Here's a friendly reminder to *choose your lender carefully*. We went with Allied Mortgage Group (based out of Bala Cynwyd, PA) because they were the first to offer us the rate we were looking for, and their incompetence almost cost us our deal!
Under contract to purchase a long-term rental condo. Then with only 24 hours left before closing, Allied tells us they need more documentation from the building HOA and the loan might not be approved. Closing gets bumped to the next business day. We were then notified the loan didn't qualify for Fannie's standards, and would thus have new surprise fees (they had to add points to get our new Freddie loan to match the old Fannie). We had to *beg* them for a lender credit of $100 for our inconvenience. Then, Allied failed to meet the title company's deadline for final closing documents, so we had to push closing AGAIN. Allied refused to accept any responsibility or give us any more lender credit to offset the new fees or account for the inconvenience of rescheduling closing twice (missing work, arranging childcare, etc). Needless to say, the seller was not pleased - I think it was purely our Realtor keeping him from walking.
The icing on the cake: someone from Allied tried to put one of the title company employees on our deed!
*****TL/DR: in our experience, Allied demonstrated internal miscommunication, zero transparency, and an unwillingness to accept responsibility for their mistakes - with a sprinkle of ineptitude on top. Find someone else to get you to the finish line!
