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Complaints & Reviews

Amerigroup Mortgage CorporationWOW!

After calling the number to ask about the program that was being offered to me. I set up an appointment just like the person did below. I hung up the phone not feeling very comfortable. I then went on line to read reviews of this company. I was shocked because everything that the person described in the below paragraph was exactly how I felt. I then decided to call and cancel the appointment. What a nightmare that was! The guy on the phone would not let me get a word in. He would talk over me. Arguing and insisting that I an not rely on the internet reviews. He argued and argued insisting that I have been misinformed. The lack of professionalism made me feel otherwise. This company is nothing more than a pressure sales cooker using telemarketing tactics. Please don't waste your time calling these people. they will not answer any of your questions. They want to do a face to face so they can have the advantage of persuasion. HARASSMENT MORTGAGE COMPANY SHOULD BE THE NAME OF THIS COMPANY! The below statements are not mine. But it was so similar to how I felt I had to copy and paste.

I got a solicitation notice in the mail for a 'VA Mortgage Payment Reduction Program' with phone number [protected]. I called to find out details about what the current rates were and to get a good faith estimate. They asked for my current loan balance and interest rate. They told me that I could save $390.00 per month but could not give me any details as to fees, points, etc. over the phone. They said they only take applications in person and that they would send a loan officer to my home. I specifically asked if this was a fixed rate loan, with no adjustments in interest rate after some initial period. I was told that it was a fixed rate loan. They told me that the loan officer would provide full details. They said it would take only about 15 minutes and it would be no pressure. I scheduled an appointment for the next day.

They guy showed up right on time for our appointment. I asked for some specific information regarding term of loan, points, fees, but was told that all my questions would be answered during his presentation. First red flag was that although I was told on the phone the day before that this was a fixed rate loan, it turned out to be a hybrid loan. The initial low rate was only guaranteed for 38 months, after which it became a variable rate loan. No other options were made available. After his hour long presentation, it was clear to me that the promise of significant savings was misleading. The points, fees, etc would add a significant amount to the existing loan balance, such that at the end of 38 months, the balance on the new loan would be about the same as it would have been under the current loan. Any savings after that point were not guaranteed.

After a round-about way of getting the information, I said I wanted to do my own calculations (I am an accountant) and that I would make a decision within a few days and get back to him. He then asked if he could have his manager talk to me, using my phone. The manager spent more of my time trying to convince me to submit an application on the spot. I was not given the opportunity to keep any of the paper with the calculations the loan officer had made.

In my opinion, this company is using misleading tactics to sell their product. As an accountant it was easy for me to see the bottom line for me. This product may work for some, but do not rely on the sales pitch to make your decision. Do your own math. Other mortgage companies I have dealt with have always been willing to fully answer questions as well as provide a good faith estimate without the hassle of sitting though a sales presentation. The loan officer was polite, but it was a waste of time, because I was not told initially that this was not a true 30 year fixed rate loan.

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    • 12
      123456789Randy Jan 22, 2013
      This comment was posted by
      a verified customer
      Verified customer

      After calling the number to ask about the program that was being offered to me. I set up an appointment just like the person did below. I hung up the phone not feeling very comfortable. I then went on line to read reviews of this company. I was shocked because everything that the person described in the below paragraph was exactly how I felt. I then decided to call and cancel the appointment. What a nightmare that was! The guy on the phone would not let me get a word in. He would talk over me. Arguing and insisting that I an not rely on the internet reviews. He argued and argued insisting that I have been misinformed. The lack of professionalism made me feel otherwise. This company is nothing more than a pressure sales cooker using telemarketing tactics. Please don't waste your time calling these people. they will not answer any of your questions. They want to do a face to face so they can have the advantage of persuasion. HARASSMENT MORTGAGE COMPANY SHOULD BE THE NAME OF THIS COMPANY! The below statements are not mine. But it was so similar to how I felt I had to copy and paste.

      I got a solicitation notice in the mail for a 'VA Mortgage Payment Reduction Program' with phone number [protected]. I called to find out details about what the current rates were and to get a good faith estimate. They asked for my current loan balance and interest rate. They told me that I could save $390.00 per month but could not give me any details as to fees, points, etc. over the phone. They said they only take applications in person and that they would send a loan officer to my home. I specifically asked if this was a fixed rate loan, with no adjustments in interest rate after some initial period. I was told that it was a fixed rate loan. They told me that the loan officer would provide full details. They said it would take only about 15 minutes and it would be no pressure. I scheduled an appointment for the next day.

      They guy showed up right on time for our appointment. I asked for some specific information regarding term of loan, points, fees, but was told that all my questions would be answered during his presentation. First red flag was that although I was told on the phone the day before that this was a fixed rate loan, it turned out to be a hybrid loan. The initial low rate was only guaranteed for 38 months, after which it became a variable rate loan. No other options were made available. After his hour long presentation, it was clear to me that the promise of significant savings was misleading. The points, fees, etc would add a significant amount to the existing loan balance, such that at the end of 38 months, the balance on the new loan would be about the same as it would have been under the current loan. Any savings after that point were not guaranteed.

