Amerigroup Mortgage Company
Mic watch out!

Stay far away from this company! MIC kept calling my parents trying to get them to refinance their mortgage. They asked to be taken off their call list numerous times. After the company kept calling, my parents decided to go ahead and let them come out and see what they were offering. Originally, my parents went ahead and agreed to the new mortgage. Closing was set for a couple of weeks later. The day before closing, my parents received a call saying closing had been pushed back another week. The day before the 2nd closing date, they received the same call again stating there was an issue with the title. This seemed very odd to me so I asked to see the information on the new loan. I just wanted to look over it to make sure they were not getting taken advantage of. After looking over the paperwork, I decided to do some research online, and I was shocked to see the experiences others had with this company.

Well, using the words taken advantage of is being too nice. They were going to end up paying more with the refinance. I convinced them that it was NOT going to be a better option, even if the interest rate stayed at 2.5%, even though a person with any common sense knows the interest rate will increase after the 36 months. They finally found a number to opt out of the new loan. The called and told the company they were not interested in refinancing. A couple days later, they received a phone call stating that Amerigroup Mortgage had a 2.5% fixed loan. My parents agreed to let the company come to their house again and so they could see if the fixed loan would be a better option.

Before the meeting, my parents asked me to run all the numbers to see if the 2.5% fixed rate loan would be better than what they had now (a 3.75% fixed rate). After doing all the calculations, I determined it would not be, but we were curious to see if the closing costs would be different to make it better, so they still had the representative come to their home.

When the representative showed up, I was there this time. The same representative showed up the second time. He asked my dad if they had any questions on the loan or if they needed further explanation. My dad told him no. This is when I started asking questions. My only question was what were the closing costs going to be. (I knew what the owed on their current loan. And I knew what this "new" loan had to be in order to save them money.) The representative did not want to answer my question. I kept having to ask him again, what are the closing costs. At this point, I told him I had read the reviews online and asked him when he was going to ask to use our phone to call his supervisor. He assured me that the company was no scam and they could really save my parents money. He then told me that I did not understand how mortgages worked. Hello, I am an accountant, I know how mortgages work. He finally agreed to figure up what the closing costs would be. And as I suspected, they were more than what they needed to be to save my parents any money. At this point, he starts filling out paperwork showing how money could be saved. Well, he is using the same loan terms as he used the first time he was there. A 2.5% fixed rate for 36 months, then an adjustable rate that could only go up 1% per year, and the highest it could be is 7.5%. At this point, I told him they were not interested in doing any type of adjustable rate mortgage. And guess what happened, he asked to use my phone to call his supervisor... BIG SHOCK! I refused to let him, telling him if he wanted to call his supervisor, he could use his own phone. He then starts this story about how he doesn't get a signal and he doesn't have a speaker phone. So, he reaches across the table and grabs my phone. At this point I am LIVID! I tell him he can use his phone to call his supervisor after he leaves because my parents were not agreeing to the loan.

The meeting ended with my mom telling him to get the "F" out of her house, because he was trying to sell an adjustable rate loan when they were told he was coming to talk to them about a fixed rate loan. This company uses very deceitful practices to get appointments with people, then they "switch" the type of loan they present. I believe they never intended to offer my parents a fixed rate loan. They prey on people who may not truly understand that they are increasing the balance of the mortgage when they refinance. Yes the interest rate may be lower, but it doesn't always save people money since they just roll the closing costs into the loan.

Company: Amerigroup Mortgage Company
Country: USA
Site: mortgageinvestors.com

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