We were soo excited to actually be able to buy our home. It was the house I had grown up in and we were buying it from my family so our down payment was a gift of "owners equity" but as a couple in our late twenties we had many credit mess-ups to work thru.
When Arbor Mortgage approved us we were just so happy, we were told that due to our spotty credit history we had to have an ARM but that all we had to do was make our payments on time every month and we could AND I QUOTE "EASILY" refinance in two years.
Well here it is two years later and there is no EASILY about it. We have been on time every month and have even over paid a little here and there to increase equity admittiedly it wasn't very much but we have NEVER been late on a payment.
Add to that the fact that I have diligently worked to clean up the credit file on my fiance whose name the mortgage is in and that he also has a longer job time behind him at this point and you can see why I am VERY confused about why I am unable to get this loan refinanced out of the ARM. The housing values have not declined to an extreme amount in the small area of Michigan as they were never very high to begin with.
It makes me angry that this company pretty much LIED to get us to accept this loan. Why wouldn't I believe that after two years of on-time payments I could easily get refinanced? I mean we had proven that we could afford the payments structured as they were at 10.5%. If we can afford that and be on time every month why wouldn't someone refinance us after 2 years of extra on the job time and of. This company is the KING OF LIES and I wonder how many other people they have lied to about this, how many people are now outof their homes due to the load of bull about ARMS they were told by this company.
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