Northstar Lending Group, Gardnerville, NV

I recently purchase bare land at  Garnerville Nv.'for $35,000. The purchase  offer I made had an appraisal contingency, as well as the loan required one. These were accepted by the seller. The loan Frank Lococo discussed with me was $21,000 @ %10 due in 2 years with a late fee no more than %10 of the payment. Payment to be $969.04 per mo. Buried in the disclosure fine print was multiple fees. The loan disclosures required an appraisal, a loan application and a credit report The lenders signed off without an appraisal, I was not informed of this change. The realtor nor loan agent never ordered an appraisal. I was never informed of this lapse/ change in the contract. They simply sent over forms for me to sign off. These had been presented as all items  checked and filled. I proceeded under the impression that the appraisal had been done and met the lenders approval. My est. cost to close even had a line item cost of $700 for the appraisal. By removing the appraisal from the process. I have been wronged. Had the property not appraised for $35,000, I would have had the right to walk away or renegotiate. The total cost of the loan was never verbally discussed, the agreement only appeared at signoff. Many fees appeared, large and small. a fee for extra payments is really a prepayment penalty. The signing was a typical sign this, sign that. No time to read, and by that time I was pretty much legally committed to the deal. I have a head injury that makes reading a bit difficult. I saw in the disclosures the items discussed, however the fees not discussed evaded me, I believe the appraisal was not done due to the fact that the last 2 sales of lots in this neighborhood were at $25,000. If it was appraised the loan/ deal would have fallen apart.

Frank walked us through the process and was very happy to help us. What a great experience in working with Northstar Lending.

I recently purchase bare land at Garnerville Nv.'for $35,000. The purchase offer I made had an appraisal contingency, as well as the loan … More