Complaint Review: Larry Baylies / Synergy Capital Mortgage Corp.

Since the Fed is cutting the interest rate, it is great for refinance your mortgage especially you have an interest only loan. I called the number on a flyer in my mail, and I thought that I got the best deal. I only had two requirements on ht new loan: 1. no more interest rate only loan, 2. no pre-pay penalty. After two and half months, I was quoted as:
> The bank is offering two programs to you both are great!
> Which would you like, see below and let me know if you have any >questions.
> Personally I think the 1st program is the best savings, lowest margins:
>
> a. 3.7 fixed with a margin of 3.1. This means her payment the first year is
> 2092, 2nd year is 2894.00, 3rd year, is 3111.00, 4th is 3345.00, 5th is
> 3595.00
> or
> b. 5.25 fixed payment 3230.00

Since I plan to sell my house in the next three years, I pick #a. Guess what?? My monthly payment is $4400 if I want to pay off $350 principle. Plus, I have a three years pre-pay penalty. And guess what??? Wachovia is the lender!!! It's my fault that I didn't do my homework and do a little research on Wachovia. My advice is: don't believe those brokers. They are worse than used car salesmen.

Jenny
Buellton, California
U.S.A.