I refininanced with Epic. I was informed by Courtney Madigan-Noyes that, with an adjustable rate, for the first year I would pay 1.25 interest and that this would increase slightly the next year, and again the third year. At that time, the interest would increase. I asked repeatedly if these interest rates were what I paid for each YEAR. To explain adjustable rates, Ms. Madigan-Noyes yese YEARS as examples.
I normally pay my mortagage on line, so I haven't looked at my statement till recently. An interest rate of 6.65% was listed. When I called, I was informed that the 1.25 was for the first MONTH and that every month after that I have been deferring interest by paying what I thought was my full payment.
I have tried to reach Epic by phone and by e-mail but have received no response. I assume there is nothing I can do about it, since I signed the agreements, but I would like Epic to admit that they had completely misrepresented the refinancing and to explain what deferred interest means. Where does the interest go? Why did Ms. Madigan-Noyes give numbers like 1.25 and make a point of defining these %ages as interest for a YEAR? Most of all I would like, from Epic a clear explanation of what you sold me - not the 'bill of goods' that Ms. Madigan-Noyes is selling.
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