Complaint Review: CHAMPION

When I first went to Champion (now owned by Key Bank) for a mortgage he said that he could give me the best rates possible, and this would be the last Mortgage Company I would ever have to deal with. He said he could give me a rate of 4.6%. I was getting 8.25% at my bank at the time. So in January 2004 I switched to Champion for the 4.6% rate. I had to pay for the whole closing costs and everything. After 1 year in January 2005 this person called and said I have to lock you in at a fixed rate of 7.25% for 14 years and that is the best I could do with your credit rating. They said if I wanted a lower rate I would have to buy it, pay for another closing and he would give me a rate of 6.0%.
I called other banks and they said what Champion did to me was ludicrous. Right now mortgage rates are at an all time low. I had several banks check on my credit and they said I have an outstanding credit rating. After all this I went with one of my local banks and they gave me a fixed rate for 15 years for 5.25%. I had to fork out another $4,500.00 for another closing at another bank and still lower than Champion which wanted 14 years at 7.75%. If this isn't a bait and switch then I got caught hook line and sinker.

Norman
ULSTER PARK, New York
U.S.A.