Posted by Liz/OR on 8/24/11 1:16pm
Msg #394838

Mortgage Investors Corporation

They just called me and were offering a VA IRRRL, I ask their rate? 3% fixed, so they said - special for veterans. Knowing that veterans are the most enticing people to scam, best marketing subjects EVER, (from personal experience buying $1500 encyclopedias when I was a 22 yr. old Marine) sounds too good to be true. Looked them up online. So I guess now the trick is they say it's fixed, because for three years, it is. HA! It's a 3 year ARM. You have to ask if it's a 30 year fixed, geeeezzz...

(BTW, the Goodwill wouldn't even take the encyclopedias when I tried to give them to them a few years back, HA HA!)

Reply by CopperheadVA on 8/24/11 5:39pm
Msg #394889

Yes, every one I have done for MIC was a very low fixed rate for someting like 3.5 years and then it began adjusting. I'm not sure why people are still going for those when regular fixed rates are so low and have been for a year.

Reply by Dennis_IN on 8/24/11 7:40pm
Msg #394901

For the last couple months I've been doing quite a few of their 3% fixed for 3 years loans. They requite a "deposit" and promise to return it at closing, but every closing I've done they short changed the cash to borrower by $13-$30. BO's not happy about that. Their's are the only adjustable loans I have seen for a few years. I'll do all of them I can. Don't be so fast to discount them. I've had an adjustable rate loan for 7 years (fixed for 5 years), my rate started at 5.2% and it just was adjusted from 2.5% down to 2.375%. Plus if someone is only going to be in their home for a few years, why not get a lower rate.

Reply by Linda_H/FL on 8/24/11 8:57pm
Msg #394906

Yep to adjustable rate..

We were looking into refinancing - our bank offered a 5/1 at 2.75% - won't increase more than 2% per adjustment - never higher than 7.75%....no points....

It was really really tempting. We had a 5/1 with Provident - when rates were at 7-8-9% we got 4.5% fixed for 5 years - was a deal at the time.