Fort Knox, Kentucky
20 comments

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!

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Anonymous
Fishers, Indiana, United States #855507

Mike is exactly right. Even with the balance coming down each year, the amount of years are coming down as well.

So if the rate goes up a 1% each year, the payment will drastically increase. Thats the risk you have to be willing to take because it is a possibility. You must be prepared for the worst case scenario. Especially since the Fed Reserve has been keeping rates low for the past few year by buying bonds and mortgage backed securities.

That program is ending in October. The fed wont be putting any more money into the bond market so rates could really shoot up. ARM loans are designed for active service men and women who will only be in the home 3 to 5 years then selling and moving. They aren't in any real danger.

Or if a person can afford to pay double or triple their minimum payment to pay down the balance as fast as possible, an ARM is good also. if you can only make the minimum payment. You could be at risk once the rate starts adjusting. Its usually a better idea to take out a ARM when rates are high with the hope that rates go down.

If you take out an ARM when rates are at their lowest, there is really no where for the rate to go but up. Also sub vet is wrong. With fixed rate loans, you are still only paying interest on your current balance, not the beginning balance. ARMS and fixed are the same in that aspect.

Even though your payment doesn't change with a fixed, u are still only paying interest on the previous months balance. The payment doesn't change because you are paying more principle and less interest every month.

With an ARM, that is only true for the first 3 years while you are in your fixed period. Once your rate starts going up, you can end up paying more and more in interest each year.

Anonymous
Ocala, Florida, United States #678761

Amazing how the vast majority of negative comments are by nitwits who didn't use MIC, but the positive comments are by those who actually understood the deal and went through with it.

Sometimes people are so *** it's embarrassing. :eek

Anonymous
Ramah, Colorado, United States #664176

Me and my wife refinanced our loan with MIC over a year ago at 2.5% interest. It took our payments down by 200 dollars per month.

We absolutly love the program and the salesman that sold it to us. Just today I got a call from a "veterans program" that wanted to help out vets. "vets helping vets" that told me MIC was a scam and to come to this website to look at all the people complaining about MIC and other than the standard BS comments from that company anyone that I have talked to that has used MIC has been very happy with them.

I am also very happy with them. Funny when I told the Vets helping Vets people this the guy became very unhelpful.

Anonymous
Joppa, Illinois, United States #659789

I used the progam 3years ago I went from a 6% fixed rate. MIC came to my house and explained this program to me.

I did the math and went with it. To make a long story short I recieved a call this morning to inform me that I was eligable to lower my rate to 2% locked in for 39 months.

Not sure if I just got lucky on timing but has worked very well for me.

HAPPY

Anonymous
#562580

O ya USAA SUCK BAD to ever deal with if disaster strikes. I am in Roswell, NM not prescot AZ (Internet provider IP address).

YES they are in it for $! Always ask to buy points, bi weekly payments, weatherization loan and anything that will help.

Anonymous
#562579

O ya USAA SUCK BAD to ever deal with if disaster strikes. I am in Roswell, NM not prescot AZ (Internet provider IP address).

YES they are in it for $! Always ask to buy points, bi weekly payments, weatherization loan and anything that will help.

Anonymous
#562572

Ok this company sends TONS of junk mail and even calls after I was in process. I have 5.75 30yr.

So 2.5 for 39 months sounds good. It's based off 1 yr bond. So worst case it would be 7 yrs before I would be paying more interest 6.5 with 7.5 cap. Well If you do double payments first 39 months it pays off.

Fixed loan charges interest on full Loan amount. If your interest gos up with MIC, they only charge interest on balance owed. I'm thinking I got 6 years or more pprobably of lower interest...Grate time to knock the balance down with extra payments and I can always improve my credit score and refinance with another bank in 5-8 yrs.

PUSHY, ACT LIKE YOUR DUMB (Sorry I'm educated), JUNK MAIL like weekly, Waiting to see all the BS fees and NO funding fee for 100% disabled vets. BTW Lean(s) MUST be paid off by yourself at closing $$$ and lean holders NEVER want to settle for a fair price.

Anonymous
#562571

Ok this company sends TONS of junk mail and even calls after I was in process. I have 5.75 30yr.

So 2.5 for 39 months sounds good. It's based off 1 yr bond. So worst case it would be 7 yrs before I would be paying more interest 6.5 with 7.5 cap. Well If you do double payments first 39 months it pays off.

