After almost doing business with this company full of high pressure, smooth talking sales people some years ago and then again more recently, they made an impression. I've spoken to their Sales people multiple times over a period of years, and have heard their high pressure Sales process multiple times. After this last time, I've figured out their business model, they will screw you not only with Solar and other Home Improvement loans but also Mortgage loans. They've rebranded 3 times because of it, Paramount Equity Mortgage > Loanpal > Goodleap .First they provide financing/funding to solar panel and other Home Improvement Sales companies along with a mobile application platform across the country, to quickly sign people up for home improvement loans. Doesn't sound so bad except the loans conditions are long, and contain almost hidden and confusing terms, you pair that with pushy door to door sales people and you have a never-ending supply of home improvement loans. I signed the contract because the monthly payment was quite low and affordable and looking back the Solar Sales people are trained to obscure the terms. While peddling the benefits of Solar and tax cuts.Then after a short amount of time the loan "re-amortizes" and the solar loan payment shoots up. This is absolutely on purpose and part of the next phase of their sales model. As right around the time your Solar or other loan payment shoots up, you get a phone call from Goodleap, the initial person talks about how they hold your solar or other loan and that they're glad that you're a customer, blah blah. After that beginning talk the initial person will ask about Consolidating or rolling" your Solar loan into your Mortgage, as your Solar payment is going up and you'll save tons of money! They then transfer your phone call to a "Mortgage Specialist" AKA licensed Mortgage Loan Officer Sales people.This is where it seems they invest in making another giant lump of money off the backs of American working people like me, trying to take generational wealth from countless family's Real Estate.These Mortgage Specialists will try to woo you and overload you with information, telling you it's no cost to get a appraisal, nothing out of pocket, and that there's no risk to complete a Mortgage loan application. When you turn them down they are persistent and will push you to check your credit, after that, they might propose something that sounds good at first to get you to sign the initial Loan Documents, saying you can cancel at anytime, and that there's no risk. This starts the process of eliminating your solar loan and putting it into your mortgage better known as Refinancing your Mortgage(except with huge hidden costs and fees).Then a small time later, my initial loan application will dramatically change, essentially a "bait and switch", they said its based off appraisal or income, in the end they already knew this, they want to hook you with a good offer, then negotiate a final mortgage closing deal with HUGE Points (fee so the interest rate looks good) and other rolled in fees (tens of thousands of dollars put on the back end of your Mortgage), but they'll say don't worry it's not coming out of your pocket!Compared to most Mortgage companies, Goodleap Mortgage pricing and Cost is astronomically higher than anywhere else I've gotten quotes from, for example, annywhere from $9,000 to over $16,000 in fees I was quoted compared to $999 in fees at another reputable lender. The first time, I did not notice the fees until almost signing the closing documents, thank god, there most likely would've been nothing I could do about it, if it was a done deal. Looking back, these giant fees and buydowns/points that are rolled into the loan documents, are what they try to hide and misrepresent to the customer, and if you don't catch these fees, the first time they didn't say anything about it, the second time, the Mortgage Specialist said something like "Well it's not coming out of your pocket, you're getting a lower rate now". Thinking about it right now, I'm like, no it's coming out of the equity in my family's home, which affects my families future, and these guys are hired to steal that away for their company.After these phonecalls with multiple of Goodleap's Mortgage Specialists, as well as shopping around to multiple reputable Lenders and talking to their Mortgage specialists, I can say the employees at Goodleap are highly trained and manipulative sales people only concerned with closing your mortgage at whatever cost to your families worth.
Claim your business profile now and gain access to all features and respond to customer reviews.
