Angry, need to vent

[fishbait]

Fellow Ifisher just left my office. His wife did a refi last year and he let her handle it and did not pay much attention. First mistake

Now , this couple currently has over 700 Fico scores (gold plated credit), only 1 30 day late on only 1 credit card in the last 2 years and has good income.

The Internet lender charged them a $8000 loan fee (should have been more like $2000 - $2500), put them into an 8.125% 3 year loan with a $10,000 prepayment penality (worst one I have seen in over 5 years), should have been more like 6.5% and no pre-pay and on top of that had about $1000 + extra junk closing cost fees.

I really hate to see things like this happen to regular plain old good people.

*$@*^@@@* #@^&%^&@ %$#@@&&@

Ok, feeling better now.

Now please listen up,

Please do not get any type of home loan without talking to either Janey or I or any of the other Mortgage Loan Officers on this board. I am easy to find and you can just make a post to find the names of the others. They are good people and I know that any one of us would be glad to review what you are doing and tell you if you are getting a good deal REGARDLESS of where you are getting the loan, from us or from some else. Just good honest advice so you can make good informed decisions and not get cheated.
Ok, I feel better and am going out go cool down and get some lunch.

Steve

[GSD]

At what point would something like that fall under the category of FRAUD? OR does it follow the description of "Predatory Practices"?
"Predatory lending typically effects senior citizens, lower income and challenged credit borrowers. Predatory lending forces borrowers to pay exorbitant loan origination/settlement fees, sub-prime or higher interest rates, and in some cases, unreasonable service fees. These practices often result in the borrower defaulting on his mortgage payment and undergoing foreclosure or forced refinancing." quote from FBI report on Mortgage Fraud



William

[suckerfish]

Kudos to you fishbait. You are one of the good guys. Once things get settled on the home front I will come see you for our future needs.


suckerfish

[Troutinator]

If you sign up for it it's not fraud. It's YOUR obligation to know what you're getting yourself into.

It is unfortunate people don't do a little comparison shopping when dealing with ANY kind of loan. I compared no less than 6 lenders when we bought our current home. It was pretty clear there were 2 of them that were WAY out of line. If I had only looked at ONE of those, I might have thought "well, thats the way it is right now". Bad idea.

BTW, in the end, Steve and Janie were who I went with. And I have NO regrets...

[Cool Texan]

Same here...I had discussions with multiple people to compare rates, etc. One of them was Steve, and I was impressed with his directness and candid discussion of our situation. In the end we did not go through him though since the builder had a special deal going through Wells Fargo where we paid next to no fees to close the loan, got a good fixed rate (on par with what others were offering), and got a 1% point reduction for the first year. Its all about doing your homework and knowing what you're doing.

[Pelhament]

I hate to see that as well, I am a Mortgage Consultant for Pentagon Federal Credit Union, and I cant believe the fees I see companies getting away with charging.

[Keeper]

Sounds like that loan we ALMOST got before we came to see you last year!

Lots of loan fees, high interest, pay for ten years and oh by the way your last payment is $12K?! Thank goodness Dennis caught that. It was our own mortgage company...still ticks me off.

[foxer]

I talked with Fishbait about a refi several months ago. He actually talked me out of it, said it didnt make financial sense. Next time we buy a house, Steve will get my business. Maybe I can talk him in to throwing in a jar of his eggs too :smile:

[Half fast Toyn]

can I get a 30 year mortgage on a 22 ft north river...and what is the going interest rate?

[Herring Problem]

Your payment is going to be low . 5.99 percent @ 30 years(360 mo)
Assuming your North River is lets say 60.000/10.000 down
Number of Monthly Payments 360
Simple Interest Rate 5.99
Principal Amount of Loan 50.000.00
Your Monthly Payment Will Be $286.72

Just for giggles!

[PapaHog]

Your payment is going to be low . 5.99 percent @ 30 years(360 mo)
Assuming your North River is lets say 60.000/10.000 down
Number of Monthly Payments 360
Simple Interest Rate 5.99
Principal Amount of Loan 50.000.00
Your Monthly Payment Will Be $286.72

Just for giggles!

Let me see $286.72 times 360 months makes this boat cost $103,219.20 in payments plus the 10,000 dollars down the total cost of the boat would be $113,219.

[PapaHog]

fishbait is a nice guy and I have dealt with him however as I remember he helped me see that buying in our situation was not in our best intrest.

How many men that honest do you run into in the mortgage business.

