Primerica mortgage Rip-off deceptive company Duluth Georgia
We signed up with a Primerica representative ( a personal friend, being directly trained by a person purporting to be a "vice President" of something or other...) for a 9.4% /3 point fee mortgage this year. Ever since, I have wondered if what we did made sense, with interest rates dropping lower and lower, and fees disappearing.
I have since come to realize that if we had stayed with our previous lender, and refinanced for the extra money we needed to pay off our car, we would have saved ourselves $400 per month!!!!!! Primerica "educates" so-called financial advisors with just enough information to make them dangerous to uninformed consumers. We were flat out told that their mortgage saves us money in the long-run and monthly. They have graphs and tables and everything looks really professional.
We were told tens of times that Primerica is here to re-educate people about money and long-term financial security... blah, blah, blah... Don't believe it: the simple and undisputable facts are we would have saved ourselves $400 per month even with an extra $100 payment per month, had our mortgage paid off SOONER than with Citicorp, and saved over $25,000 in total interest. Yes, Primerica did eduacte us--we learned that we had been swindled, and received an unfortunately very costly lesson about mortgages.
No matter how much someone seems to know what they are talking about, don't just accept the neat looking tables and graphs as fact--go out and get as many quotes from other lenders as possible. Explain you situation, and the goals you want to achieve. You will learn that mortgage companies all operate about the same--they want your business and want to make you happy, and they don't spend 95% of their time tooting their horn about what a great company they are, etc, in order to lull you in... Primerica would have you believe that mortgage companies are only out to screw you over, and they tack on "secret fees" that will result in mortgages you can never pay off.
They really do tell you this stuff, but it is unethical to do so as there are laws that every mortgage company is required to follow. I'm not sure how Primerica is getting away with this blatant deception, but all I know is they have done just that with us. What really blew me away is to run a search engine on Primerica, and have one of the top matches be a website called "The Rip Off Report". I am really surprised at how many complaints there are, but not so surprised by the silly rebuttals put forth by the Primnerica CULT.
Remember this, Amway representatives and pyramid schemers are just as convinced of what they are doing, and there arguments against simple facts are just as poorly argued as what I have seen from the pro-Primerica contingent--and their sales and marketing approach is IDENTICAL. Donesn't it make you wonder why so many Primerica people would be on such a site defending their beloved company--brainwashing, and, yes I'm sure they do make money, but at YOUR expense.
Just take my advice: don't argue with these people, just DON'T let them into your home. Fortunately, I never got as far as to sign up to be one of their "financial adsvisors," because just like Amway, they have you prey on friends, family, friends of friends, etc, etc, until you have managed to deceive those that in reality you should NEVER be doing business with in the first place. Just avoid Primerica, and you will be much better off.
Mike
Carnelian Bay, California
U.S.A.