My husband and I wanted to re-finance our home for a lower interest rate. We looked on-line and found one of those sites that puts you in touch with lenders. We were contacted at home by "Loan Depot" in Irvine California. The loan representative stated we could reduce our monthly payment by over $400.00--that was the hook. He called us back a few hours later and said that the existing loan on our home had mortgage insurance on it, and that would have to carry over into a new loan--so it cut that magic $400 and something into $200 and some change in a heartbeat. The magic was wearing off very rapidly. I talked to this guy many times. I wanted to know why he did not present the possibility of that happening right in the beginning. He did not appreciate that I had some knowledge about loans, re-financing, interest rates, and payments. The numbers were not panning out for us, I made that very clear and from that moment on for the next two days this guy became kind of a jerk. I was hesitant, reserved, and confused by what I thought was a mis-representation of services by this company. When I used those words, he could tell I was getting waffley, and was going to bail. He convinced my husband and I that "$200.00 is a pretty good amount to be saving every month, and you should just go with this." We locked in at 4.75, and thought 'why not'. Then we got our E-filed good faith agreement, and I see where the mortgage insurance premium is $199.00 for 199 months. I called up Loan Depot and asked why so long for MIP? He doesn't know, he assures me he will find out. He doesn't call back until the next day. I told him I didn't like the way the numbers were laying down, and we would think about it. He said, "we might have another loan available for you that would work better. It is a brand new product and I think you will be happy with it." He calls back, all exited and stated the new loan had the MIP paid by the lender, and the interest rate was only 5.625. I asked him why he thought I would want to get into a higher rate than the last loan, we were trying to save money. He said , "Ms. Early, you just aren't getting this are you? But that is okay, it doesn't matter." I said to him, "did you really just say that to me? I DO get it, and I havn't liked this from the start, and I really do not like the way you are talking to me right now so I am going to hang up". I hung up, and emailed our cancellation. I then called his supervisor--who listened very intently, said he would listen to the recorded voice conversation between the rep and I, and most importantly would refund our $495.00 lock-in fee. In these tough economic times people are scared to make life changing decisions such as a mortgage or refinance. This company is participating in the breakdown of integrity of the banking and loan system. I want people to investigate this business, and find out out how many others have been affected. It is against the law to take money for a service that you did not provide. The small print says "the $495.00 is NON-REFUNDABLE unless your application is denied based on information provided by you, prior to the lock." I don't think our application was denied, but I was hesitant right from the beginning, and at the end they were trying to sell us a different loan, so how can we be "locked-in" if he knew we were probably not going to go forward. That $495.00 is a lot of money to us, and now it is gone. There was also $40.00 or more worth of fax fees we paid. They state they use that money to collect for any fees, but who pays us back for what we paid for fees on a loan we did not purchase? Something just doesn't smell right. Thank you for letting me write this, I feel better.