Top Dot Mortgage: The Truth

People are not telling but they have felt foolish after inking the mortgage contract. They do not know most of the gory details but they know that they have to pay this much every month for thirty or forty years. They know too that they can lose their homes if they miss one or two of those persistent monthly bills and that’s about that.

Do You Know What You’re in For?

Buying a new house is the most exciting achievement during your lifetime. You are no longer a renter but a homeowner, but with the change come the risks of a lifetime too. When you get a mortgage, you are bombarded with a lot of information that can be confusing. Prospective borrowers go through the motions of the loan not knowing that there are options available to lower the monthly bills before the deal goes through.

Some borrowers jump at the chance to get a mortgage without thinking of the implications of the deal on their budget and their lifestyle. They do not investigate the company for fraud or complaints but go along with the sweet-talking sales agents and before they know it, they’ve chained themselves to a disastrous mortgage.

A credible mortgage bank will take the time to educate you on the mortgage you want. The bank will also offer other options but won’t rush you to ink the deal until you are ready and understand what is in store for you if you violate any of the terms in the contract or if you miss a billing period. What about TopDot?

Topdot Mortgage is Not a Johnny-Come-Lately

Topdot Mortgage, a national mortgage bank, was founded in 1995. It presently funds construction, commercial and residential mortgages to a tune of over $2.5 billion. Originally, Topdot went with the name of Premium Capital Funding. The name change is suspicious but Topdot claims that the change happened when they expanded their horizons.

But here’s a low down on this seemingly credible company. According to the complaint, the Topdot sales agent pinged his credit several times to lower his credit score. Why? The lower the score the higher interest rates they will heap on your mortgage.

Another complainant mocks the fancy Topdot Mortgage office in New Jersey and spills the beans. His complaint has to do with the stealth the company did to cheat him out of a good transaction. His refinance started with a promise of a savings of $250 to $750 a month but he walked out with added mysterious costs to his old note balance.

Instead of owing the mortgage company $200,000 at 7.5% interest, he now owed the sheisters $236,708.50, supposedly at a lower 6% interest rate and instead of having only 12 years to pay he went back to the 25 years loan term.

At Topdot Mortgage, they promise that the sales agent will spell out everything for you and offer you deals best suited to your financial situation. They won’t hide behind big words but make you understand the details of the mortgage and their pros and cons. There is no pressure to sign the contract if you are not ready. What a relief indeed but then what about the complaints about the company?