Amerigroup Mortgage kept calling me on my cell wanting me to let a loan officer come to my house. They guaranteed they could beat my 4.5 interest rate on my mortgage and that it was not an ARM (Adjustable Rate Mortgage) loan.
I am not going to go into all the detail of the pitch that was given to us because it was the same that everyone else is telling on this site. It was a good pitch if you have not done your homework. If you have a high interest rate it might be worth the time to talk to them. The loan officer told us that if we had an interest rate of 7.5 and paid $2850.00 it would get our interest rate to 2.5 which I believe was a lie. If you are in that situation and can get it in writing then I would go for it. You can refinance on a fixed rate loan and pay a fee to lower the interest rate. You don't have to get an ARM to do that.
We had our amoritazation schedule and when he would tell us what we would owe on the loan after 5 years it was $40 less than what we will owe with our current loan. Why would we pay over $4000.00 in closing cost and take a chance of our interest rate going up to 9.5 over a 7 year streach and it could stay at that amount for the term of the loan?
ARM's have cost so many familys their homes. They are not calling this loan an ARM but it is. The only time I would every consider this type of loan would be if my credit was really bad and I was on a serious mission to clean it up or if I was sure I was going to sell my home before the 3 year period that the interest can chance.
The gentleman that came to my home was a salesman. He had all the sales tatics down. He argued with us when we called him out on his lies and when we showed him our numbers from Bank of America he said they were lying and thier numbers were wrong. He got louder and tried to intemidate us which my husband loved. When he realized that wouldn't work he tried to be nice and act like he was a long time friend and then he called his manager. We got his managers extension number but later we tried to contact him at the phone number on the card those people didn't know who he was. I called the woman who kept calling me to set up the appointment and she doesn't have voice mail.
The numbers that they have called me from were 727-347-1930,866-812-6662,800-270-2528 and 800-891-6678. The so called loan officer (salesman) that came to our house was Gary Eckeberger and his so called boss that we could never contact was named Brian Olson. Gary is one heck of a Salesman and makes this loan sound really good when it isn't. He will also tell you that you have to sign the documents that night because of interest rate changing but he couldn't tell us what the interest rate was for that day. We cought him in several lies but if you have not done your homework he can convince you to do this loan. Beware!!!
0 comments