I went on the web to refinance my home. A representative called me and told me he could get me a 6% fixed rate without any points.
I agreed to this, shortly there after I received in the mail a good faith estimate indicating I would be charged 4 points and the rate was 7.9%. I called Oak Street right away and spoke to my sales rep. He told me to ignor the disclosures, he said that they were an example of a loan and not specific to my loan. I foolishly believed him. I didn't bother to pay the current mortgage because we were closing on this mortgage and the representative said that I didn't have to worry about it. The day before the closing my rep called me to go over the numbers and sure enough I was being charged $18,902 in points. I had to close the deal because I had spent the current mortgage payment and didn't want to lose my house. When I asked why I was being charged so much in points I was told that it was just pre-paid interest. This is insane, if I didn't pay the 18K they told me my rate would be 9.7%. Keep in mind I have excellent credit.
I feel I was lied to, and warn anyone who reads this to say clear of Oak Street Mortgage. They are a smooth talking thieves that will con you out of thousands of dollars.
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