Please think twice before wasting your time with Old Point for any loan services. They falsely advertise a Professional Loan Program on their website. When we connected with the lender, she confirmed that the professional program was valid and gave us a pre-approval letter based on the existence of that program. Note: The pre-approval letter requires that we provide significant financial documentation in advance, so they did their due diligence to confirm our qualifications. The pre-approval was for $1.3M (Yes, you read that right. We were very serious, credit-worthy, multi-millionaire, professional buyers and we were trusting Old Point with the closing of our primary home). The pre-approval letter explicitly referenced the professional program and its terms and conditions. AFTER we had a home under contract, paid for a home inspection, and were ready to finalize the appraisal and closing timelines, Old Point finally informed us that the program was no longer available and they had no intent of honoring the terms under which they had extended the pre-approval. The lender had these files pass by her desk at every step, yet failed to update of this change in the program. We met all conditions under their terms, they just decided to no longer honor their commitment as stated in the pre-approval.
Thankfully, we ended up using another (more trustworthy) bank and had a seamless experience thereafter with purchasing our home. Not only did we not use Old Point for that purchase, but we also decided against using them for a commercial loan deal that they had pre-approved us for. We couldn't see ourselves going into a long-term business relationship with a company that so easily dismissed their missteps as acceptable business practice and made no attempt to acknowledge their mistakes. The commercial purchase ended up making the front page of the Daily Press and their handling of our portfolio represented at least a $2.5M (plus interest) loss for them because of inconsistent application of their own policies.
It's possible that that amount of money doesn't mean a lot to Old Point, but I think this review will mean something to other professionals who might think twice before trusting and wasting their time on loan approvals with a bank that has questionable lending and advertising practices. read more