My Experience With Precision Home Lending I used David DelBonis and Precision Home Lending for a second mortgage transaction because my first experience with him was good. That is what makes this so difficult to write. David used to be excellent to deal with. In the past, he had a way of keeping things calm and making you feel everything was under control. This time was completely different. I do not take pleasure in writing this, but in fairness to others, I feel I need to be honest about what happened. From the beginning, David knew our financial situation. I specifically wanted only my wife on the mortgage, and he assured me we could do that. He had previously given us a letter stating that she qualified easily for a $300,000 purchase, even after we explained the debt she had from medical bills. I have considerable assets in precious metals and could have paid off the medical bills, or even paid for the home, but I did not want to sell those assets. I offered to pay off the medical debt, but he told me it would not matter. Later, however, he said the loan was non-qualified for her, which made no sense based on what we had already been told in writing. He also repeatedly assured us we could move forward with 5% down and told us not to worry about the rate because it would be around 6.5%. But as the process went on, the down payment requirement changed from 5%, to 20%, to 25%, and finally to 30% on a $300,000 purchase. The rate also changed from what we were repeatedly led to expect, around 6.5%, to 7.25%. The problem was not just that the numbers changed. It was that every time we became concerned, we were reassured again that everything was under control. But those assurances did not come true. The same pattern happened with the rate, the down payment, the closing dates, and the overall progress of the loan. The goalposts kept moving. The communication and follow-through became a major problem. David promised one closing date and missed it. Then he promised another date and missed that one. Then he missed a third closing date. Because of those delays, the seller pulled the deal. The only reason we did not lose our $11,000 deposit was because our realtor fought hard to keep the transaction alive and eventually got the seller to agree to a new date after the clear to close finally came through about three weeks late. David used LendSure and later said he would never use them again. What made that hard to accept was that he had told us he had used them extensively, yet the process with them became unreasonable and confusing. For example, even after our realtor provided the condo master policy, they still wanted it directly from the association and then wanted to speak with the person who completed the form. That was only one example. There were many other things that made no sense, and I would include more, but this is already long enough. After so many changing explanations and broken promises, I no longer knew what to believe. The emotional stress this put on my wife and me was hard to describe. A mortgage transaction is stressful enough, but this went far beyond normal stress. My wife was deeply affected by the uncertainty, the repeated changes, and the constant fear that we were going to lose the home and our deposit. By the end, we felt worn down. The service at the end was especially poor. During the most stressful part of the transaction, David became very difficult to reach. He had told my wife and me that his phone stayed on until 8 p.m., but when we tried contacting him around 6 p.m., he would not answer calls or texts. We felt abandoned at the very time we needed clear communication the most. Even my realtor, who has been in the business for about 40 years and has experience as a developer and loan broker, said they had never experienced this level of broken promises, missed deadlines, and poor handling from a lending company. David is knowledgeable, but in my opinion, he has changed drastically and is not the same person I dealt with during my first loan. I would have gladly referred him after my first experience, but after this transaction, I could not recommend him in good conscience. Between the constant changes, missed deadlines, poor communication, a $6,000 fee on roughly a $214,000 mortgage, and an additional $1,800 bank loan fee, this was one of the worst professional service experiences I have had. His fee was very high, but honestly, I would have paid more just to avoid what we were put through. I am sad to write this because this is not how I remembered David from my first loan. But this experience caused real financial fear, emotional stress, and unnecessary damage to my wife and me. I would strongly caution anyone considering this company.
