Mortgage Investors Corporation REVIEW: Mortgage Investors Corporation / Amerigroup Mortgage Corporation commitment to 100% client satisfaction, MIC implemented strategic changes to insure clients success, focusing on finding ways to help service members and veterans protect their homes and lower their monthly mortgage payments even in the sort of challenging market we face today.

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*UPDATE: Recognized by Ripoff Report Corporate Advocacy Program as a safe business service Mortgage Investors Corporation / Amerigroup Mortgage Corporation pledges to always resolve any issues, feel safe, confident & secure when doing business with MIC.

I've been contacted by these folks the last few weeks and the money savings they mentioned sounded a little too good to be true. I want to thank you guys for saving me the hassle of dealing with this company.

They use phrases like, "We only deal in VA loans." Why would a company limit themselves like that?

Their website says Veteran owned and operated. Haha, was that supposed to make me trust them more?

But the original report which mentions the bait and switch convinced me this company is a bad idea. So... thank you divorced lady from Santa Fe!

I work for MIC and it provides a wonderful service for Veteran's just as it promises!  I resent people putting down MIC.  I am grateful for my job there.  What I am not grateful for is the preferential treatment certain people receive and all the drinking, drugs and sex going on at the central aveniue office.  C'mon Hailey, they caught you coming out of the men's room with two guys.  GROSS.  It's funny cause now she's trying to sue the company saying that she had to have sex in the men's room or she'd lose her job.  You weren't that good at getting leads to begin with, fatty.  Everyday I go there I am so tempted to ask for a meeting but I never know who theyre going to send me into the office with.  One of the good guys, (Mike, Cheryl, Josh) or one of the people who are screwing around, getting high and drinking at the office, (Darryl, Fritz, Ray).  Are the bosses really so stupid that they don't see Fritz all coked up on the weekends?  That they don't see Darryl's behavior change as he progreesses down that bottle of "grapefruit juice" he walks around with?  Has nobody seen him go from white to red in 0.5 seconds.  C'mon people.  REally?!?  Really?!?  Oh yeah and did Ray really think that nobody in the first row heard him when he told Darryl to "find some dirt" on Robert?  You're not getting over on anybody loser!

So when you want to step all over MIC, don't make the company out to be awful, it's the corruption going on in house thats awful.  Maybe someday Mr. Edwards will clean house and get some good workers in there like in the good old days of Cheryl Mike, Lieu, Josh and Charlie.

My husband and I were contacted by this company last friday.  They had caught me at a good time because normally before I even allow a telemarketer to take a breath I tell them to put me on there do not call list.  Anyway, I listened to what they had to say and was then informend that I can potentially save about $260 a month on my mortgage pmt.  Who wouldn't want to save that kind of money right?  So I agreed to let them come out to my home today for an appointment today.  I haven't yet had the appoinment but decided to start researching this company to make sure I wasn't getting scammed.  Well I have learned that the company is legit but a bit shady.  When I had spoken with them on the phone I speciifically asked if they were a member of the BBB and they told me yes.  On the appointment e-mail they sent it also states that they are members on the BBB.  However, when I went to check the BBB, in the column where is says 'Are they members on the BBB?' It reads NO.  Interesting!  Also when on the phone with them they said they offered a low interest rate of 3.2 "Lowest in the country".  I am now realizing that is because it an ARM.  I curently have a fixed rate of 5.7.  We don't want to get oursselves in a mess later with because of an ARM.  Thats why this country is in the fix its in right now.This company hasn't lied to me about anything but the BBB membership but be wary because there is lots of deception. 

I got something from Mortgage Investors Corporation in the mail titled "Payment Reduction Notification - 2nd Notice".  They go on to state that I'm amoung a select group of VA mortgage holders that haven't taken advantage of the lowest interest rate in over 40 years.

Intriguing.  So I give them a call.  I talk to them...they're very nice...they even thank me for being a veteran and serving our country.  They schedule an appointment for someone to come to my home 4 or 5 days later.  I pause, and think...who are these guys I just called.  So I look them up on the Internet.  I see numerous things online that shed a negative light on these guys.  The thing that struck me the most was their Better Business Bureau rating:

BBB Rating of C (on a scale of A+ to F), 177 complaints filed against business

source: http://www.bbb.org/west-florida/business-reviews/mortgage-bankers/mortgage-investors-corporation-in-saint-petersburg-fl-52003613

So I've seen enough, know that I don't want to work with this company after all, and decide to cancel my appointment with them.  I call the next business day.  I get a friendly person on the phone again.  They assume I'm calling to take advantage of their offer.  You can tell they're reading off the same script.  I cut the person short and tell them that I'm calling to cancel my appointment.  I'm abruptly transferred.  The guy I get on the phone asks me "why do you want to cancel your appointment?  We just want to save you money.  Why wouldn't you want to save money?  There's no obligation.  Just hear us out."  I tell him that I appreciate it, but after looking into their business and its BBB rating, I'm not interested.  He accepts that and hangs up.

