The best way to describe arbor mortgage is that they are like that use car dealer that claims they can finance anyone regardless of their credit history. Which in many ways they can but you pay a price for it. One would be the very high interest rates, which at the time i applied it was 7.75% where a typical FHA was 6.0%. Which would average about a extra $100.00 more a month on a $100K loan, imagine the difference on a higher loan, also to many unnecessary fees. I also asked why they didn't use MSHDA which at the time had the 6.0% rate and was given a bunch of lame excuses.in reality in order to use MSHDA they require a cap on how much a mortgage company can make on a home sale, think about it. So its back to. Can you afford to be ripped off?
0 comments