Mortgage Investors Corporation Complaint - Be careful with this company
ST. PETERSBURG, FLORIDA -- So, we received a flier in the mail stating they offer a refinance sponsored by the veterans administration at 3%. Both me and my wife believe in the old saying "If it sounds to good to be true, it most likely is". This was the case here as well. However, we had a representative come to our home. Smooth and fast talker. One of the first things he said that caught my ear was that after he presents the numbers "we could tell him to leave and there would be no hard feelings or further time taken up". Lie number one. Once we told him we were not interested (because what he showed us was a 3/1 Arm loan lie number two stated nowhere in the flier) he wouldn't leave. He kept pushing the issue. Then, when we thought he finally got the hint that we wanted no part of what he was offering, he asked if he could use our phone and call his boss. He said his boss was simply going to ask us if we felt the info provided was adequate. Lie number three. His boss was pushier than him. He even made comments to the salesman at our home like " I can't believe they don't want to save all this money". I finally had to get rude and tell him and the salesman they were NOW starting to waste my time and piss us off. He finally left. Be careful with this company. The only real savings is the first 3 years. But then BAM. They got you. This loan promised 3% fixed, the first 3 years ONLY. Then it could go up 1% each year after that but couldn't exceed 8%. Which with the market as low as it is now there is pretty much a guarantee 8% is where you will end up at from year 7-30. Do the math folks. I ran a whole spread sheet of my current 5.75% fixed versus their offer. OUCH. Add them hitting me with about 11000 $ in upfront costs (added to my existing loan balance) and the for sure 8% rate from years 7-30 and I would be getting screwed. Plus I heard they sell your loan fairly quickly and the new company typically doesn't honor the same terms and want extra monies. I guess the first indicator should have been the little comics in his presentation of a monster he referred to as "the principal monster". Cute tactics but I'm not 10 years old.