The day of my appointment I receive a call from a number I'm unfamiliar with.  It's a St Petersburg, FL number.  I don't answer it initially.  They don't leave a message or call back.  2 days later, same number calls back.  I answer this time.  They contend that I had a scheduling conflict and when can I reschedule my appointment.  I reiterate that I didn't need to postpone, that I cancelled the appointment outright.  The guy has his earplugs in.  "Blah blah blah...save you money...why don't you want to save money?".  I explain again that I appreciate his offer but based on my knowledge, I wasn't interested.  This guy wasn't taking no for an answer.  He kept going on with his sales spiel.  Has asked me what my interest rate was.  I told him it wasn't his business.  Finally I told him "you're not listening.  i'm not interested".  This guy had the audacity to tell me "sir I went to college.  i understand the English language".  Wow!  Nice way to talk to a veteran, huh?  I hung up, only regretting that I didn't give him a piece of my mind before I did.

My advice...don't deal with this company.  Read the information above.  Check them out on the web.  Look at their BBB rating.  You be the judge!

Did I just read "why are there no commercials?" Maybe because it's a VA Benefit and not a general public benefit. Only something available to military people. That's why it's not advertised. duhhhh. So you could say the same thing about $0 down, why isn't that advertised? Because only VA loans allow $0 down because it's a benefit for our service to the country.

Understand that the VA is not going to advertise any of their benefits to the general public because everyone would want them, don't you agree? Think of the millions of people who forclosed on their homes under conventional subprime loans. There was mass advertising for those and look what happened. Do you think just because there isn't commercials that it's a bad thing? Maybe there are no commercials because only and exclusive breed of people qualify for it. That would be military people.

Hey, guess what, when you're active duty, you get free medical care, why not put some commercials on tv and advertise free health care? Maybe because that's only available to military people, just like the hybrid loan is only available to veterans, so let's use some common sense here if you're gonna post things.

The VA Hybrid Arm may be one of the most misunderstood loans in the market today.  It is unfortunate that some have had bad experiences along the way, because these bad experiences are with a particular lender or organization I do not think it is fair to classify an entire loan product as bad.  In my experience the Dept of VA would not be endorsing and allowing a loan they thought would cause harm to a borrower (veteran).  Many of you are afraid of this loan because it was either forced on you, you were lied to or mislead, or because you just dont understand how it is intended to assist you.  Instead of writing a novel I would suggest the following places online to further your research.  This video at http://vimeo.com/10101207 or this blogs post on the VA Hybrid Arm http://www.lowvarates.com/va-loan-blog/how-about-the-va-hybrid-arm/.

I was contacted by MIC and agreed to have a representative come to my house. The presentation was long and dry and in the end I saved a little bit of money on my monthly mortgage payments but the process itself was very messy just as Tammy described. The amount of closing costs/fees they added to my loan turned out to be more than what I will ever be able to recover if I was to sell my house. To piss me off even more, it wasn't until after completing a real estate licensing course that I was able to see how deceived I was into using their product, but I will admit that it was my fault.

From my experience with them (MIC), I can honestly say that they care more about the commission they will make from you rather than about the fact that you're a veteran no matter how sincere they try to make it. They really bank on people's short-sightedness. Looking back at it, even their advertised rates were misleading. If you're a husband/wife appointment, they take great measures to make sure you see their big picture - focusing on getting one of you to see the need for what they're selling. 

Veterans in general are their target market and they do whatever they can to get your business, even a little lying if thats what it takes (as I found out). It seems like people serve and get out of the military and come up with creative little ways to scam the rest of us. 

If someone is looking at this and is interested in refinancing or getting into a mortgage for the first time, I highly recommend attending a real estate class and learning about the entire process and what different things mean. It cost me a little under $300 which was very little compared to the $15,000 in new closing cost that went to these criminals and whoever else.   

Rich, Tampa FL

After some research and reading these rebuttals, I too will not be meeting with Mortgage investors.  After talking with them on the phone I got the car salesman feel and it seems my thoughts were right.  Whenever a company has to rush or pressure, the red flags should immediately go up.

Doug, If you are going to call anyone a "retard" or "stupidest", you must first not be one yourself.  I could barley read your post, are you in grade school.  Actually, I believe I was writing better in 3rd grade.  Try working on your grammar before you start calling someone stupid, or at least a little less ignorant in your rants.  The worst part about the whole situation is that I have to share the same air with people like you.

So I was going to schedule a meeting and listen to what Mortgage investors had to say about their unbelievable 3.5% rate, but now after reassuring my suspicions, I will stick with my 30 year fixed 5%.  Oh and thanks to Doug from back woods USA, get back to your doublewide, your sister's calling!

Doug,

Seriously?  Are you honestly defending that company by calling a single mother who happens to be a veteran a retard? I have to say.. If this is the case, you seriously need a self check bro...

If I was the company and you were defending me by calling a veteran a retard, I would get rid of you and distance you from my company as far as possible.  If I was one of your friends who worked for the company, I would definitely deny ever knowing you. Besides the fact that she presented her problem in a professional manner by describing the complete incident in detail.  At one point she even defends the company.  What she did not do is use childish tactics like name calling.  How absolutely rediculous and uncalled for. 

You do realize that by acknowledging that she is a veteran and then calling her a retard, you are calling ALL of us veterans retards.  Just from the representation here alone, I have decided not to contact the flyer that the company has sent to me.  Additionally, as I am a veteran of a foreign war and still active in the military ~ I will ensure that everyone I associate with is informed on how people at the company LAUGHS at their customers and use all power I have to deter them from using this mortgage company.

90% of all marketing is done through word of mouth and I for one am glad that you opened yours Doug and informed us how the company really thinks about its customers.