      After a round-about way of getting the information, I said I wanted to do my own calculations (I am an accountant) and that I would make a decision within a few days and get back to him. He then asked if he could have his manager talk to me, using my phone. The manager spent more of my time trying to convince me to submit an application on the spot. I was not given the opportunity to keep any of the paper with the calculations the loan officer had made.

      In my opinion, this company is using misleading tactics to sell their product. As an accountant it was easy for me to see the bottom line for me. This product may work for some, but do not rely on the sales pitch to make your decision. Do your own math. Other mortgage companies I have dealt with have always been willing to fully answer questions as well as provide a good faith estimate without the hassle of sitting though a sales presentation. The loan officer was polite, but it was a waste of time, because I was not told initially that this was not a true 30 year fixed rate loan.

      0 Votes
    • Br
      BROCKSTER Jan 25, 2013

      The tactics of this company alone are enough to send you running away. Just their mail come on, ought to tell you they are fly by night
      high pressure crooks. This kind of company going after vets is a crime in my opinion. This is what are congressmen ought to be policing on behalf of the vets and citizens of this country. To all my fellow vets, STAY AWAY FROM THIS COMPANY. ANY COMPANY THAT USES TRICKERY AND DISGUISE IN THEIR MAIL TO MAKE IT LOOK OFFICIAL, USUALLY CANNOT GET CLIENTS HONESTLY.
      STAY AWAY STAY AWAY STAY AWAY STAY AWAY STAY AWAY CROOKS CROOKS CROOKS CROOKS CROOKS CROOKS

      0 Votes

    The complaint has been investigated and
    resolved to the customer's satisfaction
    Resolved
    Amerigroup Mortgage Corporationharrasment+ salution

    These people are insane! they have been calling me everyday. sometimes twice a day. I asked them multiple times to stop calling but they did not. if you are reading this then there is a good chance that they are doing this to you as well. they are not considered telemarketers because they do not ask for money or try to sell anything over the phone. so registering with the DNC will not save you from these monsters.
    A simple solution to this problem is to say "OK ill Schedule an appointment ". then when they show up say "joshee says hi" and slam the door in there face!
    you should have seen the look on her face lol. I have not had a call since!

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      The complaint has been investigated and
      resolved to the customer's satisfaction
      Resolved
      Amerigroup Mortgage CorporationRefinance Harrassment

      I received mail from this company indicating that I could save hundreds of dollars off my current VA mortgage by refinancing with them. After calling and setting an appointment, I did some online research and found the offer (and company) was too good to be true. I immediately called back the same night to cancel the appointment and had to threaten to call the police if their loan officer showed up on our property. Since then, we received at least a dozen phone calls each week asking about when we could reschedule the meeting. My wife and I have spent hours requesting they take us out of their records, told them we are on a "Do Not Call List" and told them we weren't interested in their scam. The "scam" is that they sign you up for a mortgage that is a 3/1 ARM with an amazing low rate for the first three years, then variable after that. They will not do a mortgage that is a fixed rate.

      They will call any day of the week at anytime up until 10 o'clock at night. We don't answer most of the calls, but they won't leave voicemails and will keep calling over and over.

      Now when they call (twice in the past two days) they ask what my current rate is. I tell them 2.5% or whatever that is extremely low and they immediately hang up without even a good-bye. Works nicely! I'm hoping they update their lead records and account records quickly enough that the calls stop in the next week.

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        • Ja
          JackieInCalifornia May 29, 2012
          This comment was posted by
          a verified customer
          Verified customer

          Don't let these people waste your time. Throw them out when they start getting off track. My bank is B of A and I live in California. I have my original mortgage there and they are running the Irrrl for me. I'm getting 3.5%, thirty year, with a credit that will cover most of the costs (but not the funding fee) and I will have to prepay escrow and taxes for the year in advance. I'm not sure if I have money in the escrow account for the mortgage I have now. But if so they will return it. I've had the same bank for forty plus years. No guff or con with the bank or people I've dealt with. I don't know how it is in other areas.

          0 Votes
        • Ka
          KathrynC Jul 03, 2012

          Glad to see we are not the only ones ! My husband and I have the same complaint against Amerigroup Mortgage Company. The main difference is that we have NEVER solicited their services; we have NO IDEA how they got out number. We are called relentlessly, sometimes twice a day...EVERY day ! We say we are not interested and never have been/never will be; we ask to be removed from the mailing list, to speak with supervisors, yell and swear at them...to NO AVAIL ! They continue to call AGAIN and AGAIN and AGAIN...there are several different numbers they call from, and they ask for myself or my husband alternately...SERIOUSLY...if anybody knows how to file an official complaint against them or some sort of injunction...PLEASE let me know!

          0 Votes

        Amerigroup Mortgage CorporationRefinance

        I recently received a phone call asking if I wanted to save at least 150.00 dollars a month on my current mortgage. I spent around 15 minutes explaining how I really didn't believe that their company couldn't offer me a current interest rate of 2.5 percent for a 30 year fixed loan.

        I agreed to let one of their representatives to come to my home to explain their product.( I really wasn't looking to refinance since my current rate is below 5 percent) The representative was timely and polite and started his presentation. It lasted for approximately one hour since I was asking a lot of questions and it at first it seemed interesting until I saw the new amount to refinance. It was approximately 18, 000 more than original loan.

