- Report: #232054
Complaint Review: Homecomings Financial - Dallas Texas
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Author Confirmed
Why?
Homecomings Financial
P.o.box890036 Dallas, 75389 Texas, U.S.A.
Phone:
800-206-2901
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Homecomings Financial we pay $500.00 dollars in in one year and & almost $8000.00 in interest in one year. that is a rip off if i ever seen one Dallas Dallas Texas
when my husband and i got the loan
they told us once the interest was payed off then
all of the $653.03 was to go on the principal.
but ever year we pay $8,000.00 or more in interest for the last 6, 7 years now that is alot of interest.
that is well over 40,000.00 dollars or more in interest they got from us just in the last 5,6, years
they say we have to pay all that until the house is payed off completely. now that is a rip off.
we and all the other people need help to stop this rip off company. my husband works his butt off so these rip off people can live a millionaire life.
Sarah
fairmont, West Virginia
U.S.A.
they told us once the interest was payed off then
all of the $653.03 was to go on the principal.
but ever year we pay $8,000.00 or more in interest for the last 6, 7 years now that is alot of interest.
that is well over 40,000.00 dollars or more in interest they got from us just in the last 5,6, years
they say we have to pay all that until the house is payed off completely. now that is a rip off.
we and all the other people need help to stop this rip off company. my husband works his butt off so these rip off people can live a millionaire life.
Sarah
fairmont, West Virginia
U.S.A.
2 Updates & Rebuttals
Nikki
Coconut Creek,Florida,
U.S.A.
Look online for an amortization schedule.
#2Consumer Suggestion
Wed, January 24, 2007
Go online and search for mortgage amortization. Enter your original loan amt, percentage rate and years. They will give you a monthly payment that is about what you are paying. Request the amortization schedule and you will see how much principal and interest you should have paid during the years. In addition, check your paperwork and see if you have a traditional mortgage or a simple interest mortgage. Traditional mortgages figure interest rates monthly, however simple interest mortgages figure them daily. If your payment is due on the 1st, but they don't get it until the 5th, 5 days of interest is added to your account. This can really rack up for people who think they have until the 15th of the month to make their payments.
Dave
Jacksonville,Florida,
U.S.A.
Ummm, what is your complaint?
#3Consumer Comment
Tue, January 23, 2007
You're paying interest on a house loan? Obviously, this is your first house. That is the way loans work. You pay mostly interest for the first 10-15 years. Then it starts evening out. All mortgages are this way, not just Homecomings. You could substantially decrease that interest amount and the time that you pay off your house by adding a couple of hundred to the principal each month. You could cut the interest in half.
