There is no way this isn't some kind of scam....

[JoLLyRoGer]

We just bought a new house and already before I've even made the first payment the refinance trolls have already begun their solicitation onslaught, but this one really made me guffaw.

Soooo... If I'm reading this correctly... which I'm probably not.... Somehow I'm going to pay $2902.00 monthly for 9.8 years and pay off a $389,500 loan!?

$2902.00 x 117.6 months (or 9.8 years) = $341,275.00

What a crock of shit....

 

[dave_the_nerd]

Just bought a $400k house eh? Nice humblebrag, bro.

 

[SunnyD]

It has the word "Synergistic" in it. It's legit.

 

[Ns1]

Just bought a $400k house eh? Nice humblebrag, bro.

that's a 1 bedroom condo in LA. Probably a small shack in SF and maybe a janitor's closet in NYC.

 

[Eug]

Where are they getting all your information? Scary actually.

 

[IronWing]

Where are they getting all your information? Scary actually.

Credit report.

Anyway, just make extra principal payments if you're feeling rich and want to save on interest.

 

[Charmonium]

Anyway, just make extra principal payments if you're feeling rich and want to save on interest.

Only if there's no prepayment penalty.

 

[Eug]

Credit report.

Anyway, just make extra principal payments if you're feeling rich and want to save on interest.

Why would they have access to his credit report?

 

[rsutoratosu]

I mean you can basically DIY by making payments yourself... this just does it for you.. but yeah.. I would do it if you have the money to spare.

 

[master_shake_]

i read synergistic i see scam..

burn without reading.

 

[highland145]

It has the word "Synergistic" in it. It's legit.

lol kind of like "repubic" in an eastern country.

 

[Ferzerp]

Home purchases are publicly available information.

All these scummy programs just charge you for handling biweekly payments which you could do yourself. They're banking on people not understanding that biweekly ends up being an extra payment a year (which they could make anyway without the involvement of these scummy companies). 26 half sized payments makes for 13 full sized payments.

edit: sounds like this one wants you to make even higher payments through them. a service that they will no doubt charge you for.

 

[TastesLikeChicken]

Why would they have access to his credit report?

It doesn't necessarily come from a credit report. A house purchase is public record and the basic information can be gleaned from that record. They usually don't even bother pulling a credit report because the basic assumption is that if you were approved for a home loan you already have a decent credit score.

Edit: /shakes fist at Ferzerp

 

[Eug]

Wow. I live in Canada and while crappy refinancers exist, I don't think I've ever heard of companies trolling new buyers with schedules for handling biweekly payments for a cost.

But then again, the banking and mortgage system here is very different, and I wonder if the laws are different regarding this too.

 

[Bacstar]

Ever since I ended up buying my condo, I almost immediately got offers to refinance as well as loan offers, credit cards, etc. It seems almost daily too; it all goes straight into the trash...drives me crazy. So I've gotten to the point I only check mail once or twice a week.

Uggghhh

 

[postmortemIA]

loan with lien on real estate is a public record. but yeah this is essentially offer for a 10 yr loan.

 

[IronWing]

Why would they have access to his credit report?

Because credit bureaus sell them. That is how the bureaus make money.

 

[SparkyJJO]

That looks familiar. That garbage will roll in to your mailbox for a few weeks/months.

 

[NutBucket]

Because credit bureaus sell them. That is how the bureaus make money.

They'll sell basic info but not a full report. Need authorization from the borrower for that.

 

[zCypher]

Wow that is hilariously scummy, never seen anything like it, thanks for posting. Seems like an entirely unnecessary service that prays on the ignorant. I'm not a homeowner, but I figured it was common knowledge that paying things off sooner almost always resulted in less interest paid, thus the overall savings.

There's little detail about what actually happens in this letter - and they say no change to your existing loan or refinancing? uhhh...............lol.... go go gadget term reducer!!!!

 

[BoomerD]

Why would they have access to his credit report?

Because the fucking credit reporting companies sell your info...you have some limited options to opt out of such things...but the rules are written in their favor...not yours. Each of the credit reporting agencies has some type of opt-out options...but sadly, even if you opt to opt-out, they can/do still sell your info to some companies. D:

 

[soulcougher73]

Why would they have access to his credit report?

Cause M'urica.. Land of the for sale.

 

[Sukhoi]

Heh I just received that exact same letter after purchasing a house but I think the company name listed was different.

 

[Imp]

OP be cynical. He don't believe in the kindness of strangers.


lulz.

 

[Markbnj]

that's a 1 bedroom condo in LA. Probably a small shack in SF and maybe a janitor's closet in NYC.

Yeah but out here in the burbs it will get you a pretty nice-sized house. About the same as the one my landscaper lives in.