On Q Financial

Worst mortgage company I have ever encountered. Everyone I worked with was inept, or rude, or both. Terrible experience. Run as fast as you can from this company they will only cost you money and waste your time. Obviously in cahoots with their appraisal company, which I’m sure must be illegal.

After the initial, friendly contact with the consultant for a refinance. I was handed over to a series of separate people who apparently didn’t communicate with each other. I was sent conflicting emails, they started to send marketing material I didn’t want, and after initial approval was asked a series of questions requiring me to furnish documents they hadn’t required before. Had emails from people in Washington State, Colorado, Utah, and Arizona, none of whom appeared to coordinate with each other. I finally withdrew my application after wasting a lot of time. Plus, the closing costs were $ 1,000 more than I can get locally. Do yourself a favor and don’t waste your time. Go with a local credit union.

Stay as far away from OnQ Financial as you can; heed this warning. On Q Financial has to be one of the most unprofessional lenders out there. Their underwriting department is completely inept and nobody takes responsibility for anything. I wasted over 70 days with On Q Financial while they attempted to close a simple loan. I have no idea what the problem was (could never get a straight answer because everyone just talked in circles), but I’ll give you a hint; it wasn’t me. I have sterling credit and make decent money. After being asked for the same documents 3x and 4x, being told that my file was put together wrong and needed to be underwritten again, being told there was something wrong with the appraisal (even though it appraised twice by two different appraisers and no one could quite articulate what the problem was), and being told «we will be ready to close in 3 days» repeatedly, I had enough and pulled the plug. I took my business elsewhere and a different lender closed my loan in less than 21 days with absolutely no issues. Save yourself the hassle from dealing with a bunch of incompetent people, and find a different lender. You can thank me later.

I fired my first lender for preapproving me so I made an offer, and at the point of appraisal the underwriter comes back saying my cash status would need to double, so declined. I had only lost $ 85 to that company so I came to OnQ for a second opinion. I come to OnQ with that information including the reason for the decline and they preapprove with my cash balance saying this will happen. Of course we are telling the seller we can finance and ask for a new close date. 2 weeks later, I get the same exact call from the underwriter, I need double my cash balance. But when you have double we can then loan you the money. Says every lender ever! Of course if I double my cash balance you and every other shmuck lender could loan me the money. Lucky us our tax return is coming and that is saving grace. But I would have stayed with the first lender if I wasn’t given false promises.
If you want to, maybe, someday borrow money go to OnQ or any second hand lender who will say exactly what you want to hear and fill your head with false promises. If you want to hear the truth up front, go to a real bank. They will actually know facts when completing your application and won’t spin the truth so you fill yourself with hope. If they say not going to happen, they will give you a list of things to do so when you come back next time it will happen. If you go to OnQ, they will tell you this is happening and then 2 week and $ 500 spent on an appraisal later they will tell you this is not happening.
Also note that the appraisal company they use is based out of Arizona as well. They are in cahoots it must be, since I didn’t find out I was tentatively declined until after I paid for the appraisal. And the appraisal will come in right at what you offered, and not much more. Even if they compare your home to the exact same home sold recently that they’ve included in the appraisal and valued at $ 10k higher.
Second hand lenders are a scam. Save yourself weeks of waisted effort, stress and headaches and go to a real bank. You may not like what you hear, but you will save yourself time and money and hearing the facts too late in the game.
OnQ Financial = epic lending fail.

Jason Servais was great to work with. The whole process was relatively painless, although, lets face it folks, buying a house can be very stressful. Especially a short sale! That said, we ended up in the house, despite a few hiccups that took us down to the wire on the house possibly being auctioned off before the deal could be closed. Anyways, crisis averted and we can’t wait for the next time we need mortgage services.
We will definitely contact Jason at OnQ to help us with the next purchase.