        I told the representative I needed more time and like the rest of the people experienced on this board, he called his manager and he tried to explain the VA backed their product and that he was a civilian and wished he could enroll in this program. I spent 15 minutes explaining I wasn't interested in the product. The manager wanted me to sign an agreement and that it takes two weeks to process and I should wait and see the full contract. I didn't ask what happens if I did that and then change my mind. I could imagine I would probably have to pay something then. I asked the representative to leave and he still tried to tell me I was really missing out.

        Simply I didn't believe them on the phone, even stated it was too good to be true and it turned out to be a fixed 2.5 percent for the first four years then increased one percent for the next 6 years and then set at what ever the economy was doing at that point. The person that came to my house was retired from the air force, (that's what he told me anyway, didn't see an id) and was trying to use his past service to reel me in. He even stated he wanted to help veterans. Doesn't seem like that's helping people that serve this great country.

        In short before you waste your time, please do some serious research on these people and if it sounds to good to be true it probably is. Oh before I go, I even asked if he would use this product and he stated he already had his home paid off. No, yes I love this program and would use it in a heart beat. Tried to avoid the whole question.

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          • Ly
            Lynda Caster Aug 21, 2013

            My "red flag" was when I about interest rates going up after 38 months, if interest rates go up and down then it is not fixed!!! I mean duh !! a two hour presentation, a call to the manager was not going to change my mind at all, not to mention the representative did not even have a phone number for me to call her back... aww hell no, these people are SCAM ARTIST !, I called my VA Lender and they had nothing good to say about these slugs.

            0 Votes

          The complaint has been investigated and
          resolved to the customer's satisfaction
          Resolved
          Amerigroup Mortgage Corporationfalse advertising

          I read this complaint board prior to the mortgage representative arriving to my home for the meeting. Sure enough, the same things happened to me that had also happened to other nice folks by this "wolf in sheep's clothing" company. When I made the appointment over the phone, I was told that I was going to be briefed on a 3.0 thirty year fixed loan rate. If they had told me I was going to be presented a "Hybrid" loan, I would not have made the appointment. I did not find out until approximately 20 minutes into the supposedly 15 minute appointment, that ALL the company could offer me was a Hybrid loan. The Hybrid loan only guaranteed me a lower interest rate than what I'm currently paying for 4 years, after that it is up to the market to determine my interest rate. The sales representative was real slick about the numbers though. Using a high interest rate at the 5 year mark towards a lower principal would still give me a monthly payment than what I'm paying now. He used his own predicted market data to determine this. Unless you are housing market savvy and are good at forecasting future interest rates, then how else can you defend against this company's math? So I now see how many people are talked into these adjustable loans from fixed interest loans. He insisted that both my wife and I sit at the presentation, when my wife chose to no longer participate in the presentation, the sales guy became rude and had a sharp tongue. When I asked to keep the sheets that he wrote on with the dollar amounts and percentages, he refused. "They are hypothetical examples". So when I finally got him out of my house, I had nothing from him related to anything he had spoke about, except only what I could remember. Any financial institution that does VA loans can offer you what is called a Streamline Refinance, Interest Rate Reduction Refinance Loan (IRRRL) or Hybrid loan. It's better if you go to a local bank or financial institution in your area and avoid companies like MIC who telemarket and/or send junk mail.

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            • Hi
              Hideko BK Mar 24, 2012

              Thank you so much for the info. Rep is here right now and I mentioned Hybid and he got upset...LOL

              0 Votes
            • Ma
              mad to the point Apr 23, 2012
              This comment was posted by
              a verified customer
              Verified customer

              I read this compliaint, call to cancel my appointment an was harassed by the company sales person to the point that we hung up on them, then he had the nerve to call back an continue to harass us even further about not canceling the appointment, we had to threaten him with a lawyer to get him to leave us alone!

              0 Votes
            • Ju
              just wanting to help Jul 30, 2012

              WOW thanks for your comment!!! They did the same thing to my husband and I. They were nice at first and when my husband and I ask for a couple days to think about the offer they became real rude. the gals called her manager and told him we didn't want to go through with the deal and ect!!! BUT that wasn't the case we just wanted some time to research and make sure we were making the right choice. They kept pushing us, which really made us nervous. Finally we got the lady to leave after two hours and honestly we were wanting to except, it sounded and looked like a great deal. My husband being more cautions said can you give us two days to think about it. She left upset and didn't want to leave any of here notes or paperwork she filled out for us. She had her own little lap top with some predictor loaded on it and broke down everything thing to us. A 2.5% interest's rate sounds great but its only for 39 month after that there no proof that its will only go up 1% like she was saying. WHAT IF IT WENT to 11% or 29% we would be screwed. I'm still not sure but I'm kinda glade we didn't choose to refinance with them. I wish I could of read some positive feedback about there company so I could go and tell my husband he was wrong and we should consider it but I haven't to many. It sounds like to much of a risk . After reading some comments where some people sign the application and were asked to pay a fee towards the end really some it up for me. I glade we didn't get to that point.