Fixed loan charges interest on full Loan amount. If your interest gos up with MIC, they only charge interest on balance owed. I'm thinking I got 6 years or more pprobably of lower interest...Grate time to knock the balance down with extra payments and I can always improve my credit score and refinance with another bank in 5-8 yrs.

PUSHY, ACT LIKE YOUR DUMB (Sorry I'm educated), JUNK MAIL like weekly, Waiting to see all the BS fees and NO funding fee for 100% disabled vets. BTW Lean(s) MUST be paid off by yourself at closing $$$ and lean holders NEVER want to settle for a fair price.

Anonymous
#538395

I am currently doing this program. Yes, I listened to the pitch, and being a salesman myself, it wasn't that bad, didn't push beyond my limits. He was polite, knowledgeable, and a veteran himself. I first rejected everything he said, as I've heard a lot about ARMS, but if there is something I've learned as a salesman, it is that not everything you hear is true. You must listen/research all the information before deciding for yourself, rather than basing your decision on speculation and beliefs about what you 'think' you know.

All in all, it's a good program, with a high startup cost, but doable in the long term. For us, it fits our needs. We plan to use the savings to keep paying down the principle, thus making the annual amortization more benefical for us, more than covering the startup cost, and the cost of our last refi, and still bringing the balance down too, enough so that at the end of our fixed rate, even if 'worst case scenario' happens, we will never owe more than now, even after 8 years with the 5% max increase. Plus, if we drop the escrow refund into it, another drop in the balance. And this system also allows us to pocket money and have an option for the occasional rough month everyone has.

My advice, look into your own numbers and life goals, see what's best for you. This isn't for everyone, just like a 30yr fixed isn't for everyone either! You need to find what program works best for you, and go with it!

Anonymous
#538121

8000 dollars for funding fee

3000 a year towards mortgage at 3%

9000 to mic for 3 yrs, rates go up to 4% and basically hover at original cost. i could almost shoot myself in the head for something this ***!

Original 166000 zero fees on new home

MIC 2nd 8000 174000 3yrs 165,000 maybe

There is nothing worse then being taken advantage of other then well being taken advantage of.

Anonymous
#535916

I am backing out. I did the math with the "worst case scenario" numbers and in the end, at my present rate I would owe 1000 (not real numbers) in 2020 and with the refinance I would owe 1100 (again, not real numbers) in 2020.

There is a 10% discrepancy, and I would like the equity please. It is nice to save money up front, but if you work it out the life of the loan, it is not a savings. Like I said, worst case scenario with the 1% added every year, but I can not take the chance that that would not happen. I have a good fixed rate.

Besides, the money I would save in the first 3 years pays back the closing cost.

Equity is lost. Might be different for different folks, but my 4.5 fixed is just nice.

Marcus S
#515838

I checked the Pissed Off site out before committing to MIC on their hybrid loan. Almost caused me to back out, but it seemed like to good of a deal not to do more research.

We live in a manufactured (mobile) home in Florida on five acres, and we're way underwater ($187K balance, approx $120K value.) VA mortgage with USAA was at 6%.

Unbelievably, USAA wouldn't refinance us at a lower rate. Made no sense as the chances of me paying off their loan is GREATER if they made it more affordable… (That's the only negative thing I have to say about them - - otherwise they're a great company as all their customers know…)

I'd received dozens of mail offers for refinancing our home but once they learned it wasn't stick built, they backed out.

When I got the MIC flyer in the mail, I initially tossed it in the trash pile as I'd gotten in the habit of doing with all the others. Not sure what caused me to give it one more shot, but figured I'd check them out. When I called, I was initially put off by their enthusiasm. "Of course! We can refinance you! Mobile home? No problem!" I'm thinking it's BS because they were as positive as all the others had been negative.

We agreed to meet the guy they sent to speak with us and I quizzed him for maybe 90 minutes (until he was getting upset because he was late for another appointment.)

We gave him a check for a couple hundred (not the couple thousand he wanted) as earnest money and I began checking them out. As negative as the comments are on this site, one thing was clear: the bad comments were from people who hadn't used them, the good comments were from those who supposedly had.

