When I refinanced my home mortgage loan, I was never told about a pre-payment penalty clause that was put into my loan. About six months later when I went to refinance again to get a lower interest rate that is when I was told that I had a 6 year pre-payment penalty. The only way to avoid having to pay this penalty was to refinance again with First Gurantee, however, I was so mad I decided to go with another company because this was something that they (First Gurantee or the Closing agent) never informed me about.
I went to another company which told me that this pre-payment penalty for this amount of time was unheard of. Needless say when I contact First Gurantee about this they say "Sorry there is nothing else we can do for you, or that it was in my closing papers I should have seen it... How could I have seen it if I didn't know what I was looking for?".
Anyways, they got their pre-payment penalty but others be warned... They like to rip people off and not inoform them about it.
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