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Mortgage Investors Corporation Complaints & Reviews - Beware of this company

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Mortgage Investors Corporation

Posted: 2011-12-27 by    Tammy

Beware of this company

Complaint Rating:  100 % with 4 votes
Contact information:
Mortgage Investors Corporation
United States
After being contacted numerous times by Amerigroup a subsidy of Mortgage Investors and now Mortgage Investors Corporation themselves via a flyer in the mail offering me a 4.5 percent VA home loan, I decided to find out if this company would really follow through on their offer. I gave them a call and the very next day right on time was the sales rep. Over the phone, I was told it would take 15 minutes tops. I was glad and said thanks because I do not really need a sales pitch. I only want the numbers to match their offer.

Well, the 15 minutes turned into a couple of hours. I was so bored with the presentation of how great their company was. The sales guy was nice to me but was worried because he said that they made him do the presentation and they would not have it any other way. Finally I told him to please get to my loan so he handed me their presentation book and asked me to read it some more while he did the numbers. I already did the numbers on a mortgage calculator so if they could not offer me the 4.5 percent on a 15 year loan, with their added cost and points, then the loan would not be worth it to me. So, we finally worked up a 20 year loan at 4.5 percent that would save me five years off my current loan. I thought that I could pay principle and come out ahead and it would still take about 15 years to pay off my loan but I would have a comfortable payment.

Then, I was asked for a whopping down payment. I was not told this in advance. I told them that I do not have this kind of money. Basically it was the amount of my mortgage payment. Then, I was put on the phone with his supervisor who agreed to let me give them a hundred dollars. I asked why this is being done since it is a VA streamline loan and all the fees are rolled back into the loan. The aggressive supervisor said it was to make sure I did not back out of the loan and that if I did I would lose my money. I thought that is not going to happen since they promised to lock my rate in at 4.5 percent. The sales rep left me with my quote and I was very pleased.

Then the bait and switch happened. The Good Faith Estimate was signed on May 20th, 2009. I was told that the closing would take place June, 2 2009. I had to stop my direct deposit for my mortgage and pay a cancellation fee. I then get a call from MIC days before closing telling me to fax over my entire divorce decree at about a $40 to $50 cost. So the fees are adding up. I told them that I do not know why I was not asked for it at the time of the loan estimate. I was told that I was. Now I get a call telling me to never mind the decree because they have not got the papers back from the county and that the closing date has been moved to Friday June 5th. I said ok but I will be late on my mortgage after 15 days. The rep told me no problem, we have plenty of time. Then on Friday, I get a call telling me that the closing will take place Sat. June 6th. I was not worried. The rep told me that the rates had gone up and that my 4.5 percent is on shaky ground. I said, your rep told me that it would be locked in. He said that Mortgage Investors Corporation never locks their rates in. In fact, they always float the loan for a better rate. In the meantime, this companies reps called me at the last minute with lies and misrepresentations about their product. They were rude and no one told the truth. They said they were there to help veterans. I told them that they were hurting me financially and getting me in trouble with my current bank and mortgage holder. I got little understanding from them. They were more concerned that they lost money. I told them that if they had locked the rate in, then this would not be the case for anyone. They got too greedy by floating the loan and hurt everyone. I felt like a fish on a hook just dangling there.

Lenders like these are what caused the current Mortgage Crisis. I ended up borrowing money to pay my mortgage on time with all the fees and gas. I am on a fixed income and could not afford these added fees. I barely paid my mortgage on time and will go hungry the rest of the month. I am a single mom with children. This companies prays on people whom they perceive as vulnerable. They try to trick the unsuspecting and lie about their motives.

Beware of this company. I am sure there are more people out there that this has happened to with this company.
Comments United States Business & Finances
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 2nd of Jan, 2012 by   alanb4130 0 Votes
First of all the product they sell is for Veterans that already have a VA loan. Secondly the VA Hybrid loan that they offer will save you thousands and thousands of dollars in interest and that is after recouping the initial cost of the loan. Do yourselves a favor and google VA Hybrid loans and learn about them.
 8th of Jan, 2013 by   Mtnmeas 0 Votes
Agree with Tammy on this one. Thank you for sharing your experience. I don't care if this is a hybrid or what it is, I don't appreciate the high pressure pitch from them and you just have to hang up on them. They still call back which causes a great deal of concern. Something not right here and something to think about. VA is an American only government backed loan. Why would anyone feel comfortable getting a loan or guidance from an international company? After the Fannie Mae, Freddie Mac debacle, all we need is more outsider involvement.
 8th of Jan, 2013 by   alanb4130 0 Votes
My wife is in the mortgage business. We would not have gone with this loan if it was a bad deal. She even knew the guy that was the loan officer selling the idea. There tactics are questionable but the product is exceptional. No other loan out there re adjusts your payment based on whats left in the principle. It is not fixed on a set amount . You will save 10's of thousands of interest with a loan like this. We have the loan and there are no problems .
 13th of Jan, 2013 by   JBarreto 0 Votes
Mortgage Investors Corporation is the worst of the worst! Do not be foolish! do not be deceive by misleading information. Federal agencies should get involved! I almost got ambushed, but my wise child studying finance told me it was a very bad choice to select this crappy company. They mislead you; wake up before you get trapped! Look at the numbers, they will look nice the first year, then wait and you will see that you may pay a lot more than a conventional or Interest Rate Reduction Refinance Loan (IRRRL). Tell your comrades, we fought hard, do not let this people get your money.
 13th of Jan, 2013 by   alanb4130 0 Votes
Hi JBaretto say what you want about MIC but the product they sell is not crap. My wife has been in the business for 20 years. And this product is for Veterans only who already have a VA loan. This product isnt sold to the public. And as far as paying more than a conventional or conventional IRRL you dont have a clue what you are talking about. There is no other loan out there that you pay interest based on what is left in your principle. And also based on the index they used for the value of the dollar. We will save over 100, 000 interest depending on how long we take to pay off our house. This is a product that was created by congress in 2002 to help save Military members from losing their homes. Yes they are a high pressure sales company . And you can most definitely not agree with their tactics but the product they sell is like no other and is an incredible product if you qualify for it.
 13th of Jan, 2013 by   alanb4130 0 Votes
Hi JBarreto you can say what you want about MIC but the product they sell is real and there is no other product like this out there and it is only for Veterans. They do not mislead you . And yes look at the numbers. The biggest cost incurred by a home owner over the life of their loan is the interest. This loan product saves 10's of thousands in interest because it is the only product based on charging interest from the amount that you have left on your principle. You will not pay more than a conventional IRRL . You are very much mis informed.

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