topdot.com - has anyone heard of topdot?

I have only seen the advertisement on tv and was wondering the same thing. Hopefully someone will come along that has had experience with them to let us know.

I think it should be a rule of thumb that most of the things advertised on TV is out to get your money. Check with family and friends, at work, internet research or your local BBB to get the right loan company for you and see whether topdot is a scam.

If it sounds to good to be true, it probably is.
This just reeks of scam. The underhanded "NEWS ALERT" just screams scam.

just saw the tv scam, they make it look like its an official press release and its like some top priority news break, right there you can tell its a scam from the get go. its like everything that has to do with banking they are in it to make money. the federal government is suppose to control this crap but then again this crap probably has to do with the government in some way. like the previous comments shop around, get the final costs for all loans and any hidden up front fees in writing. get a lawyer to look into it to if your not sure. if your uncomfortable about anything then dont do it

This guy talks way fast, however they charge a .01 loan origination fee, or $4k in my situation - they also talk about other fees. One of the GREAT elements of these guys, is to say - Don't pay your next mortgage - you wont need to, then they stretch you out to the end of the month, and provide docs at closing that have fees and numbers you never heard of - which of course is all in their pocket - so... My opinion is, tere are a LOT of refinance opportunities out there for $0 origination Fee, and paid for appraisals.

Does not sound so good.

I don't have any definite info on this company at the moment, but I just have to say, I hope it is legitimate!! One of my bestfriends just told me she is trying for a mortgage through Topdot, and that they recommended a company (can't remember the name, unfortunately) to help get her credit on track. They asked for $300 upfont for the service, but aggreed to accept $150 now, and $150 later. I'm just looking into all this for her, worried, hoping it's a good company...

Simply put, this is a scam. Sad to say, but on 9/11, my husband and I became victims of this company. I did what I normally would never do - ignored my gut feelings. Please do not get taken advantage of.

They do not close anything. They even screw there employees.., so why not you too. Awful company stay far away from these jokers. Nothing to offer.

I too was going to refinance with top dot and something just told me it was not right. However, having heard it on a christian station I decided to at least give it the BOD to research thanks for the information listed.

I too was going to refinance with topdot and something just told me it was not right. However, having heard it on a christian station I decided to at least give it the BOD to research thanks for the information listed.

I'm sorry to hear from you guys but Topdot delivered through and through when other banks did not.

Do not believe anything anyone has typed on this page. Sure, I was skeptical too after seeing what looked like an official government notice. I needed to refinance took it one step further and while in NY I stopped in a their headquarters. It was one of the most well run and organized companies I have every seen. I was greeted by a friendly staff. Spoke face to face with my Loan Officer and closed in 8 days. Not even close to a scam. I do not understand how folks can pass judgement without any first hand experience. I have referred my friends and family to Topdot. I have refinanced 3 times in the past 12 years and I can say they are truly one of the greatest mortgage companies I have ever dealt with. Their commercial may seem misleading, but how else are they going to get us poor saps stuck in adjustable rate loans to get off our a$$ and respond - THANKS TOPDOT!

Topdot scam company. if you can get financed by them you can get financed by someone else cheaper. i bet the people that responded above work for the company. also the debt company they refer you to is one they have a financial interest in

to many fees other companys were able to get my loan for much less

is this company for real? does anyone have info on them? sounds too good to be true. i told the loan officer i would check with my lawyer first .

I do not know this company but the programs they speak of are avaialable. we as consumers must ask for a copy of fees upfront. there are different aspects that get rolled into closing costs. many of the fees charged for closing are actually 3rd party fees such as 12 months worth of mortgage tax, title insurance, appraisal, homeowners insurance, closing attorney fees. Each potential borrower should request a copy of the good faith estimate. keep in mind that on a refinance transaction, you have a 3 day period after the loan closes to rescind the loan. And never ever should you not make your monthly mtg payment. If you are that tight on funds, you should pay the lender that currently holds your mortgage first so that you are not backed into a corner. Once you have done that you are beholden to no one.

If the company is not a scam the employees are! A friend of mine worked for them but got out when he realized how devicive and underhanded the manager in Burlington was. :evil:

It's a scam, the BREAKING NEWS NEWS ALERT commercial is low class. Profanity deleted - ND

this has great advice on debt elimination and debt relief: SOLICITING PROHIBITED PER TOS-ND

i worked with ken from top dot. it went well, there fees are higher buwe got a good intrest rate and closed fast, bought my new log home and are very happy with them,

Having been put through the ringer by TopDot, I can personally tell you they are HORRIBLE! DO NOT USE this company. They lie, manipulate, pull credit an excessive amount of times, don't supply a good faith estimate, lie about points and interest rate locks, don't fully disclose costs all while leaving you in a precarious position of having to either 1 take their crappy loan offer or 2 risk losing your deposit because even though you don???t like the loan, you still have a loan commitment. Silly me first time home buyer, trusted mortgage scumbag referred by a family friend

My friend worked for TOPDOT... They are scum, and the same as any other mortgage lending company.. everyone working there are just kids... money hungry for commissions and couldn't care less about you.

