I went over the good faith estimate with a few of my family and friends that were refering eachother to Hamilton Mortgage and found that they were being charged over 2.5% on their Origination Fee ($3,250 on a 130,00 loan) and buying their rate down for 2.5% as well. The elder couples who had better credit were buying their rates down and the interest rates were still high. We are talking about close to $13,000 and if not, even more in closing fees ! A 780 credit score and recieving 9% rates!
Okay, maybe they could of been more educated about refinancing their houses and maybe its their fault for "not understanding!" or maybe like Ameriquest - FEES WERE NEVER EXPLAINED TO THEM & some even said FEES CHANGED AT CLOSING and Hamilton said they were not signing over appraisal and they would have to go through the whole process again, telling people their credit was not good enough (at a 780!), lucky that Hamilton is even helping them, blah, blah, blah!
But, my question is that was Hamilton Mortgage refinancing for customers needs or their own? MOST PEOPLE out there does not understand all these numbers on the good faith est. but I know my mortgage specialist had nothing to hide explaining throughly!
Isn't there a limit to what they can charge on fees and rates in Michigan? Are these people looking to make money on the interest rate too? Is there a place where I can report high fees and rates? Are these closing fees high to keep Hamilton going? SOUNDS LIKE AMERIQUEST to me! Help these people. No one deserves being overly charged especially with good credit scores and mortgage payments. Companies like this scares people like me and you who knows that our house is everything to us. I thank everyone who proceeded on to taking Ameriquest down for this typ of scammed and also recieving income from it!