Saint Petersburg, Florida
United States - 33707-1622
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.
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!
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.
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.
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.
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!
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.
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.
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.
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!!!
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
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.
Got a "VA PAYMENT REDUCTION PROGRAM NOTIFICATION" in the mail. Oh boy. "Call today for your approximate...
Peter, The same thing happened to me today. The monthly savings was overstated on the original phone call...
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.
I got a solitation notice in the mail for a 'VA Mortgage Payment Reduction Program' with phone...