I had the misfortune of doing business with Saxon Mortgae, then known as Meritech. Their sales arm known as America's Moneyline put me in a loan very quickly even though the rate was about 2 points high I took it.
We specifically asked about prepayment penalties and were told that there would be one if we refinaced only. We could sell the house with no penalty. Now that we are trying to close the sale, guess what? The additude of Saxon is we aren't America's Moneyline, we protect our investors interest and that's just too bad for you. They will not honor the note that they presented for us to sign and specifically pointed out the no prepayment clause.
They fully intend to defraud the consumer right from the start. If you hear any of these names, run like hell.
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