mortgage lender scam or not? Entry required.?

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I recently received a postcard from a local mortgage bank / broker who has listed the programs really great to FHA loans. (My first was an FHA loan and it worked fine for me.) My mortgage is for a total of 263K. I have a first and a second mortgage of 15 years (a total was related to them), I contacted the lender on the postcard above and obtained a combined offer for both mortgages at 6% 30 years to bring some of my mortgage, where he war.Ich examined the fine details and docs loan reflects a higher loan that I needed. About 15K! I asked the loan is more than I needed and the mortgage broker told me a song and dance costs 15K. I refinanced my house 5 times. I have never seen fees! It was not, including an escrow account for taxes ….

9 Comments
  1. Reply
    RdRedWine
    April 30, 2011 at 12:59 am

    ask to have the fees broken down.
    My mortgage includes my escrow account-which includes all my taxes, home owners insurance, etc.

  2. Reply
    Daniel
    April 30, 2011 at 1:14 am

    i wouldnt deal with anything from a postcard with those fees.

    you refinance to save money, not to spend more.

  3. Reply
    godged
    April 30, 2011 at 1:29 am

    Wow, that’s alot. You can do better.

  4. Reply
    Silly World rmx
    April 30, 2011 at 1:53 am

    The good thing now is that people are reading the small print

  5. Reply
    the d
    April 30, 2011 at 2:31 am

    do not proceed any further!!!

    Everyone gets those kinds of postcards, letteres in the mail, phone calls that has a mortgage,

    I remember i did when i had a home loan before i sold it

    I can’t stand mortgage brokers, when i buy a house again i am going through a bank i ma not dealing with these useless mortgage companies.

    the fees are NEVER as high as 15,000 the most it shoudl be is maybe 5,000 including the origination fee, and all other fees.

    Back away.

  6. Reply
    Tony D
    April 30, 2011 at 2:56 am

    Yikes! How are those fees justified? You must have seen a Good Faith Estimate along the way, did it match? Were all the fees itemized? Something doesn’t sound right. If you want another pair of eyes to review your docs, give me an email. I will have you fax them to me for a look.
    ww.ahdevito.com

  7. Reply
    Geaux LSU Tigers!!!
    April 30, 2011 at 3:48 am

    You can sometimes find loans with no fees. Try Bank of America or Lending Tree. $ 15k is ridiculous. Never refinance for more!

  8. Reply
    foolsewing1
    April 30, 2011 at 4:35 am

    Yes it is a scam do not use them. Second you said you have refinanced your home 5 times already!! That sounds like a big waste to me. Look at the money you spend each time you refinance and it adds up very quickly, just the banks way of making money. If you can’t afford the MTG I suggest you sell and get a smaller more affordable house and try to live within your means otherwise it will be a very messy financial future for you.

  9. Reply
    christine b
    April 30, 2011 at 5:05 am

    They sent you a teaser advertisement. The important thing is that when you contacted them, it sounds like they disclosed all facts relevant to your specific deal. Many companies do NOT do that.
    You should shop around of course.
    Good luck!

    Christine Bell, CRMS
    Senior Loan Officer

    P: 866.577.PENN | F: 610.819.1258 | http://www.pamortgagepros.com/

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