I would like to warn other consumers re: Decision One Lending and Homecomings Financial mortage companies. They take advantage of hard working individuals who do not have perfect credit scores and prey on them by offering home buying "programs" that will help you repair credit by offering a fixed interest rate and offer to refinance you in one or two years at a lower interest rate. However, when you try to refinance a lower interest rate, all of a sudden you do not qualify and if you try to refinance with another company, you have to pay an outrageous penalty fee. After two years of making my mortage payment every month, I am paying 9.99% from 6.99% and in six months, they state it will increase again. It is disheartening that my husband and I are both veterans and this is our first home and after defending our country for so many years, we feel that we earned the right of the american dream to own a home.
However, I feel that these are unscrupulous lenders with shady business practices that prey on first time home buyers for their personal financial gain. Even if this situation does not get resolved, I would like to warn other veterans and other people buying a home to not do business with thses sublenders and I feel that the government should investigate their business practices after reading all the e-mails of other people who have been taken advantage by Decison One Mortage and Homecomings Financial.
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