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Refinance with American Equity Mortgage in Okla. City, OK
I refinanced my house using American Equity Mortgage.This process took about 2 months.
I talked with the person handling my refinance a number of times. I did not start the process until I was told exactly what the refinance would do: 1. my mortgage payment would go down $100 2. I would receive $2000 3.
I would not be required to make the first payment for 2 months. I repeated those requirements EVERY time I spoke with him and certainly before I spent almost $500 on an appraisal. I also told him from the start that I wanted the insurance and taxes to be included in the payment. Even if I misunderstood the explanation, the bottom line was I was told him what it had to do before deciding to do it.
The night before I was to close on the refinance, I spoke with another person (someone above the other person). As we went through the particulars, I offhandedly ask about my exact new mortgage payment total. What he told me was $20 lower than the payment I currently paid. When I said that could not be right and why, he said he would look at all of it and get back with me.
He called back to say it was correct and nothing could be done about
it. He was very sorry. I said I would cancel and go somewhere else. I was told that my appraisal was only good for their refinance and could not be used with anyone else.
I ended up with a refinance that had a $20 less payment and less than 1/2 of the money I was supposed to get. I did get the two months before I owed the first payment. I feel I was totally mislead by the first person. I was very clear that I would not do the refinance unless it lowered my payment by at least $100.
I will say that I believe the 2nd person I spoke with really did try to help me but the numbers could not be changed. I believe all my phone calls were recorded so they can go back and listen to them and hear what I said and what I was told.
Who in their right mind would do a refinance for $20 a month less.I don't want this to happen to anyone else.
This review is a subjective opinion of a user.Report Private message authorreview #730531 byrpayne50
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Category: American mortgage