              0 Votes
            • No
              Not Usualy a Complainer Aug 22, 2012

              My contact with this company has been limited, but I already don't like them. Thanks for leaving this comment.

              0 Votes

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            The complaint has been investigated and
            resolved to the customer's satisfaction
            Resolved
            Amerigroup Mortgage CorporationLies and Harassment

            Amerigroup has been sending two or three refinance offers in the mail every week and calling my home, despite me opting out of credit offers and having my phone number on the national Do Not Call registry. They managed to get me on the phone one two weeks ago and talk me into scheduling an appointment to see a loan officer, even after I insisted that my husband wasn't interested in refinancing. In the meantime, I decided to do some research on their refinance offer. I read about the refi program on the VA website and ran some numbers on my current loan. I discussed the findings with my husband, and he repeated that wasn't interested. I called the company back to cancel the appointment, but the representative talked me into reconsidering. He pushed the appointment back a week to allow me to run some more numbers.

            I ran the numbers again based on their offered 3% interest rate fixed for 30 years, even though I knew they would be offering me a 3/1 hybrid loan. Although the 3% would save us over $150 a month, it would cost us over $4, 000 in interest to refinance. Also, with the refinance charges, our principle would end up being much higher than our original loan amount. Add to that the possibility that our interest rate could be higher than it currently stands within 4 or 5 years, and it just didn't seem worth it. Our current mortgage has an interest rate under 5%. I called the company back and finally convinced them to cancel the appointment.

            Wouldn't you know, a representative from the parent company called back within two days, asking why I canceled. When I explained that my husband and I weren't interested in refinancing, she tried to sell me on the offer AGAIN, repeating the same old sell line. When I told her what I had discovered through my research, she said the figures were incorrect because their loan was a simple interest loan. She said all the loans offered under the VA Streamline program were simple interest. I told her I had read the VA website, and there was nothing on there about simple interest loans. She said I hadn't clicked far enough into the website to obtain that information. When I told her the finance charges would significantly increase our loan amount, she claimed that the VA would not allow us to sign off on the loan unless they knew it would save us money. In fact, the VA would do no such thing. The VA clearly warns veterans on its website that lenders can charge whatever fees they want, and the loan amount AND monthly payment could end up being significantly higher for those who fail to do their homework. I finally had to hang up on the representative to get her off the phone because she would not take no for an answer. I think the company tried to call me again this morning! I've decided to report them the next time they call. I and my Navy friends in the neighborhood are sick of feeling harassed! No means no!

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              • Se
                seanmg Sep 29, 2012

                I just called to cancel my appointment with the loan guy and the manager was trying to get me to reconsider. He kept telling me that their is a 30 year fixed rate at 2.5%. I am not sure if I believe this after reading all the negative comments. Can somebody tell me the truth. Is this correct or a lie?

                0 Votes
              • Al
                Aluna Jan 15, 2013

                This company has been harassing me for years via mail, email, and phone. They are relentless. I wrote a big complaint against them which was taken off by the owner. I am a single mom and veteran. I have almost paid my house off due to the dropping interest rates but I was almost tricked into going with this company years ago. When I went on ripoff and told the truth about them to warn others about them and to stay away, I was attacked by trolls from the company who resulted in threatening me and calling me disgusting names. The report was for years and had many complaints from others about this company who also were lied to. I could not understand why the owner took the complaint off but I have since learned that the owner is being sued and takes money from companies to take off bad reports as they have people who Google to see what people are saying about them. If something is true then others have the right to know and make their own decisions that is why it is important to warn other consumers. Amerigroup has harassed me so much through the years. I call nearly every week begging and demanding them to stop harassing me and each week they promise to take me off their mailing list but they never do. I got 3 flyers from them in my mailbox today and I am contacted at least once a week. They always disguise their flyers as important or official looking documents. Often, they don't put their name on them and they have two names Mortgage investors is their other name. I went through such a horrible experience with this evil company that every time I see a correspondence from them, I literally get sick. When you call them they treat you like dirt and will not listen to your request to be left alone. I have been transferred to some very nasty people that work there and it appears they enjoying tormenting people who do not want to do business with them. Your report is a hundred percent correct about this company. Tell everyone to beware. I know so much more than this about them. Do not give them your business. Do not trust them. They are predators. Please Be warned.

                0 Votes
              • Th
                The greek May 16, 2013

                I am a former employee who as constantly told my supervisor we were in violation of the national do not call list FCC law.
                As a "assistant loan officer" (which we had no licensure from the county or state) when someone told me they were on the DO NOT CALL national registry-or any other, I was told to continue pitching them, or I would be "written up" and terminated.
                Since I was older and my Verifiers were younger, this created a hostile work environment by that verifier and I.
                Finally I reported the problem to another supervisor about this person. I was immediately drug into a room with two high ranking managers. I was berated and screamed at, because it was a complaint about their favorite just promoted supervisor. And I was terminated with no cause, even though the policy manual stated I must report problems and the person would not be retaliated against.

