F***ed by Mortgage America

[Royal Tiger]

I was a victim of "Predatroy Lending". Without getting into to many personal details, I went to Mortgage America and received a pre-approval for the loan amount up to the amount we were looking to spend on a house. We went into the office after finding the house and "locked" in a rate after buying 2 points. I called around and found someone that blows them away. They explained that most major lenders give you a higher rate then the independants and milk you for their overhead. I told Mortgage America I was no longer intrested in their money. In between they ran 3-5 credit pulls on me, lowering my score and fouled up my mortgage with the idependant I'm going with. My new broker explained they will give me my original deal, but they shopped me for a better rate, then they keep the difference in their pocket. It's quasi legal, but very unethical. Not sure if I can push it with the Attorney General's Office. Closing is coming up on the 9th af Feb, and I can't delay it. Until they can get my score back up, I have to take a higher rate. I'm out $7k and over $300 a month. Bye-bye 951. I'm feeling like going postal, but I don't think it will do my career any favors. This blows. Stay away from these idiots.