Iown: Delays and Changes
Written: Jul 13 '00
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Pros: The agents worked hard and responded to our E-mails quickly.
Cons: We ended up getting a different deal than the one offered and paying thousands more than we needed to.
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| vraskin's Full Review: iOwn.com |
My husband and I went with Iown for a refinance on our home because it offered a 3/30 year, 8.9% rate with $2600 in closing costs. They suggested that I would have the money in 2-3 weeks. The other best offer I had was 9.3% with $2500 in closing, so I went with Iown. After a month, in which they asked for and we gave them every bit of information on our financial situation that anyone could imagine, they reported that the lender had bailed but they would soon find me another lender.
Since we had been with them a month, we didn't want to start the whole process over again.
A few days later they found another lender at a 9.3% rate with a 2/30
year loan. We went with it, expecting to close within a week. A problem with the title company ensued and it was another month before we closed.
At the closing, we got another shock. Total costs to us were around $4,000. Not only that, but after two years the rate will go up to prime plus five percent! So it will go up to something like 13 or 14% in 2 years, which we can't afford, which means we have to go through another refinance in two years which will cost us another $3 or 4 thousand.
Because of the 6 week delay, other financial considerations made it urgent that we get money, so we were forced to go along with this terrible deal, which we would never have agreed to if offered in the first place.
Needless to say, we won't be using Iown.com again.
Recommended:
No
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Epinions.com ID:
vraskin
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Member: Vicky Raskin
Location: Orlando, Florida
Reviews written: 4
Trusted by: 0 members
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