Report: #152820

Complaint Review: CHAMPION

  • Submitted: Sun, August 07, 2005
  • Updated: Sat, October 22, 2005
  • Reported By: ULSTER PARK New York
    PARSIPPANY, New Jersey


*Author of original report: Bait and Switch

Show customers why they should trust your business over your competitors...

When I first went to Champion (now owned by Key Bank) for a mortgage he said that he could give me the best rates possible, and this would be the last Mortgage Company I would ever have to deal with. He said he could give me a rate of 4.6%. I was getting 8.25% at my bank at the time. So in January 2004 I switched to Champion for the 4.6% rate. I had to pay for the whole closing costs and everything. After 1 year in January 2005 this person called and said I have to lock you in at a fixed rate of 7.25% for 14 years and that is the best I could do with your credit rating. They said if I wanted a lower rate I would have to buy it, pay for another closing and he would give me a rate of 6.0%.
I called other banks and they said what Champion did to me was ludicrous. Right now mortgage rates are at an all time low. I had several banks check on my credit and they said I have an outstanding credit rating. After all this I went with one of my local banks and they gave me a fixed rate for 15 years for 5.25%. I had to fork out another $4,500.00 for another closing at another bank and still lower than Champion which wanted 14 years at 7.75%. If this isn't a bait and switch then I got caught hook line and sinker.

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This report was posted on Ripoff Report on 08/07/2005 06:02 AM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Author of original report

Bait and Switch

AUTHOR: Norman - (U.S.A.)

I did not think they would rebuttal this. The person I got this loan from was Kevin Kreider. A lesson learned from this is that whenever you are talking to some one on the phone make sure you get there full names. Most of the papers they send me in the mail only have titles, like Loan Officer. Make sure you know who you are talking too.
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