I obtained my mortgage with Saxon through Presidential Mortgage of R.I., brokers who apparently have gone out of business. I was promised, in writing, to be able to refi my ARM (6% margin) with the same company in two years with no closing costs. I otherwise would not have signed with these terms. All my payments were made on time. I called Saxon in June, after I was unable to reach the broker, to refi and they said they no longer will honor that. I was shuffled over to Champion mortgage (Nation Star) by Saxon and had to pay $7,000 in closing costs. I didn't think I had any choice.
I needed to call Nation Star after my 1st month payment and there were similarities in the way they treat there clients so I wondered if Saxon changed there name or were affiliated? Any similar experience, advise or insight?
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