WE SUGGEST YOU AVOID EVER USING THIS FIRM OR MORTGAGE BROKER
Firm Names: Sincerity Mortgage/Republic Mortgage
Mr. Anthony "Tony" Gamarra we believe is now working for Republic Mortgage, he has had a history of charging his clients with higher rates and charging huge fees as well as using bait and switch sales, as well as generally acting in a fraudulent manner.in all fairness we are not sure if Republic Mortgage is aware of his tactics or condones such tactics... But he is working for them.
Mr Gamarra did rip off people while running his own mortgage company, Sincerity Mortgage... All we know is he did rip off his customers as I am one of them and I know several other customers of his he did this too.
In early I found a home I wanted to purchase in Salt Lake City. The realtor I found the home through recommended a mortgage broker by the name of Anthony "Tony" Gamarra. I was doing 100% financing on this new home because I had not sold my existing home yet. I was doing this 100% financing by completing an 80 - 20 loan. This is where you get 2 loans, one regular 1st mortgage for 80% of the homes value and another 2nd mortgage for 20% of the homes value. I was planning on paying off the 20% portion as soon as I sold my old house. The problem I had was with the the 1st mortgage 80% home loan portion.
I spoke to Mr. Gamarra by phone and he informed me that I could get a rate of about 6.25% on my 30 year fixed home loan with no points. I told him I wanted to get the rate under 6% and asked how I could do this. He suggested I pay 1.25 points to lower the rate to 5.875%. The 1.25 points would cost me about $3,420, but I thought it was worth it to lower the rate. I asked for this information in writing and he sent me the following email:
Todays rates for your loans are as follows:
purchase price: 342,000
1st mortgage: 273,600 80%, monthly pymt = $ 1,618
2nd mtge: 68400 20%, monthly pymt = $ 399
taxes and ins (est) = $ 450
total 342,000 100% $ 2,467
1st mortgage: 5.875 %, 30 year fixed, no prepayment penalty. Points are 1.25% based on a 20 % second mortgage. Monthly
2nd mortgage fixed 7.5& with 1 point or variable at 7.0% with 1 point.
If you put 5% down payment, the points on the first mortgage are reduced to. 25%
Let me know if you wish to proceed.
"Tony" Gamarra
801-281-4690
I was also speaking to another mortgage broker who offered me the same deal, but I decided to go with Mr. Gamarra and his company Sincerity Mortgage, because I had spoke to him 1st and I thought it was fair to give him the loan. I forwarded my information to them and began the loan process. I was told my rate would be fixed at 5.875% as per our original agreement. I filled out all the necessary forms and was in constant contact with the lender about the loan. The entire time, I was told that verbally my rate was fixed at 5.875%. I received my closing estimate documents which again stated the rate of 5.875%. I had every reason to believe everything was fine and just as had been discussed previously.
The whole thing changed when I got to my closing on December 1st. I saw the rate had changed to 6.25%, which I was originally told was the rate I could get without paying any points, except the were still charging me the 1.25 points ($3,420). I was of course very upset about this and called Tony Gamarra at the closing. He informed me that I had never locked the rate. I told him that he had repeatedly told me the rate was locked at 5.875%. Basically he back tracked and lied and said he never said that. They raised the rate. 3875% and still took the points. Unfortunately, I had no choice but to close on that day or I would have lost the house, plus I had already paid the movers and arranged for someone else to rent my old house. I had to close that day.
So my recommendation is to get everything in writing if you do business with this person what he writes on his web page is absurd, here is his quote, and it makes me sad to think people like him get away with the above types of transactions, I complained to the authorities, he lied and never once did he utter one truthful word but he was able to weasel out of trouble...
Anthony "Tony" Gamarra
My specialty is making loans work thru persistence, and knowledge of products and programs that are sometimes hidden. I work hard and diligently. I go the extra mile in follow up and follow thru, and in doing the things that many people dont want to take the time or effort to do, and this greatly benefits my clients.
On the website listed below click on Anthony Gamarra's profile and see what a dishonest mortgage lender looks like.
Http://www.republicmortgage.com
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