Centex Home Equity Company It is against the law or should be / Centex loves my money, please help me Dallas Texas
Two years ago 11-03, I financed a house through Centex Home Equity, I put 26,000 down on a 131,000 dollar house, signed papers for a 30yr fixed 7% mortgage. When I got to the Title Co.to close, Centex changed the 7% fixed to a 7% ARM. Title Co. rep and I called the loan officer, she stated that she changed because in two years my credit would be alot better and I could refinance through Centex at a lower rate with no expense out of my pocket. Two years have passed (credit score increased 80 points) and I receive paperwork from Centex to refinance(all filled out, ready to sign) and Centex wants to charge $8520.00 for total est. closing cost. Not only have I made the payments for two years and only owe $102,500.00 Centex raises the loan amount to refinance $112,000.00, so with the original closing cost of $4,000 and now $8,520.00 to refinance and $16,706.00 in payments over two years, I am going to give Centex $28,000.00, for a fixed 7% loan and now I owe $10,000 more than when I started and put $26,000.00 cash down. Add it up! The love for money even gets better, My interest rate just went up to 10% Someone help me!!!!
Lawrence
Grand Prairie, Texas
U.S.A.
1 Updates & Rebuttals
Hailey
Kapaa,Hawaii,
U.S.A.
Re-Fi somewhere else
#2Consumer Suggestion
Fri, November 10, 2006
Refinance with another lender. I certainly hope the loan representative you dealt with thou Centex Homes was not some goofy lady by the name of Shelly. I dealt with Shelly in early 2000 in the D/FW area.
You have received some bad advice from your loan officer and lending agency.
Typically when Centex helped you get financing they used their own lending company CTX (centex homes own mortgage company). Usually CTX sells your mortgage withing 90-120 days, thus they would not still be your lender in a couple of years when you straighten out your credit. I would suggest re-financing with another lender one who advertises no closing cost for refinanced loads.
More than likely you are receiving re-finance offers in the mail daily for various different lenders
take your business elsewhere
good luck