What made me go through with the deal was when I called three of the banks I deal with (Pentagon Federal, USAA, and Suntrust) and asked their loan officers for advice. All three said that, if I was providing correct info to them, it was a much better deal than they were offering on refinancing.

It took a couple months for MIC to finish the paperwork and get back to us, but they fulfilled every commitment. And it was much easier than I expected.

I'm a skeptic (and it's saved me a lot of money over the years) but I wanted to get on this site and let other vets know that this is the best deal they're going to find. (Well, with maybe one exception: I told a friend of mine about MIC, but before he spoke with them he called his lender and asked what they could do. With NO paperwork and no fees, they dropped his rate from 6.5% to 4%. THAT is a good deal. But if you can't get that, MIC is a good bet.)

Make sure you understand the advantages of the annual amortization. That took about 5 tries before I figured out what a good deal it was (it's only done on an adjustable rate loan.) The worst part of the whole experience for me was when, after repeatedly asking about this, my 16 year old had to explain it to me...

Anonymous
#510845

Husband just received a call stating the 3.5% FIXED rate. After checking on here, I told hubby no because I don't want my rate changing at all.

I don't want anything to do with an, ARM, Balloon, adjustable or anything else a company can think of to call it. Really glad I looked on here before we made any decision. We are going to stay with what we have with our current company. Just a note to everyone on here too.

If this company can offer this and it is something you would be interested in doing, then why not call your current mortgage company and tell them about it and see if they will atleast match it. You will save money because your current company has already gotten your specs that they would need and there fore you wouldn't have closing costs.

Anonymous
#503277

I worked at MIC for about a week as a sales/mortgage rep...really couldn't stomach the sales tactics they had us use in the field and could not continue to work for the company...that being said, the program itself is a great program, but the fees they charge are high...I would suggest contacting your local bank or mortgage company and comparing rates/fees before making a decision

Anonymous
#503276

I worked at MIC for about a week as a sales/mortgage rep...really couldn't stomach the sales tactics they had us use in the field and could not continue to work for the company...that being said, the program itself is a great program, but the fees they charge are high...I would suggest contacting your local bank or mortgage company and comparing rates/fees before making a decision

Anonymous
#502436

I am financial advisor professional - I have been for 19 years. Listen carefully...

the deal that they are offering sounds great (2.5% for 39 months with adjustments each year thereafter with a cap) but it really isn\'t. If you have locked in a loan in the 4%\'s ... you will be paying a lot more in monthly payments down the road. Remember...

no one does something for nothing and this company is out to make money. They make it sound great but do the math on your own and you will see their anaylsis doesn\'t add up. This is predatory lending at it\'s best. This is exactly what got this country in the financial mess in the first place.

I promise you that if you do this loan..

in 6 years you will be hitting yourself in the head as your monthly payments will be increasing to the point that you will be outside of your budgeted amount. Don\'t do this loan.

Anonymous
#500740

I'm refinancing for the second time with MIC because my husband and I were treated so well the first time!

Punctual, pleasant, honest, professional, knowledgeable and endearing!

My husband and I are Navy Vets and so was the gentleman from MIC!

We had a great experiance twice! We're locked in for 2.5%!

Don't be scared it's true! Check them out!

Anonymous
#498666

We go to closing tomorrow. They were pestering us until we agreed to make an appointment and I must admit, I am very glad we did.

We were locked in at 4.5 now we locked for 39 months at 2.5 a savings of almost 500 per month, with an escrow refund of 9000...the reps was very good, respectful and knowledgable. can't wait+ one month free

Anonymous
#498649

Mortgage investors is a great company, they have a great progarm to if you would let them explain and really look at it as a benifit not just another adj rate, this program is made by the VA for us, and just because it can go up every year dosnt mean it will, it follows the treasury note, the max rate my loan can go is a 7.5%, rates havnt been that high since late 70's early 80's, so not to worried about that. and even when the rate adjust, your loan amount does too, so at year 3 lets say it did go up to a 3.5% from my 2.5%, im not paying on a 150k loan i started out at, if i payed 15k in those 3yrs, i know will have a 3.5% on a 135k loan witch i was shown how thats still alot better finacial sistuation i was in. give them a chance, worst case your out 15mins, but "listen

Anonymous
#495675

We have an app tonight. Our fixed rate is at 4.50.

We are being told they can set it to 2.something. We aren't sure if we want to do this since our rate is so low but we're checking it out.

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