuring an APR of 3.446 and 3.923 depending on points.

- 7/1 ARM on loan up to $417k featuring an APR of 3.421 and 2.928 depending on points.

- 5/1 ARM on loan up to $417k featuring an APR of 3.171 and 2.826 depending on points.

- 3/1 ARM on loan up to $417k featuring an APR of 2.920 and 2.791 depending on points.

- FHA 30 year fixed rate mortgage featuring APR of 3.922%

- FHA 15 year fixed rate mortgage featuring APR of 3.332%

Greenlight Financial Services is included in our database of mortgage and refinance rates available to consumers throughout the country. To view updated rates scroll through out mortgage tables. Rates on these tables are updated daily.

Company and Contact Info for Greenlight Financial Services:

Number of Employees: 185

License Number: 6038216

Joann Pham – Owner/CEO

Justin Helwig (Production Supervisor)

Rolando Pena (Controller)

Bac Pham (Broker)

Alyce Sumita (Compliance Manager)

Marie Reich (Contact)

If you have experience in obtaining a home loan or refinancing your mortgage through Greenlight Financial Services, please share your experience in the comment section below.

D & H R.

Warning to all Homeowners,

If you are thinking of refinancing & you have these criteria for denial, please stay away from Greenlight Financing, because you will only lose $350.00 of Appraisal fee which is non-refundable:

1. You have not added square footage in you property.
2. You have done total remodeling or renovation in your property.
3. You have a few ‘short sales’ in your area.

A Greenlight Consultant contacted us a number of times in the past offering refinancing since the interest rate had been decreasing, but we weren’t ready then. Two weeks ago, the same Loan Consultant contacted us again, so we proceeded with mortgage refinancing. He knew all of the ‘above three criteria’ in relation to our application, because we told him about #2 criterion. Number 1 and 3 criteria are all available through the internet or any public records.

He was constantly communicating with us during the process and winning our trust. He set up for an Appraisal Company (that Greenlight uses) to contact us. The Appraisal Agent was overly pleased and complimenting of our home; and was very positive about our condo that it seemed so promising.

To our dismay, we were declined due to the criteria I mentioned above for which they were fully aware of before the Appraisal. If they knew these, then why set up an Appraisal? Greenlight misled us and to make matters worse we were out $350.00. I smell a scam here. I wish I make $350.00 per 30 minutes.

We lost $350.00 because the Greenlight Loan Consultant was not up front with us and failed to inform us that our application can be turned down due to the fact that we fall under the Criteria I mentioned above. If only they were honest and had integrity I wouldn’t have to write this complaint to warn the public. With the downturn of the economy, we can’t afford to lose $350.00 just like that with the possible intent to defraud. I am a firm believer of the saying, ‘What goes around comes around’.
D & H R.

To Greenlight Financial Services, Inc.,
I gratefully accept your gracious decision to refund my monies. I had hopes that you would understand the dilemma I was in which was compounded by the fact that Trust Link deleted my review a few times and substituted it with four star posts. There are so much uncertainties all around us. This once great Nation has an Economy that is on a continued path of downfall. One of the shameful reasons is the countless of unscrupulous people who robbed the innocent elderly middle class out of their Retirement money and life savings. This took place not so long ago and we all know about it. Would Karma ever catch up with these predators? I’m an elderly middle class who’s just struggling to stay afloat and do everything that is right. My spouse is permanently disabled, and we don’t have the luxury to lose hundreds of dollars to an Appraisal that is totally unnecessary, especially since we fall under the criteria that are easily obtained through Real Estate Public Records and through information exchanged by an applicant and a Loan Consultant. To prevent others from losing their hard earned money, it would be greatly appreciated if your Loan Consultants exercise honesty and are up front with the applicants. If the applicants fall under the ‘denial criteria’ they should be warned immediately that they stand the chance to lose money if they go through with the Appraisal. I do believe that this is an honorable business etiquette to better serve and aid the public. Let’s get back to honor, truth, sincerity and ‘the American way’. Once again, I’m thankful for refunding the $350.00. I consider your decision a very noble thing to do. I received your check a few days ago. I consider this matter resolved and closed.
Thank You.