Complaint Review: Virtual Bank

Virtual bank.com advertises low mortgage interest rates, even reporting these low rates to yahoo.com and bankrate.com and other established finance organizations, but they will surprise you with hidden costs of around $7,000 in fees that 'enables' you to get this low interest rate.

They show the low rates so you can go and apply loans with them, and they never give you the tru cost until mortgage closing date.

They will not tell you of this fee until the loan closing date, when you have already spent a lot of money investing in the deal say house inspection, lawyers fees and so on. The fee is added to your principal amount.

Watch out.

Advice:
Use the site

http://www.bankrate.com/brm/rate/mtg_ratehome.asp?params=170000,NC,1039&product=1&points=1&pType=f&refi=0

to compare the rates for different mortgage providers, paying attention to the column that states FEES IN APR.

Do not be scammed. Those low rates are not true, they are just hiding the true costs and they will add those costs to your loan amount.

Dickson
Raleigh, North Carolina
U.S.A.