I originally signed my mortgage through another company with an 80/20 loan with a 7.875% rate on the 80%. That was a little high, but my wife (now ex) and my credit was not perfect when we bought the house in October.
The loan was then sold to Homecomeings Financial who has since raised the interest rate to 10.375% with no justification what-so-ever.interest rates are still low for mortgages and have not risen that much. I had previously only had one late payment, and that was just after my divorce, and right at Christmas.
After several attempts to speak to a representative to find out why my rates have raised, I have almost given up hope. Which I would be willing to bet is there objective anyway.
The original loan was signed with a 3yr pre-payment penalty, which of course I did not think would be a problem at the time. But now I must wait until October of this year to finally try and refinance with another company.
I will have it written in my new mortgage companies contract that the contract WILL NEVER BE SOLD TO HOMECOMEINGS FINANCIAL.
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