Complaint / Review
G. E Capital Mortgage Services
Ripoff Initial payment to start loan kept after denial

When I was a current customer of G.E., I decided to re-finance my existing loan with them for a lower rate that was being offered at the time.

I called G.E. And spoke with a customer representative (read sales person) who entered my information into her computer and stated that "Your FICO looks great, no problem!" and then stated that they have a policy that to initiate the loan they would need to charge my credit card $250. And that it was a refundable against the loan.

Well I did not get that loan and G.E. Despite numerous phone calls and correspondance to every corporate person who I was directed to did not refund the $250 nor even extend the courtesy of a written response.

This practice of requiring funds in advance is nothing but a scam. Imagine how many people fall for the bait of a lower percentage loan only to be denied and lose their money to G.E.