I worked with Mark Friedland – Choice Mortgage Bank in the purchase of my Colorado Property. Marc convinced me to sign a loan that involved a balloon arm.
I told him that other brokers had told me that a 30 year fixed rate mortgage was preferable but he talked me out of it.
This was my first home purchase. I was completely naive and unfamiliar with the loan acquisition process.
I was just out of school and had terrible credit. Marc put me in a product that ultimately caused me to be upside down in my mortgage.
I had to borrow 30K to get out of the loan because there were strict penalties for getting out of the loan before 3 years.
I called Marc several times for help but he said there was nothing he could do and that I should have read the fine print.
He was right, I should have done a better job researching him and his credibility as an agent but truth be told, I was just naive.
I had no idea someone could be so deceptive. BE VERY CAREFUL. Please be careful and make the right decision–hopefully you will not have to experience the financial devastation that I did due to this broker.