My friend worked for TOPDOT... They are scum, and the same as any other mortgage lending company.. everyone working there are just kids... money hungry for commissions and couldn't care less about you.

Having to deal with Topdot as a Realtor I can say they are scammers, yes they can get the loan, but try to charge ridiculous discount points and give lies for the reason of charging such high points, if you are buying on an FHA loan they will get caught, but if you refi they will charge out the a$$ on you loan, as much as they can, ask for a Good Faith Estimate up front and give nothing do nothing until they give the GFE to you. This will disclose all fees the lender charges and if there are any changes by closing they legally have to stick with the GFE or else it is a violation of The Truth In Lending Act and the mortgage broker can lose his license. I would not recomend them, I would use a local person you see face to face and ask a local Realtor who they recomend shop around for the best deal and always ask for a GFE.

There are so many companies that are scams that people don't know which way to turn. I have tried to get a FHA loan to refinance, but my credit is not the greatest. What should I do.

Some of the people that wrote on here probably shouldnt be allowed use of the internet or the english language, for that matter.

Topdot does what other company couldn't. They got me a loan with a 559 credit score at a 5.5% rate in 5 days, when other companies wouldn't even look at me. If you have a 800 credit score, maybe thery are not for you, because you can get a loan at a low rate anywhere. For us bad credit people, there's noone out there. THANKYOU TOPDOT

that's the one person these idiots have helped.good for you.

Check out thier better business bureau profile, only 3 complaints. Topdot can't be that bad. Do real research, and don't take advice from people who assume things

no they should take advice from shills.90%of this thread says they are not good to deal with.assume that.

i dont know much about this company only that i saw it on tv too. It seems a bit scammy, but i dont personally know. But the reason why i am posting this post is we need to face the facts that everyone is out to make money, the banks, loan offices,credit cards, debt consolidation, and debt settlement companies. Its not a bad thing, but if there was no money they would not want to do it. You will need to do your research and find out for yourself what is right by you and were the best place to put your money is. check the bbb, talk to your friends and family, people you can trust and so forth. Trust people in this forum that post regularly! Guests, not saying this is the situation, but people are not going to just take the word of a guest. you could be anyone, someone that works for them or whatever. why not join, and become a active member, then people will know and trust what you say. People tend to get the feel of people the more the post. The kind of person they are, where they are and were they have been. There are many people here that are here just to help, and many that im getting to know and know thier story. people that i am beginning to trust as to what they say is true. I take everything said by guests with a grain of salt. But there is enough posts here that i myself would personally stay away from this company. just my opinion

Hello all,

I'd have to play devil's advocate here. I looked up their business report on the BBB, and there is only 3 complaints registered - and they have been in business since 1995.

It's one thing to complain about something incognito on a discussion board, it's another thing to have a legitimate and legal complaint.

So, lew, frustrated, guests and others - if you have a legitimate complaint against this company then you should take it to the proper authorities (Federal Trade Commission in this case), indeed it is your responsibility as a citizen of a free country. Freedom can only happen when people fight for their rights. Companies can only screw people over if people let them. We are in this together.

chrys

I paid $400 for an appraisal and then to find out they turned me down. Still waiting to hear why? Just think they could have told me without me spending the $400.

Yes, I have had first hand experience with Topdot Mortgage & their so called "Professionals" in the Long Island area. All I can say, is RUN & FAST. They are scammers & to boot, very rude. They Have you get an appraisal & then give you a closing date. Then, tell you the list of leg work you need to do. Mortgage payoffs etc, basically all the stuff you are paying them to take care of. Then the closing date will come and go & so does your time & money with no new mortgage!!!!!

I hope that you have taken your complaint to the proper venue, namely the FTC and the BBB and your state's Attorney General.

Lu, appraisal fees and application fees are usually non-refundable. For instance, apartment complexes want a $25 fee to run your credit. You are out the $25 one way or the other.

