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My mom has a mortgage with AG that originated in 1998 @11 % interest. They have contacted her every 3-4 years to refinance saying they would be able to save her money. At one point, her "refinanced" interest rate was 12% but somehow they convinced her it would be better for her. The mortgage currently sits at 9:25 % four refinances later.

Seeing the low mortgage rates being advertised, she contacted a different lender, was approved at 4.25% and is closing this week. When she called AG, she found out she has a $10,000 prepayment penalty period of five years and will have to pay that if she wants to change mortgage companies!!! She's been with them for 12 years and is still in the five year prepayment penalty period!!! As it turns out they were only refinancing with her to keep her in the prepayment penalty period.

Don't use them!! They will take everything they can get from you!!

Monetary Loss: $10.

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Anonymous
#216337

The Fre, "Your Mom signed a contact..". a contact????

Advice:

1. Stop working the phones for these loan companies.

2. Get some education.

3. Get a real job

Anonymous
#213140

Don't write a complaint that is complete irrelevant. Your Mom signed a contact..therefore agreed to all terms. If she has refi'd that many times she obviously has no idea how to even manage the amt of change in a piggy bank!!!

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