Loan Depot Rep Lied- Blames Person Who Sent "The Wrong" the paperwork Plano Minnesota
A Loan Deopt Rep, Amir Anet contacted my father to refinance his VA backed mortgage. Told him they could decrease his percentage rate down to 2.65 thus reducing his monthly principal payments by at least $200.00. When my father asked if it was an "ARM" loan or an adjustable rate mortgage, the representative Amir Anet told him it was not. Said the Interest rate would stay locked in at 2.65% He also told my dad they could do a 29 year loan
When he received the paperwork outlining the loan and the forms my parents would need to sign it clearly states it is an "ARM" loan. It gave the breakdown of when the interest would increase, the legal disclaimers required to be in included in an ARM loan and pamphlet explaining how ARM loans work. It also shows the loan as a 30 year loan & Amir quoted the loan amount NOT to include the clossing costs. Since this is a VA guaranteed loan all closing costs are rolled in to the loan amount
When we called Amir back, he said the wrong paper work was sent out and he would research to see who sent it. He placed all blame on my father for not understanding & or on the person who filled out & sent the paperwork. We will NOT be refinancing with Loan Depot. Very disappointed in the lack of honesty!!!!