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  • Report:  #283333

Complaint Review: First Guarantee Mortgage

First Guarantee Mortgage First Guarantee Mortgage didn't inform us of prepayment penalty Cleveland Ohio

  • Reported By:
    — Carol Stream Ohio
  • Submitted:
    Tue, November 06, 2007
  • Updated:
    Mon, November 12, 2007
  • First Guarantee Mortgage
    2556 South Central
    Cleveland, Ohio
    U.S.A.
  • Phone:
  • Category:
    Mortgage Companies
*Consumer Suggestion: Paperwork

We were not informed of the prepayment penalty first it was in the loan that wasn't the rate changed as well. We didn't find out about the prepayment penalty until we tried to do a new loan to lower the rate months later.

Steve
Carol Stream, Ohio
U.S.A.

1 Updates & Rebuttals

Bob

Aliso Viejo,
California,
U.S.A.

Paperwork

#2Consumer Suggestion

Mon, November 12, 2007

You should have a copy of your original paperwork you signed with the notary, in there you will see a pre-payment rider that states exactly what the pre-payment terms are. If you do not have that then you need to request the signed copy from the lender showing your signature on it.

I am sure it is in there and was missed when you signed because of how many pages there are to sign. If not you may be able to get it waived by contacting your state agency that regulates mortgage companies.

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