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Broadloans


westguy76

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Has anyone heard of or have experiance with broadloans mortgage?

I got a letter in the mail from them about refinancing my home. It's typical for these it says I'm preapproved and has a pre-qualified code to go to their website and put in. The thing is I am trying to refinance my mortgages right now, so number one this is timely, and two the seem to be beating the heck out of the closing costs and rates I am being quoted from some big names, ie. Wells Fargo. My first reaction was I've never heard of them so I am a little weary before I go any further in the process. Any opinions? Experiances? Thanks

Edited by westguy76
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Let me add that I went to the Better Business Bureu website to see if I could find a register for Broadloans Mortgage. What did come up under that name was Alethes LLC. The thing that I am worrying about now is that they have about 500 address's listed in the central Texas area, and lot's of alias's (about 50 including Broadloans Mortgages, Texas Capitol Mortgage, Texas Star Mortgage, ETC. They appeared to have a satisfacory record but were not afilliated this the BBB.

Should this be a red flag, or should I just go through with the pre-approval process and not worry about it? I mean if they have lower closing cost's and a better rate than other places I've looked. What is the actual risk to me.

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Let me add that I went to the Better Business Bureu website to see if I could find a register for Broadloans Mortgage. What did come up under that name was Alethes LLC. The thing that I am worrying about now is that they have about 500 address's listed in the central Texas area, and lot's of alias's (about 50 including Broadloans Mortgages, Texas Capitol Mortgage, Texas Star Mortgage, ETC. They appeared to have a satisfacory record but were not afilliated this the BBB.

Should this be a red flag, or should I just go through with the pre-approval process and not worry about it? I mean if they have lower closing cost's and a better rate than other places I've looked. What is the actual risk to me.

This info you added makes it pretty clear to me that ..."if it sounds to good to be true.....". I would steer clear of any company with "500 addresses...lot's of alias's"...etc.

The actual risk to you may be zero, or it may just as easily be huge. There are many, many variables in the way mortgage brokers package and present loan terms to their clients. What a loan will actually cost you at closing may look very different than how it's is presented to secure your business initially.

Basically, everything you stated in your second post would be more than enough to make me throw that unsolicited "pre-approved" offer in the trash.

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