                0 Votes

              Amerigroup Mortgage CorporationStay away from these guys

              The monthly savings was overstated on the original phone call. How can they get that incorrect? I'm sure they have a superior amortization program than I have access to. The fees and expenses are huge, so I was already doubtful about the whole deal, but then the guy questioned for a check for $1, 300+. No longer any doubt, I was done (I thought) at that point. INCORRECT! Then the guy calls a manager (I guess) and she just won't take no for an answer. After 10-15 minutes of that (seemed lots longer) I handed him back his phone and told him to tell her, if she ever paused to breathe, that I was certainly not interested in any of their products today, that after careful consideration for a day or two I might be. He gave me his card and politely left. It was only after he was long gone that I learned that he had taken all the facts and figures we had worked up with him, making my further consideration impossible. Bein' polite and wearin' a suit ain't enough. Stay away from these guys. They'll be tough if you let 'em.

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                • Ma
                  manolo1 Oct 12, 2011

                  I had the same experience - they seem to twist the rules of an amortization table - I have financed and refinanced several mortgages over the last two decades and the methods were out of line. The loan officer asked me for a check for my monthly mortgage bill to "lock in the rate". I told him that this was out of line. He also stated that the closing would be done at my home with one of their officers. I am used to going to the title company to sign my loans as they are the ones providing the insurance! I have not done anything with them as they did not give me a good feeling. Has anyone had a positive relationship with these folks?

                  0 Votes
                • Jg
                  jgraha6 Jan 03, 2012

                  I filed out all of the paperwork. The loan application and everything but when it came down to a giving him some some I said no. He got on the phone with his boss and tried to talk to me. I stated that I wasn't trying to by a Kirby (the same experience you get with the vacuum company) and he got offended. The guy left with no money but he did leave with my paperwork. SSNs and everything. Now I'm worried about ID theft. I am wondering if I should do something about that?

                  0 Votes
                • De
                  Deb Bischler Jan 08, 2012
                  This comment was posted by
                  a verified customer
                  Verified customer

                  I had my Amerigroup "experience" yesterday. Rep showed up on time and set up her presentation. I asked up front if this was an adjustable rate mortgage and she said just wait, all my questions would be answered in her presentation. I explained I had been caught up in the Countrywide ARM thing and was in NO way interested in repeating that experience. If she was only talking about an ARM, we were done. Four and a quarter hours later, she finally left. I assured her I would be doing further research on the comapny and she said she expected nothing less. I guess she hears that a lot and folks don't follow through, but my training is as an investigator (told her that too) and I WOULD be checking up on the company and the product. After checking the BBB website and seeing they're NOT with BBB, I found that they have a B- rating with BBB because of complaints, mostly sales/advertising. Then I went to their own site and found all these negative posts about the sales pitch and realized this was NOT a good deal. I had all the questions about how much would the closing costs be, what's the rate and how long is it good for, can I use the "savings" for other things like my retirement planning (yes, of course), etc. VERY high pressure. Run as fast as you can from these people. They're onl in it to make a fast buck and don't really care about the veterans. Their "Thank you for your service" is just eyewash. Many thanks to others who have posted on this site. You've helped save me from a VERY bad decision. God bless you all!

                  1 Votes
                • Pu
                  pushysalesguys Jan 10, 2012

                  My husband and I were BOMBARDED with mail and phone calls from this company until finally we caved in last week. Initially we thought this was going to be a good deal because we would save 187.00 per month and have a lower interest rate for 3 years, then the loan would only go up or down based on the rate that banks pay interest on checking and savings accounts. It all sounded good until we saw the price we were paying for buying down our rate and the other closing cost. It came to over 12, 000 dollars !! It would have put us upside down on our home and we would not have re-cooperated our money for longer than we planned on being stationed here. It was NOT a good loan for us, but they insisted it was. They have a hard time taking no for an answer and they try to lure you with the chance to skip making a payment for one month and getting a check for your escrow. I'll admit it was tempting to take the bait, but we didn't. We would rather be able to sell our house when the time comes in a couple years or so. I just warn everyone that these guys are real pushy and very cleaver with words.

                  0 Votes

                The complaint has been investigated and
                resolved to the customer's satisfaction
                Resolved
                Amerigroup Mortgage CorporationDeceptive Mortgage Practice