Maybe try writing them to demand an explanation. They are required to send it to you, as far as I know.

chrys

saw tv adversetisement,was alittle skeptical. spoke with representative got list of items needed for refinancing and actually faxed info needed/requested. representative gave telephone no. directly to his desk. sorry to say i have not had a return telephone call from his since. HELP, WHAT DO I DO...THIS COMPANY HAS MY PERSONAL INFORMATION!!!!! I REALLY DON'T KNOW WHAT TO DO

I recently got out of an adjustable rate mortgage using Topdot. After months of getting the run around from other companies that never came through on their promises, I spoke with Wes he showed me how to get my credit score where it needed to be in 2 days. Once he got my appraisal we closed in about 3. Sure Topdot charges an origination point, but that is included in the loan amount. When I took out my arm through HSBC I paid 5% origination and got a temporary mortgage. With Topdot and Wes I will never need to refinance again and if interest rates drop I am eligible for an FHA streamline to lower my rate with no origination charge at all. I want you all to know what I know, that there are reputable companies out there and Topdot is one. The only out-of-pocket expense I incurred was my appraisal and I saved more than enough my first month to cover it. I now have a 6% FHA mortgage saving me over 1k a month! Thanks to Topdot and Wes. If you need some help Wes' email is [email]wjamison@topdot.com[/email] and he works in the Bethpage, NY office. He was very helpful and I highly recommend him.

topdot is a great company they help many people when other banks will not ...as for there fees every bank charges fees and when your with a bank thats charging much less fees you get much less service, always remember something in life you get what you pay for.. would you go to your dr and argue he was charging too much money for heart surgery and go out and find the cheepest dr???? would it be safe to say when you deal with topdot mortgage they do what they say they are gonna do... all the people here were problably denied for a mortgage and have a grudge against topdot. how about you pay your loan and you can be approved for a new one

I've heard all the horror stories of getting screwed by mortgage banks, big and small. Topdot is a private national bank that have FHA and conventional loans, with GNMA association. I had a 10.5% ARM with Countrywide (worst company ever) and a 12% second mortgage with HomeQ (second worst company every). I was paying over $3000/month!!!!!!!

I had my loan approved within a week and then closed a few days later, I saved over $400 a month. No BS!! There were certainly costs and fees involved, but the savings outweighed the costs an our loan officer made the process very easy. Now I dont'have to worry about my payments going all over the place and I finally can sleep at night.

Topdot Mortgage is a SCAM and a RIPOFF!

They advertise on T.V. with a make believe news cast that states mortgage rates are at 5.00%. What they don't tell you is that it will cost you 4.5 points on every loan (on a $200,000.00 loan you will pay $9,000.00). Understand that if you shop around you can find 5.00% with zero points.

Do not do business with them; they are a SCAM and a RIPOFF.

On top of the $9,000.00 fee, they will charge you a $1,795.00 application fee. Plus they will charge you a doc prep fee, credit report fee and so on. Add that up! You???re paying over $12,000.00 to Topdot for what. And don't forget that 5.00% is paying about one point (this means that Topdot is making 1% of your loan amount you will not see).

That means Topdot makes over $14,000.00 on your $200,000.00 loan.

If your mortgage balance is $200,000.00 when Topdot is done with their fees you'll owe $225,000.00.

Topdot was called BLS Funding. BLS Funding was a SUBPRIME lender.
Now they are called Topdot.
Now you know what the suprime lenders are doing.

If you think I'm making this up call Topdot at 800.965.6897 and say I saw your ad on T.V. and I want to refinance my mortgage with the 5.00% rate I saw on T.V.

Ask if there is an origination fee (Yes. One percent). Then ask if there is any discount fees (Yes. Three and one half percent). If they say there are no points then your rate is 6.5%. This means that because your rate is so high Topdot still makes 5.5 points on your loan.

Try it call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%.

It's plain and simple. Topdot Mortgage is a SCAM and a RIPOFF!

If you are reading this and think I am making this up and need more proof.

When you get to the closing take a guess who owns the title company?

Yes! Topdot.

So if you thought you were done being ripped-off your wrong. Now Kensington Title starts padding on their fees. Kensington Title charges about $2,800.00 for title fee. Attorney fee $400.00, electronic documents $250.00, closing agent $795.00, document review $250.00 and so on. If you think I'm making this up ask to see a Good Faith Estimate.

Call 800.965.6897 and ask them to send you a break down of all the fees they charge known as a Good Faith Estimate.

They normally send one out about one day before you are going to close. So you never know about the fees until it's too late and by this point you have paid from $300.00 to $450.00 for an appraisal.

Tell them you read this report and want to know if it's true. Do they charge all these fee!

Try it! Call 800.965.6897 and tell them you saw the Topdot FHA Hotline number on the Gerry Springer show and want the 5.00% mortgage rate.

As far as:

I have referred my friends and family to Topdot. I have refinanced 3 times in the past 12 years and I can say they are truly one of the greatest mortgage companies I have ever dealt with.

This is a SCAM and a RIPOFF.

