My name is Larry. I have used ABN-AMRO Mortgage for my 2 last homes. In 1999, I used ABN-AMRO as suggested by my mortgage broker at the home I was living in at that time.
Because I only put down 10%, I was required to use their PMI.
After being with them for about 1 year, I paid them an additional amount of $40,000.00 making me way over the 20% required to not need PMI.
I then contacted them to get the PMI released and to my surprise, they had requirements. First, I needed to get an appraisal which would have been $400.00. Then, they wanted me to pay them a fee of about $600.00. (As I remember).
Most homeowners with PMI, know that each payment, they deduct a portion of the PMI money for themselves. Of course they wanted to make it difficult to drop it.
I then sold my home and bought a new home and to my surprise, my mortgage broker (same as last time) said the best rates were with ABN-AMRO. I was not concerned as on the new home, I made a down payment of about 40%. With this new loan I didn't need the PMI.
Recently, mortgage rates have dropped and my loan from 2002 was at 6.75%. I contacted ABN-AMRO to tell them I could get a loan at 5.5% and if they would lower my rate I would saty with them. They said; "This is our rate & if you don't like it go elsewhere" (as I remember)
The Icing on the cake was that when I went to sign the escrow papers, ABN-AMRO had charged me a fee of nearly $1000.00!! This was to pay off the loan which was unreal to me.
I called them to say after all of the business I gave them and with the first 3-7 years of a loan 90-95% is all interest and they had a lot of nerve.
I sent them an email telling them that I will tell everyone of my friends, business associates and realtors to NEVER use ABN-AMRO.
I am still in shock!!
Larry D. Ackerman
Toluca Lake, California