                Ditto: Ditto: Ditto! I just had my encounter with the “salesman” or how they prefer to call it, “the loan representative” that can provide you all the answers that they won’t over the phone, and even then only after having to sit throught the entire presentation. Their script was verbatim to what others have posted, and the lines went according to plan. Of course all along, Richard (with his English accent) was trying to size me up and looking for an opening on which he could create a connection with me, “What kind of work you do”?, “Where are you from”?, etc. I should have told him I was with the “FBI White Crime Division” and would have loved to see his jaw drop and see how quickly he would have ran out the door(LOL), but instead I told him the truth that I am a Budget Analyst (Finance Major, MBA w/Finance concentration), and Certified Financial Planner candidate. Nonetheless, he still tried to convince me that I was better off with Amerigroup even after I tripped him on a few occassions on his use of terms (they love to use that term SAVINGS) and misleading calculations. I finally told Richard that I had to think about it and perform my own calculations before I made any decisions. Of course as some of you have succinctly mentioned, that is when the ante went up, and the cue card said; “May I use your phone to call my manager.” Of course, once she got on the phone she gave me the full-court press again, “Thank you, for your service, ” YADA! YADA! YADA!, they even asked for the Mrs. even though I’ve been divorced for over 11 years and had already told them I am not married(LOL). Well, I also gave her the “thanks but no thanks” answer and waved good bye to Richard as he raced from my house, and now that I think about it he seemed not to please with me ( Ha! Ha! Ha!). Nonetheless, I all along suspected it to be a “scam or on the too good be true category” and my defenses were up from the cold call, to the we can’t tell you costs till we sit with you, to the you need all these documents, etc. etc, but hey I played along anyways (it was a slow Saturday ).
                The bottom line is this:
                1). Reputable business entities do not have anything to hide and have no problems leaving you their quotes, or other information to include their “What if scenarios”, Good Faith Estimate, etc. (i.e., laying their cards on the table for you to see and compare against other business and make the best decision for YOU and YOUR FAMILY). However, somehow Amerigroup has an issue doing so under the “is copyrighted so I can’t give it to you” pretense (too funny…still laughing about that one, because it would still be protected by the copyright laws wheter he gives it to me or not, if indeed it is copyright protected).
                2).The Veteran Administration (VA) does guarantee Interest Rate Reduction Refinancing Loans (IRRRLs) which the “Hybrid” this company provides falls under. However, by no means that indicates that the VA endorses Amerigroup (like they would want you to believe) and their shady business practices. There are plenty of other VA lenders out there with different types of VA Loans that may be more beneficial to you without being forced onto a “once size fits all” type of loan. Go to the actual Veterans Administration Web Site (not one created by these companies with VA Loans plastered all over it that for the most part mislead you) http://www.benefits.va.gov/warms/pam26_7.asp and read Chapter 6 and you will see the MINIMUM hurdles anyone with money willing to lend for refinancing has to adhere to (trust me not much as long as they qualify themselves with the VA as a lender). Namely: 1) a reduction in the interest rate from the original loan, 2) a reduction of principal and interest payments. However, these small inconveniences can easily be overcomed by 1) having you pay points up front to reduce the interest rate (Amerigroup as I am sure other lenders do this; the VA permits reasonable any reasonable amount of discount points in cash, and up to 2 points to be rolled onto the loan) 2) adjusting the term (years) of your existing loan (VA permits up to 10 years from existing loan but no loan term greater than 30 years). (What are points you may asked? Basically there are two types of points (origination and discount). Each point represents 1% of the loan amount in cost that go either for the lender to recoup costs (origination) or to buy down the interest rate (discount). See link for detail explanation http://www.moving.com/articles/mortgage-loan-points.asp.
                3). Everyone should look at their situation and put pencil to paper either before or after the sales pitch to see if it makes sense in your situation to use the “Hybrid Loan” or any kind of loan for that matter. Do not, I repeat DO NOT fall for the “you got to make the decision today” plot. It is true that interest rates fluctuate daily but that rash decision can cost you much more in the long run. There are only 3 variables used in the calculations of amortized monthly payments and they are: Present Value (Loan Amount), Interest Rate (monthly rate= Quoted rate/12), and Periods (No. of Years of loan/12). However, depending on your situation and how long you plan to stay in your home warrants the consideration of re-financing. At the end of the day all you want to know is, “am I in a better off financially before or after I enter into this deal.
                Main two scenarios:
                A). I am moving within a few years and have no intention of paying off this house, does it make sense for me to refinance?
                To find out if it makes sense to do it or not divide the cost of refinancing by the difference in payments from your current loan vs. proposed loan. If the product is less than the number of months you plan to stay in the house then it makes sense to re-finance.
                Example:
                Current Loan Pmt. $1, 500 - proposed loan pmt. $1, 300 = difference $200. Refinance Cost = $12, 000. That means it would take you $12, 000/$200= 60 months or 5 years to recouperate the cost of refinancing and from then on you’ll be better off. In this instance if you don’t plan to stay in the house for longer than 5 years do not refinance because you will not have a financial benefit until the 61st month. You might have lowered the monthly payments but you are not better off financially and simply benefited the mortgage lender.
                B). This is a home I intend to pay off and keep and I simply want to minimize my total costs.
                To find out if it makes sense to do it you must do a total costs calculation. Because there is timing and interest factors that need to be taken into consideration in order to do a fair comparison, a total payments calculation is better suited to find out if you are better off. After all what sense would it make to lower my payments by $200, $300 or $400 if the terms are lengthen by 10 years.
                Example:
                Current loan Pmt $1, 500; payments left 260 =total costs $390, 000
                Proposed loan Pmt $1300; payments on new loan 360 = total costs $468, 000
                In this example you would pay an additional $78, 000 in total costs (plus any additional out of pocket expenses not rolled onto the loan). Hence, it wouldn’t make sense to re-finance.
                The issue gets muddier with an ARM because the uncertainty of future payments varies and will increase or decrease total payments between the options.
                Good payment calculators can be found on line one good one is bankrate.com or you can Google mortgage calculators and use other sites.
                P.S. Bottom-bottom line- if you are not at ease visit a local professional that can explain it to you in understandable term until such time you are at peace…PERIOD!!!

