I read this complaint board prior to the mortgage representative arriving to my home for the meeting. Sure enough, the same things happened to me that had also happened to other nice folks by this "wolf in sheep's clothing" company. When I made the appointment over the phone, I was told that I was going to be briefed on a 3.0 thirty year fixed loan rate. If they had told me I was going to be presented a "Hybrid" loan, I would not have made the appointment. I did not find out until approximately 20 minutes into the supposedly 15 minute appointment, that ALL the company could offer me was a Hybrid loan. The Hybrid loan only guaranteed me a lower interest rate than what I'm currently paying for 4 years, after that it is up to the market to determine my interest rate. The sales representative was real slick about the numbers though. Using a high interest rate at the 5 year mark towards a lower principal would still give me a monthly payment than what I'm paying now. He used his own predicted market data to determine this. Unless you are housing market savvy and are good at forecasting future interest rates, then how else can you defend against this company's math? So I now see how many people are talked into these adjustable loans from fixed interest loans. He insisted that both my wife and I sit at the presentation, when my wife chose to no longer participate in the presentation, the sales guy became rude and had a sharp tongue. When I asked to keep the sheets that he wrote on with the dollar amounts and percentages, he refused. "They are hypothetical examples". So when I finally got him out of my house, I had nothing from him related to anything he had spoke about, except only what I could remember. Any financial institution that does VA loans can offer you what is called a Streamline Refinance, Interest Rate Reduction Refinance Loan (IRRRL) or Hybrid loan. It's better if you go to a local bank or financial institution in your area and avoid companies like MIC who telemarket and/or send junk mail.

Thank you so much for the info. Rep is here right now and I mentioned Hybid and he got upset...LOL