Becareful if you use Sincerity Mrtg or Anthony Gamarra, he has high, hidden back end fees which are not disclosed he waited until I was in closing and nailed me to the wall.
At the closing, the interest rate I was quoted and other friends of mine who used Sincerity Mortgage ended up being higher than expected. Fortunately, Mr. Gamarra is there to help explain that. "I know it's a little higher than you expected, but that is because you are buying this house with only 25% money down and we couldn't verify enough income for the program we wanted to put you in." Rather than verify my actual income, which was insufficient, Sincerity Mtg. Put me in a stated-income program. "But, don't worry about it - you make your payments on-time for a year and we will refinance you into a lower fixed-rate mortgage."
"But, what about the prepayment penalty?" I asked. The loan has a three year prepayment penalty. "Yes, but it's only 1%. It will be worth paying for the savings we are going to get you, " says Sincerity Mtg.
Then notice another "funny" fee on the settlement statement. A "yield spread premium" of over $3.000 to the broker marked as "POC" on the HUD-1."The little 'l' after the amount indicates that the lender is paying that fee. You aren't paying it, so you don't have to worry about it." Nobody explains to me that the lender is willing to pay Sincerity Mtg. More than $3,000 because he sold me a loan with a higher rate than I could have gotten. This, of course, is in addition to the 1% Sincerity Mtg. Had already charged me.
By this time, I started thinking I may be in over my head. Who is supposed to be looking out for my best interest? My Realtor, mortgage broker, the title agent? Nope. I realized that I was unrepresented and ripped off by my mortgage broker who was supposedly working in my best interest. I later found out they were there milking me for every dime they could in hidden fees and higher interest rates. My suggestion would be to have either an attorney look at the contract or go to another mortgage company. I personally would not recommend Sincerity Mtg to anyone, ever! They are major RIPP OFFS!
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