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                  • Li
                    lissag Feb 10, 2012

                    What type of professional should I seek advise from?

                    0 Votes
                  • St
                    Stargazing Mar 23, 2012
                    This comment was posted by
                    a verified customer
                    Verified customer

                    The very same thing happened to me on March 21, 2012. Rep showing up without cell phone and having to use mine; said VA highly recommendes; I have to make the decision TODAY, said it was a fixed rate at the beginning on the phone to get their foot in my door after I said I will not entertain anything but a fixed rate; ask for (almost demanding) a check, or to put $1672.00 on my credit card immediately to reserve. They started the process without my agreement to to refinance, etc. This is one crazy organization. The federal government needs to look into. I have an email in to the Veterans Administration to see if they are as valid as they say. They talk as if they are the VA.

                    0 Votes
                  • Gr
                    Grandmom X4 Apr 30, 2012

                    I had a rep at my house and told her that I wanted to look into the company and try the numbers myself. She would not leave and I told her that I had a appointment within 45 min. to get her to leave. I had a copier, printer and scanner next to me and I made a copy of the form she was not very happy. I was told that the first 36 months would be at 2.5% and then it would depend on the economy that the % could go up or down but not not more than 1%. The cap for the interest rate is 7%. Thank you so much for writing that letter it gave me the information I needed to know.

                    0 Votes
                  • Fl
                    FLong Dec 05, 2012

                    Thanks to the complaints posted on this website I avoided being scrammed by this so called mortgage company. As a former real estate agent, I was pretty familiar with some of the terms that was being used to convince me that I would be making a huge savings by refinancing with AmeriGroup. I told the young lady over the phone that after viewing the complaints board that I was no longer interested in scheduling a meeting with one of their Reps. She kept insisting on going forward with a scheduling an appointment even after I said that I would not do business with them. I then informed her that her persistence raised a red flag telling me that they were not concerned about the complaints which made me even more cautious. I eventually just hung up the phone. I never had an encounter before such as this but will caution anyone with doing business with AmeriGroup. Should you choose to proceed, verify whether the rate is a fixed rate and whatever is being offered. Before you signed any documents, check with local mortgage companies, credit unions and/or banks first as to what is the lowest interest rates being offered for refinancing especially if you are a veteran.

                    0 Votes

                  The complaint has been investigated and
                  resolved to the customer's satisfaction
                  Resolved
                  Amerigroup Mortgage Corporationunwanted calls

                  I have been getting calls on a daily basis (sometimes more than once a day) from these people wanting to speak to me about the VA loan that we used to buy our home. I keep asking them to stop calling and I keep getting calls and just now I got asked why I refuse to talk to them because they can guarantee me a lower interest rate. Who do I need to talk to to get them to stop calling

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                    • Pr
                      primeonetx Nov 06, 2010
                      This comment was posted by
                      a verified customer
                      Verified customer

                      First thing all of us should do is add our phone numbers to the National Do Not Call Registry at https://www.donotcall.gov/register/reg.aspx. After the waiting period, I think 30 days, any time anybody calls, you can state the penalties of violating the DNC registry. The penalities are stiff. Next, please be sure to let the VA know about this. They don't want our veterans being abused. And spread the word...bad news travels fast. Let every veteran know as soon as you find out that your are talking to a veteran, even if mortgages aren't discussed. It's a public service.

                      0 Votes
                    • Ha
                      Harry Lime Nov 18, 2010

                      I was getting calls from them almost two times a night, so I got really tired of it so I emailed my State Attorney Generals office (CA) told them what was going on, after that never heard from them again.

                      0 Votes
                    • Va
                      VAloanexpert Dec 01, 2010
                      This comment was posted by
                      a verified customer
                      Verified customer

                      Yes all you need to do is put your number on the Do Not Call list. They should stop immeditely or face an $11, 000 fine for every call.

                      0 Votes
                    • Lu
                      Luann D Aug 16, 2012

                      I see comments from people telling you to post your phone number on the national "Do Not Call List". Well, I am here to tell you that does not work with these people. My number has been on the "Do Not Call" list since 2003 and I am still receiving daily calls from these vultures. They want me to refinance but I never contacted them in any way and I am not in the process of refinancing with anybody. I received 9 calls in 5 days. I finally picked up the phone and told them to leave me alone. Well, the next day I got more calls. I filed a complaint with the FCC on their "Do Not Call List" website. I got more calls. I started picking up the phone and telling each caller that I was filing complaints each time they called. I got more calls. I have talked (so far) to two supervisors. They still have not stopped. I would NEVER do business with this company and I strongly caution you against having anything to do with them. They are obviously NOT a legitimate business. My next phone call is to my State Attorney Generals office (TX)

                      0 Votes
                    • Te
                      Telinar Aug 21, 2012
                      This comment was posted by
                      a verified customer
                      Verified customer

