Jim
Grand Rapids,#2UPDATE EX-employee responds
Tue, December 05, 2006
Adding to the above report, this company does charge very high fee's. Much of what has been stated is true to some respect and in another it is not. This company does in fact promote charging very high origination costs to there loan officers. The loan officers are also trained to show the homeowner ways to save money by paying any and all loans, credit cards, home improvements and so forth by way of new mortgage loan. That being said, many unsuspecting Arbor home owners loose large portions of there home equity to the new larger Arbor mortgage loan. In the end the home owner (in situations) comes to realise there new loan is at 100% of the homes appraised value or more. Some of the actual clients have been unable to refi out of there adjustable mortgages that Arbor has placed them in and come to realise that the adjusting interest rate on the Arbor loan is unbearable to manage making payments thus loosing there home. This being actual sitiuation I know of from a Arbor mortgage loan that was originated. Buyers need to beware and always shop around!
Jim
Grand Rapids,#3UPDATE EX-employee responds
Tue, December 05, 2006
Adding to the above report, this company does charge very high fee's. Much of what has been stated is true to some respect and in another it is not. This company does in fact promote charging very high origination costs to there loan officers. The loan officers are also trained to show the homeowner ways to save money by paying any and all loans, credit cards, home improvements and so forth by way of new mortgage loan. That being said, many unsuspecting Arbor home owners loose large portions of there home equity to the new larger Arbor mortgage loan. In the end the home owner (in situations) comes to realise there new loan is at 100% of the homes appraised value or more. Some of the actual clients have been unable to refi out of there adjustable mortgages that Arbor has placed them in and come to realise that the adjusting interest rate on the Arbor loan is unbearable to manage making payments thus loosing there home. This being actual sitiuation I know of from a Arbor mortgage loan that was originated. Buyers need to beware and always shop around!