this website will help you in this crazy world where everyone is trying to !@#$%^&*(*&%$#@ mess with you (sorry about that,got a little mad right there, thinking about all the predatory people and institutions out there)
OK here it is, lower interest rates right?, right!, so I am refinancing just like everyone else out there, in order to get out of the 2-28 or 3-27 adjustable programs or 30 year fixed high rates (in this case 2-28 for me).
I just bought my house may 2005 for 9% for $101.500.00 and $734 per month, so I refinanced my house last year october 2007 for 150.000.00 dollars and a rate of 8.75% with Van Dyck Mortgage (Do NOT go there!, predatory lending in place with prepayment penalties)in order to fix my house up ( I rebuild my whole house by tearing down the inside board by board (was from 1946 and small),I doubled the square footage, and value went from $100.00.00 to $239.000.00 ;-).
So when the rates dropped I jumped in again, had no late payments for 3 years (I was proud of that, despite being unemployed for 6 weeks and borrowing money to stay alive) I found Ace Mortgage (do not go there either!!!!!!!!) online and everything started out as normal, then the GFE finally came in (had to beg for it)everything was a lot higher ,with 2 points instead of 1 point, for $170.000.00 the closing costs where close to $9000.00 and the prepaymentpenalty (see above) was $7000.00 or more and I was forced to go FHA and take out PMI(which I did not have before and put taxes and insurance in escrow(which I paid myself before).
Than 40 minutes before closing at my house, I get the call of my life: Oh eeeh...... by the way we also need the put one year of taxes in escrow and 1 year of insurance in escrow on top of the PMI and the monthly escrow payments ( that was several thousand dollars extra) I talked it over with my woman and we decided NOT to go forward even though the interest rate was 6.25 % so my payments would have gone down despite all this!
I Was so mad and upset, we were to go to Europe to go to the Netherlands, this summer to see my family for the first time with the whole family and in 5 years that I was there again.
I put al this info on here in detail to help the next borrower that is about to become a victim of this unregulated corporate industrie out there!
It didn't work for me, SO BE AWARE,PLEASE BEFORE YOU SIGN ALL THOSE PAPERS!!!
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About Me
- hayo haitsma
- I used to be a General Contractor in Indiana, after that I moved to warmer Florida to start all over. Part-time more and more working on my blogs and websites and design, with my creative background definetely a plus, with a great desire to help general people succeed and help along the way with as much FREE!!! information as I can afford to give out without asking for anything in return, that is why this is a slow process because people are very cautious nowadays and they think everything is a scam, I have been here since january 2008 and I will maintain my presence overhere in order to prove my point, PEOPLE CAN STILL BE NICE!(if they want to, it is a choice!), finished building my own 3800 sq ft 2 story capecod house, that I designed myself;-)
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