                      I just had a close encounter myself tonight. The lady came over and arrived late, so my wife had already fallen asleep with my daughter. Well, I told her that we can get the early stuff like determining the rate and if its fixed or not. Cause as I told the person on the phone if it's not fixed it's a show stopper. She tried to tell me that it was against the law to even calculate the rate without my wife. When I tried to at least tie her down to whether it was fixed or not she had to call her manager who tried to get me to wake my wife(LOL). After trying to give me the this the next best thing since sliced bread speech, he let slip that it was a hybrid product they were selling. After politely asking her to leave twice, it was over.
                      I have to agree with a number of other post I have been reading. They are using nothing put misleading statements in selling there products. If there product was so great they would have nothing to had. There is nothing to copyright or trademark about a va loan. The government has it all in black an white on there website. And they don't promote any business like amerigroup is trying to elude to. I would stay away from this company like the plaque. Truthfully, the VA Hybrid ARM might not be a bad option for some one from a reputable lender based on what I read on the VA web site. But I would not use this company.

                      0 Votes
                    • Ha
                      Hatesammers! Nov 07, 2012
                      This comment was posted by
                      a verified customer
                      Verified customer

                      Fellow Americans,

                      Thanks for the information. Too, too many scams out there targeting us little guys. I almost let these vampires into our home! Don't buy speakers in the parking lot of a bank on pay day for $20.00 bucks cause it is a concrete block! Only advise I can share with ya'll!

                      0 Votes
                    • Jo
                      josh-ee Nov 10, 2012

                      I am on the do not call list. the guy on the phone told me that they are not telemarketers because they are not selling anything over the phone. I asked them to stop calling me but they still do. so now every time they call I will schedule an appointment and when they show up I will slam the door in there face! lets see how much longer they call me!

                      0 Votes
                    • Du
                      dudemom Dec 06, 2012

                      Fourteen phone calls on my cell phone from them since the November 23. I don't own a own a home, am not a vet and have never had a mortgage. They have called up to three times in one day. Once, I answered in Spanish and pretended I didn't speak English, it was actually pretty funny to hear the idiot on the other end not understand what "Quien es, como te llamas" meant. They didn't call for four days and then it started again. I've asked to be removed from their list but don't anticipate the calls ending.

                      0 Votes

                    The complaint has been investigated and
                    resolved to the customer's satisfaction
                    Resolved
                    Amerigroup Mortgage CorporationFraud

                    Received the same letter as others in the mail. Could not get a straight answer from the phone reps said the loan officer would explain all when he arrived at my house. After viewing the chart presentation I told him I was not interested. About 10 minutes later he asked to use my phone to call headquarters for his report status. Same bs again from the man on phone. Told him not interested and about 5 minutes later I handed back the phone to his rep at my table and asked the person to leave NOW. Mission accomplished. Wasted one hour and 15 minutes of my time on a Sunday morning. Don't waste your time. This is a 38 month Hyrid Loan not 30 year fixed as the rep on phone stated.

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                      • Or
                        orozco2u Jan 28, 2011

                        i am so glad that we researched. its unbelievable how pushy the company is. we were talking about a appointment. definitely pass and make sure they are taking us off their calling list. i knew they were bogus... what a sad thing to do to the veterens, by portraying themselves as legit.

                        0 Votes

                      The complaint has been investigated and
                      resolved to the customer's satisfaction
                      Resolved
                      Amerigroup Mortgage Corporation — Won't Give Details - Simple Answers Over Phone

                      Got a "VA PAYMENT REDUCTION PROGRAM NOTIFICATION" in the mail. Oh boy. "Call today for your approximate...

                      Amerigroup Mortgage Corporation — Lies

                      Peter, The same thing happened to me today. The monthly savings was overstated on the original phone call...

                      The complaint has been investigated and
                      resolved to the customer's satisfaction
                      Resolved
                      Amerigroup Mortgage CorporationBad business

                      So thankful I didn’t sign any paperwork. I am active duty and have severe TBI due to an EFP while in Baghdad Iraq. I have gradually been learning to read and write again. During my appointment I explained to the rep that I was very slow with numbers and didn’t understand his calculations. I explained my injury and said I would need to go over the numbers with my family before signing paperwork. He contacted his manager and gave me the phone. I was surprised to hear that the manager wanted me to sign the paperwork despite me telling him that I was on several narcotics for pain, had a TBI and that I was confused. The rep never left me his calculations.

                      After reading the reprimanding post by the defensive MIC employee I became very pleased with my progress considering my grammar and spelling is far superior to his/hers. Its no surprise that MIC has someone of that caliber working for them, he/she is gullible and ignorant.

                      I was interesting to see that he/she mentioned leadership several times throughout their post. In the Army we recognize that a Soldiers behavior is a direct reflection of their leadership.

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                        • Va
                          VAloanexpert Dec 01, 2010
                          This comment was posted by
                          a verified customer
                          Verified customer

                          We may be able to help. Visit www.myVArefinance.net. We are a bank and not a broker like americorp.

                          0 Votes

                        The complaint has been investigated and
                        resolved to the customer's satisfaction
                        Resolved
                        Amerigroup Mortgage Corporation — Fraudulent company

                        I got a solitation notice in the mail for a 'VA Mortgage Payment Reduction Program' with phone...

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