Beware of new equity mortgage!
This is an internet-based company who works with mortgages; Refinances and new home purchases.
Management in this company promote ripping off their clients. A business cliche, "Bait and Switch" is promoted by the office managers company wide. They will offer you a great rate or low closing costs, but when you commit to them, they change the rate and costs and screw you out of thousands of dollars.
Managers admit they lie to the loan officers. The managers will ask if you want to make alot of money. When the officers say yes, they show you how to hike up the closing costs.
For those who don't know, a prepayment penalty is a stipulation many loans have. You might have a 2 year prepayment penalty, meaning you can't pay your loan off in the next 2 years, or face penalties, often thousands of dollars.
New Equity Managers brag how they put unsuspecting clients on a 2 year loan, with a 3 year prepayment penalty. This is completely unethical and dishonest. New Equity has no problem putting their clients in these kind of predictaments. And they just built a brand new corporate office. The thousands of dollars they are screwing you out of, is paying for their new office.
There are thousands of mortgage companies to choose from, please, DON'T WORK WITH NEW EQUITY MORTGAGE!
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