We closed on a house in October. The mortgage officer was going to get us a 5yr interest only mortgage. On the day of closing all of a sudden he says that the lender will only give us a 2yr interest only mortgage and that when 2 years is up he will be glad to refinance us. We needed a house, and now, so we decided to accept the terms. The other problem, which is huge, is we were ensured we had an escrow account for taxes and insurance more than once and even during closing. We just got an overdue tax bill form the city! I called up the mortgage officer and he said that he didn't want to do one because I would have had to bring more money to the closing to cover the initial payments. Now we have no escrow account, the taxes are due, and we have been lied to over and over again. I would never again deal with this company or any of its employees.
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