Ever since my wife and I brought our home in May, this company had been sending us junk-mails and calling us like crazy.in the mail it always promises super low interest rate without mentioning anything like interest rate and loan term, so my wife and I figured it was properly an ARM and never bother to mess with them at the first place; but, we weren't expecting this company to put in so much effort into their bait and switch scam till one incident.
My wife got a call from the MIC telemarketer again. The sales lady said that she had great news for us. After getting our loan balance and our current interest rate, she said that she can cut our current mortgage payment by 20% per month with no money out of my pocket. But the offer was too attractive to be true (my current rate is 4% and a 20% reduction will mean an APR of 3% or lower... With the current market it's impossible to do it without no money out of pocket). So I asked if this was a 30 year fixed, the telemarketer said "of course, this is 30 year fixed. We are out here to save our veterans money! Thank you for your service... Blah, blah, blah..." I think... Wow... This is cool. And I setup an appointment with MIC at my house for Christmas, envisioning that I can save so much.
Christmas came and the loan sales came visited us right on time for the appointment. After the initial 20 minutes he didn't impress me at all with his presentation, all he talked about was that their company is the leader in the industry and how the VA had signed it off as the best VA loan company ever! This raised a red flag... Because I worked for the VA before, I remember we don't endorse specific lenders. But curious of what he had to offer, I didn't bust him. The sale rep continues his lies, he pulled out a piece of paper and start to tell us how much his program can save us money... But I said... Hold on, is this 30 year fixed? He answered "No, this is an ARM. But even if the interest rate raised you will be cap at 8%, and even with that you can pay off your loan much faster and pay less than your current 4% fixed rate... We are the best lender approved by the VA, and we are here to save you money..." I wasn't convinced, so I asked him to provide me with an amortization table with 8% as the rate... But he said that he didn't have such thing... Then he continue to say write random numbers on his little worksheet and telling me how 8% ARM is superior than 4% fixed... How VA backs this company... Blah blah blah... Then I booted him out.
This company is very dishonest, it tricked me into believing that they can save me money on my current term, while it was just trying to sell me ARM. It didn't provide any facts and figures to back-up its analysis. And it also mis-use the name of VA a lot to try to get itself credit. I don't recommend any go with them. If you want to refinance try Quicken Loan. At least Quicken can show you an amortization table to backup their claim. MIC can only let you image the figures.
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