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.