Subject: Re: Re: Re: Re: Re: Primerica Mortgage Scam

Comments:
: Interesting to find this post tonight, I just warned a friend away from the Primerica scam. : As a mortgage professional with almost 10 years in the business and over $150,000,000.00 of residential real estate loans in that time I can clearly say that Primerica's sales pitch is misrepresentation at best, borderline fraud at worst. First of all, no reputable lender charfes a pre-payment penalty unless it LOWERS the interest rate. The PPP is to offset a potential loss in loan revenue should the loan payoff early. In addition, when Primerica sells the loan (it may retain servicing rights) it is paid additional for long pre-payment penalties. Secondly, anyone can pre-pay on a mortgage, by simply paying extra on it every month and achieve the same results under a bi-weekly mortgage program. Third paying a higher rate to get into this "program" that "saves" you so much in interest via early repayment is considered misrepresentation by most state banking departments and punishable by fines etc. I would recomend reviewing the fee's charged to you by primerica and ensuring they fell within state and federal guidelines, I would also recomend having an attorney, knowledgable in these matters review to ensure all the documentation is in order. If I can be of any help please feel free to e-mail @ mortgagerates@verizon.net. No charge no sales pitch but would like to help if i CAN.

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