The Topdot name is about 3 years old before that they were called BLS Funding. If this guy refinancaed three times Topdot made $42,000.00 on him.

"Not even close to a scam."

Of course not. You're a crook!

Try it call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%.

"Do not believe anything anyone has typed on this page."

You can believe yourself!

Call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%.

Do not do business with them; they are a SCAM and a RIPOFF.

Yours truely,


Topdot Sucks

P.S. Topdot Mortgage is a SUBPRIME lender masked as a FHA lender.

I live in Wisconsin and am seeing all this info about how you can go elsewhere and get a fair refi with no hidden surprises. Not on of you has said where that might be. Put your money where your mouth is and tell us. I am not affiliated with TopDot. I am looking to refi.

After hearing the "news flash" my friend franticly told me to call the 1 800 number because they were only taking a limited amount of loans. I thought it was an infomercial, so I did not call. After my pushover friend encouraged me to call. I did. I spoke with them 5 seconds before I became uneasy. I abruptly ended the call before they could dig into any information. Now, they call me 12 to 20 times a day on my cell phone. I don't answer, but it sure is annoying.

Here is an FYI folks. If a lender apporves you for an FHA loan then any lender that is licensed to do FHA loans can do the loan for you. The appraisal and everything is transferred to whomever you choose. I know the sales tactics that alot of these guys use. I hate to say it but I was trained by a pretty sleazy mortgage broker years ago. I now work for a reputable nationwide credit union. Do not let them scare you. Sometimes they will make you think that the appraisal cannot be used elsewhere. Each FHA Loan is assigned a case number. That number belongs to you, the consumer. At any point in time you can request that number to be transferred to another company.

I just felt it necessary to share this. I know this is an old thread but if at any point you are uneasy about working with any lender, you have the right to go elsewhere.

It's pretty funny how you use the words scam and ripoff. False advertisement - maybe, but ultimately it's up to you to make the final decision as to whether or not you want to sign on the dotted line. Your problem is that you expect the world, and you expect it for free. Yes, of course certain tactics aren't ethical but it's also up to you to not be a completely gullible idiot, oh I'm sorry I meant consumer. If you called that number, you definitely saw it on an infomercial, and if you're calling mortgage companies off of infomercials expecting great things then I have to say you're pretty dumb. Maybe you should get a better understanding of capitalism - NOTHING IS FREE. Though I'm not defending anybody here, I am attacking you for posting a belligerent blog posting without understanding how finance works. It's impossible for a company to charge you $14,000 in strictly fees, it's against the law. What it most likely says on your HUD statement which I'm sure you didn't take the time to read...is that close to half of your closing costs are mandatory prepaid items like per-diem interest, taxes, mortgage insurance, homeowners insurance, title insurance, and of course title fees. I'm just tired of hearing everybody complain about how they got ripped off without first looking in the mirror and saying, "how did I sign off on this?" - typical American consumer...consuming without reading, then reacting without thinking, and blaming without accountability. Pathetic what's become of our country...a bunch of unaccountable lazy, whiners who want everything for nothing, and don't want to take the time or work to find the answers you seek. You will stay mindless idiot for the duration of your life and you will continue to be taken advantage of because you just don't understand life.

Wow...Thats some pretty harsh stuff. Though I agree with you on some of this stuff. I do think you could have done without calling people idiots.

I cannot believe the garbage people are writing about Topdot mortgage. What they have is a brilliant marketing dept. that knows how to catch your attention. In todays industry when all of your local BIG banks are taking handouts from the government, Topdot is growing in leaps and bounds. I know people who sware that Disney world is in league with satan. I also have been told by most people liverwurst is disgusting dont try it. I am happy to say I will take liverwurst over any lunchmeat. Base your decisions on expierince not hearsay. I had my loan done at Topdot by a gentlemen named Patrick, not only did he get my loan closed but the service he gave me was unlike any other I have expierienced at a Banking institution. Thanks Topdot!!!

They seem to have an excellent rating with BBB

Lenny from MA obviosuly works for them. I called them and they were so aggressive that I felt like I was dealing with a used car salesman. I couldn't believe all the fees they quoted me. I would not deal with these people.

Good for you. Always remember, if one person has you approved, there is another bank that will approve you as well.

topdot did my loan as well. fees may be a little high but they got me a low interest rate when a few other banks DECLINED me. no i do not work there but the loan officer i worked with was very helpful. His name was Jason and i recommend anyone that uses topdot ask for him. his number is 732-346-6083, let him now Mitch referred you. Good luck. PS thepeople who say it is a scam are the ones that have no credit and cannot get a lone anywhere so when they dont qualify they come online and cry about it. :lol: