I got a call from homeing financial agent that they are offering very good deal, what they called as Millionare loan. And that all the millionares use this loan. This is interest only for three years for 2%. Your interest payment does not go more than 7.5% per year for the first three years. You will be able to pay off fast. I had 15 years fixed loan at 5.125% interest rate. We got interested and applied for that, as per mathematics done by the agent made good sense.
But as soon as we got financed, we did not know that there was prepayment penality and the interest was fixed only for one month and then it started to go up to higher than the current mortgage interests. Now we were paying 7.75%. The way we were told the minimum payments, the rest of the payment was adding on to the prinicipal. Complete wrong presentation. When we called the company, the person said we have heard this kind of complaints too, but no action was taken.
Now finally I am refinancing and will end up spending almost $100,000.00 on refinancing. What is my recourse and what should I do to get my money back and teach these people a lesson, so that they do not do to some one else.
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