Great American Mortgage, Troy, MI Intrest rate was much higher than promised. Troy Michigan

In all fairness to Great American Mortgage of Troy, Michigan, I would like to inform your readers that Great American Mortgage is accepting responsibilty, and because the broker admitted that he didn't do what he promised. We have entered into a new agreement ( This time I am reading every word ) I have emailed the company at least 50 times with questions. They have agreed to get us out of the loan ( Fees paid by G.A.M.) and also waive all fees to get us into our new loan. It's been a tough road, in conclusion they agreed to get us into a new loan, with no fees, paid the 1% pre-payment penalty, but it wasn't by choice, G.A.M. I'm sure knows that we do have some recourse. I just signed the good faith estimate, and I will advise once the loan is funded. We're playing it safe with a 30yr/Fixed rate. Pretty cut and dry, and easy to understand. My advice to everyone, Look at what you signing, don't feel rushed, take your time, understand everything you are signing. Take some time to understand the Truth in Lending disclosure. My situation was different, that is verified by the settelment with G.A.M. Because I trusted this broker, I never questioned anything. Upon researching the loan doc's, I discovered that we paid the appraiser $300.00 COD, and when the loan was funded, there was another $500.00 paid to the broker for appraisal fee. G.A.M. agreed to repay us the $500.00.
So for now I feel vindicated, and will post a final "loan is funded" Rebuttal.

I was one of the lucky ones..... JP in Farmington

Melvin,
I appreciate your response. Not knowing this business, I should have known better, however we have in writing what was promised, (emails from Great American Mortgage) on the day of closing the loan officer could not make it, however we did call him at the time, ( Phone records to back this) to let him know that something was not right. He assured us that it would be what he has told us all along.

This mortgage broker is the boyfriend of a very dear and close friend of my roomates.... I have learned that you can not trust anyone regardless, and it is what it is. Great American Mortgage as agreed to sit down and discuss everything that the mortgage broker promised. I am at a point that I understand that this will cost us at least $10K to get out of this loan, but that is what we need to do, we may not prevail in court if we intend to try and persue this, but word of mouth is advertising that is priceless, and trust me when I say that I will exhaust every resource available to me, and I will warn anyone wanting to do business with Great American.

It's a shame becuase we consumers are so ignorant to the understanding of the many different loans. Even after this, I still could not sit down and tell you what type of loan we were promised. All I know is we are now looking at a cap of 12% when we had a fixed rate with Flagstar of 5.5%. We live and learn, and we do take full responsilbilty for not understanding, or not educating ourself with the terms and conditions of the loan.

But like I said, we have enough documentation that we can put out the word on Great American Mortgage without being sued for slander. I do sincerely appreciate your advice.

Jay Hill
Farmington Hills, Mi

I have been a mortgage broker for 12 years. If the loan has funded the broker will not be able to correct this situation. If he is telling you he is still working on it he is lying to your face.

This type of behavior is what give up all a bad name in the mortgage industry.

Sounds like he put you in an option arm. If your contract with him does not state that you will be in an option arm then I would call the Department of Banking and Finance in your State.