[Troutinator]

1

[Swamp Puppy]

that's no lie. that loan fishbait was talking about sounds like something the guys i worked for would have done...as they high fived about how they laid the poor feller away and hopped a jet to vegas to blow the 10k commission check.

fishbait did our re-fi last month and was as straight of a shooter as there is. you would be doing yourself a big favor to talk to him before you refinace or purchase with anyone else. it never hurts to have a trustworthy set of eyes check things out...maybe he can do something better for you...or maybe he can't. at least in the end you'll know you got a decent deal regardless of who you end up using.

[Go_Getter]

PM Sent to Fishbait

[Jennie@ifish]

Fishbait. I'm a proud Mama having you on ifish. I really am!

Thank you!

[Seefood Man]

The first warning flag was it was an "INTERNET LOAN"

[Radke]

The first warning flag was it was an "INTERNET LOAN"

I have a brother in law that has obtained 3 loans from a well known (advertised) internet loan organization. Two were business related, one home related. I was surprized he went this route, me thinking sure it is quick, but more costly in the end. As he explained the fees and intrest rate, it wasn't much different than had he gone to a brick-and-morter mortgage place.

I'm not here to tout the greatness of internet loan places, just making a point that not all are scammers.
But more than anything, I can't agree more with what many of you have pointed out, comparison shopping for such an important decision is critical.

[Get Bit]

This thread just rings true something Steve said to me about 10 years ago when we were talking about financing a home.

"I have to make sure we treat our customers better than anybody else."

Looks like this is holding true. Its great to see that "word of mouth" is still the best kind of advertising out there.

Get Bit

[ryser]

Fishbate, I know we haven't done any business yet!! I do look fowared to doing business with you in the future. When getting a refi or new loan you do have to be carefull and trust that the individual you are doing business with and that they are treating you right!!! I have done a refi a couple of times and had to look real hard at all of the docs just to make sure that the loan was what the broker said it was it can be tricky. From what I have seen here on ifish sounds like you are a straight arrow. I look foward to doing business with you. Ryser

[duckboy]

I have all of my clients talk with Steve and Janey before we make a purchase offer.

They all have had good things to say about his honesty, his responsiveness, and the fact that he has been straight shooting the whole time.


As a Realtor, I need to make certain that my clients get exceptional treatment, from all of the different folks we will have to cooperate with in a transaction. The title Co, The Home Inspector, the Lender, and Me, and that they would feel comfortable referring their friends and family to me at some point, Since referral business is the goal.

The Service that Steve has given has been way above the best, and has brought me credibility and allowed my clients to trust in the process a bit more.

In Fact, I am signing on my Refi today (Thanks Steve) now I wont have to pay a whopping Home Depot Card bill and that darned truck payment for the rest of my life.

[chinooklr]

The moral of the story... Don't let the wife to the refi!

[Rakkasan]

Even though I go the shaft on my first home loan I am no tlonger paying rent. I am fixed for 2 years I am I am going to fishbait for a refi.

I refered a friend at work and he has been nothing but happy about how things have gone. The frinds wife I refered works for a large bank. What does that tell you about how fishbait treats you. He has been nothing but honest and straight up front with them.

If you are going for a loan, refi, or even honest information on what to do, go through him. You cannot lose.

Thanks aagin for helping out my friends.

Dave B.

[Chrome Bumper]

I-fish has that small town feel about doing business. (um ah, this is a internet site so I guess doing business over the internet can't be all bad).

Fish bait which side of town are you on, I am out in Columbia County, might need to get off my behind one of these days and require some financing for some projects. I tried clicking the link located in your profile but it did not hook up [Jennie!].

[OutTrolling (ot)]

I was considering a home loan from a bank and asked about the prepay penalty. The bank manager said, "I'm not supposed to tell you this but here is how you get around the penalty. Pay off all the loan except $100 or even down to $50. You are only charged interest on what is left in the balance. Then pay only a small amount each month until the loan is paid off". Even if you are paying at 13% or 15%, that much on $100 for a couple of years wouldn't add up to much. You should check with your loan institution on any limits.

[sinker]

I'd imagine they'd still hold the deed until the loan was paid off though wouldn't they??

[OutTrolling (ot)]

I'm sure they would. But in the mean time you would save boo-koo $$$$$ in interest. And, they may even choose to offer you an early payoff without penalty just so they don't have to process the paper work for the life of the loan while not making any interest for doing it.