Topdot Mortgage is a SCAM and a RIPOFF!
They advertise on T.V. With a make believe news cast that states mortgage rates are at 5.00%. What they don't tell you is that it will cost you 4.5 points on every loan (on a $200,000.00 loan you will pay $9,000.00). Understand that if you shop around you can find 5.00% with zero points.
Do not do business with them, they are a SCAM and a RIPOFF!
On top of the $9,000.00 fee, they will charge you a $1,795.00 application fee. Plus they will charge you a doc prep fee, credit report fee and so on. Add that up! You're paying over $12,000.00 to Topdot for what. And don't forget that 5.00% is paying about one point (this means that Topdot is making 1% of your loan amount you will not see).
That means Topdot makes over $14,000.00 on your $200,000.00 loan.
If your mortgage balance is $200,000.00 when Topdot is done with their fees you'll owe $225,000.00.
Do not do business with them, they are a SCAM and a RIPOFF!
Topdot was called BLS Funding. They were a SUBPRIME lender. Now they are called Topdot. Now you know what the suprime lenders are doing.
Do not do business with them, they are a SCAM and a RIPOFF!
If you think I'm making this up call Topdot at 800.965.6897 and say I saw your ad on T.V. And I want to refinance my mortgage with the 5.00% rate I saw on T.V.
Ask if there is an origination fee (Yes. One percent). Then ask if there is any discount fees (Yes. Three and one half percent). If they say there are no points then your rate is 6.5%. This means that because your rate is so high Topdot still makes 5.5 points on your loan. And don't forget the application fee and the rest of the junk fees they charge.
Do not do business with them, they are a SCAM and a RIPOFF!
Try it call 800.965.6897 and say you want an FHA loan with 0 points no origination fee and no discount fee and see if the rate they quote you is not 6.50%.
It's plain and simple. Topdot Mortgage is a SCAM and a RIPOFF!
If you are reading this and think I am making this up and need more proof.
When you get to the closing take a guess who owns the title company. Yes! Topdot.
Do not do business with them, they are a SCAM and a RIPOFF!
So if you thought you were done being ripped-off your wrong. Now Kensington Title starts padding on their fees. Kensington Title charges about $2,800.00 for title fee. Attorney fee $400.00, electronic documents $250.00, closing agent $795.00, document review $250.00, next day mail $100.00 and so on. If you think I'm making this up ask to see a Good Faith Estimate.
Call 800.965.6897 and ask them to send you a break down of all the fees they charge known as a Good Faith Estimate.
They normally send one out about one day before you are going to close. So you never know about the fees until it's too late and by this point you have paid from $300.00 to $450.00 for an appraisal.
Try it! Call 800.965.6897 and tell them you saw the Topdot FHA Hotline number on the Gerry Springer show and want the 5.00% mortgage rate.
Did I say Topdot is a SCAM and a RIPOFF!
Yours truely,
Topdot Sucks
P.S. Don't be ripped-off by this SUBPRIME lender masked as an FHA lender! There is no FHA Hotline number!
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