Jan 02 2009
Stay Away from Texas Lending
I have some information and advice for those who are looking to buy a home or refinance one. Do not deal with Texas Lending ever! After questioning them myself about a refinancing possibility I have been told that it was pointless for me to refinance. No lender has told me this before. The agent for the company said that I would need to bring thousand and thousands to the table since I don’t have any equity (I informed him I didn’t have equity). He said this knowing that they would cover up to 97 percent of the loan amount. Where did thousands come from. Three percent wouldn’t have even come to $2,000.
As with most lenders these days they rob the borrower by charging them interest first so that they get their money. In order to actually pay anything towards your home you will have to pay more than the monthly mortgage and stress that you want it to go towards the principal rather than where they choose to put it.
The amount I need refinanced isn’t much compared to what most homeowners these days got themselves into but it is enough to not be able to pay each month if the interest rate fluctuates upward. The reaction I got from the agent resembled a car salesman. He blew me off until he got the estimation of what the place would be appraised for. When he found out it was much higher than my loan then he wanted to talk to me. He did poor business with me and for that he will not get my business. I am now moving on to Prime Lending to see how they treat me. Hopefully they won’t tell me that it’s impossible or stupid to bring my own money to closing and that it’s “pointless to refinance without equity”.
I ended up asking the guy what do you tell all those people that recently bought a home and don’t have equity and are stuck in an adjustable or subprime loan? Do you tell them to forget it since they don’t have equity and then they end up losing their home? The guy basically said that the interest rates will not go up for a while which led me to ask how long is a while? Wouldn’t it be advisable to get everyone out of these type of loans? I can’t help but warn everyone to stay away from Texas Lending. And the guy couldn’t tell me how long a while was.
