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Review - Mortgage Investors Corporation

What is the deal with Mortgage investor’s Corporation?

Well if you are looking at this it is because you are likely a veteran or spouse of a veteran. Mortgage investor’s corporation has a niche with VA streamline refinances. Mortgage investor’s offers just one form of a VA loan. What they offer is a 3 year hybrid option adjustable rate mortgage (ARM).

Is Mortgage Investor’s 3 year hybrid option ARM a good loan?

I actually think the loan is a very good loan for many veterans and one I just made my first payment on. I had a 30 year fixed VA loan at 5.5% but my spouse and I believe this loan will meet our needs better. It offers some unique and flexible options. One of those options is to pay off your loan quicker than a typical 30 year fixed loan. This is, the option Mortgage Investors Corporation typically suggests.

At the moment Mortgage Investors is one of the few companies not requiring an appraisals with their refinances. This really makes them a viable option in today’s economy.

Is this VA loan risky?

It is certainly not a risky loan over a six year time horizon. It is also not a risky loan if you implement Mortgage Investors Corporations plan to pay it off. However, it becomes risky after about five to six years if you use the flexible payment options and decide to pocket the monthly savings.

I think it is a very good loan for those who want to pay off their mortgage quickly or want monthly savings for about five to six years or wants flexibility for five to six years.

Do I really need my Spouse at the appointment?

Yes, I tried to conduct my appointment by myself sense I was in the mortgage business for several years. In fact I told a fib and said that my spouse would be there in order to make the appointment. She was not at the appointment and the loan officer would not present loan options to me. In fact he called his boss to see if he could anyway and they said...no way. I had to reschedule my appointment even after the loan officer showed up…almost a deal breaker for me. After going through the presentation with my spouse I realized why she needed to be present, it actually is crucial. Even being well versed in option ARM’s I wouldn’t have had difficulties adequately explaining how the loan worked to my spouse.

Is Mortgage Investor’s Corporation conducting predatory lending?

I don’t think so they offer a unique product that only a few lenders offer and they actually take quite a few risks that other lenders do not take.

What is wrong with this loan?

The fees are high. Actually the fees are quite high and disproportionately high for the market. However, they can get away with it for several reasons: they are one of the few lenders in this market offering this very good and unique product, they don’t require an appraisal, they have quick turn around times and they do what they say they are going to do.

How quick is Mortgage Investors Corporation?

Absolutely amazing…we closed our loan within four days of our initial appointment. That is ridiculously quick I got my disclosures the same day with Mortgage Investors Corporation. This quickness becomes especially evident when you consider I had attempted to do a loan with Bank of America, my previous mortgage holder, concurrently and they didn’t send out disclosures even after 45 days.

What are they calling about?

They are calling to set up an appointment to offer you a 3 year hybrid option ARM. They are quite persistent; in fact I told them to take me off the list about four or five times and I am glad they didn’t.

Is the appointment twenty minutes?

No, of course if you throw the loan officer out it could be. It will last about 2 hours if you sign the disclosures at your initial appointment…If you don’t sign the disclosures then maybe it will last an hour.

Where can I make my payment

They send out a confusing piece of mail that states that GMAC has purchased your loan. What likely happened and what happened to me is that they actually still have your loan and are being helped in servicing your loan. You will need to make your payment on the scheduled time. I would suggest calling them to verify but this is Mortgage Investors online payment site that you can make your online payments to. The online site is now and free not like many other lenders. You can set up auto payment or do single payments. For loan servicing questions you can call 1-877-569-4673.