Complaint / Review
Fairbanks Capital Corp
Cannot refinance because of a 10% prepayment penalty on a purchased loan

I had refinanced my house through a normal mortgage company, and they unfortunately sold that mortgage to Fairbanks Capital Corp. Because of the low interest rates, I was hoping I could refinance at 4.75% for 15 years, except there is a 10% penalty on my loan if I refinance within 3 years.

I have called and asked about refinancing through them, but they do not do any financing. If this company is able to buy people's loans, then they should have to service them also. If they do not want to be in the financing business, and only purchase loans, then they should have to service them; if someone wants to refinance, then they should do it or sell the loans.

They will not give any straight answers except to say TOO BAD.

This is not how businesses should be allowed to operate.