Guaranteed Rate, Stafford, VA

I am a home loan customer with a credit rating over 800. On 25 July 2021, I contracted with Del Webb to build me a home in one of their developments, to be completed around January 2022. I sent my financial info to their own mortgage folks Pulte Mortgage and to Guaranteed Rate via email. Both parties were responsive. While Pulte offered a bit more lender credit ($7,500 vice $6,200), Guaranteed offered a free lock on a rate of 2.75% vice Pulte’s 3.0%. After some consideration, I decided to go with Guaranteed Rate. I emailed my POC at Guaranteed Rate accordingly asking to officially accept their offer on 25 August. No response. I followed up with another email on 27 August. My POC responded o 29 August, requesting a copy of the ratified Del Webb contract and a POC with the builder. In this email he stated, “We should be able to get the rate lock taken care of for you this week.” My realtor quickly provided all requested info on my behalf the same day. Having heard nothing in a week, I emailed again on 5 September asking if my POC needed any additional docs. No response. I emailed on 13 and 23 September, in response to which my POC said he’d get with me the same day. But he didn’t. I called him on 29 September. He texted me that he was in a meeting and would call me later that afternoon. He didn’t. On 4 Oct I had my first construction meeting with Del Webb. At that meeting I asked my realtor to engage with the Guaranteed Rate POC. He did, and the POC emailed me the same day. Two days later the POC advised me to watch email for an updated offer. I received an updated loan summary. It had only $1,200 in lender credits versus the $6,200 lender credits in the summary provided 9 August. When I asked my POC about this, he replied, “Unfortunately, that’s the best I can do with the way rates have been going. I am still able to get you the rate but the previously quoted lender credit just isn’t there.” I cannot help but to think that if my POC had acted on almost any other date which I reached out to him, I would not have lost $5,000. It seems like I've been bait-and-switched, unwittingly paying for a point with what was $5k in lender credit. If GR corrects this disservice, I will eagerly change this rating.

Rude on the phone and actually hung up on me once I said I had other companies I was pre approved with.