My wife and I had an appointment earlier this week and we liked very much what we heard. The representative was very respectful and helpful. He did ask for money at the end of the presentation which did last for two hours (I did not mind). Initially he asked for $500 and once I told him I did not have the money he did tell me $100 would be fine. So I wrote him a check and my wife and I signed all the paperwork. He promised 2.5% for the first 39 months and if the rate did go up after the 39 months that it could only go up by 1% and would cap out at 3.5% at year 4. Example:
39 months - 2.5%
Year 4 - 3.5%
Year 5 - 4.5%
Year 6 - 5.5% and so on to where it eventually caped out at 7.5% and would not go any higher than 7.5%. He also stated the chances of the house market going up for four years straight were slim. So we agreed to close on 14 June which is next week. So I decided to get on line and check these guys out and all I am getting is horror stories. My wife told me she no longer wants to do the deal and put a stop on the check. However, all the horror stories I see on here are all about their tactics and marketing. Has anyone actually gone through with the process and had a bad experience. If you have please let me know because this seems like a great deal. I really do not care about the calling all the time and the man was rude thing. I want to know if anyone did the deal and after their 39 months the rate went above 1%. Please let me know. Thanks!