Primerica SMART Loan?

Question

I'm interested in learning what you know about Primerica's loan program that is backed by Citicorp Trust Bank. Citicorp is a huge financial institution and one would assume if their products were bad it would be all over the news. I keep reading about Primerica's pyramid structure, but I'm more interested in their mortgage loan program. My neighbor approached me about a refi (since i'm refinancing anyway) and handed me the paperwork for the "Smart Loan". I researched it and saw SO MUCH bad press about Primerica being a scandelous sceme, but nothing about their products that are supported by Citicorp. Can someone please shed some light for me? I do not want to get involved in a pyramid business at all but I can't find anything out about their loan programmes. Help!!!! Should I just go straight to the citibank and deal with them rather than primerica who has a terrible reputation?

Oh and I have a 798 Fico and refuse to do anything but a 30 yr fixed. I will not work with Wells Fargo because they coded my 30 yr fixed as an ARM and it took me many hours of he!! to have it corrected on my credit report.

Answer 1

the smart loan is a potential negative am product if you make the low minimum payment you are differing interest on your loan. It does benefit commission or seasonal income folks. if this is what you are looking for its a ok product. As to citigroup, they are a good lender they just acquired another lender. I assure you that you wont have issues with them. Now addressing the Primerica portion they're a broker house if you are concerned don't use them. you can choose from a long list of brokers to use. Also some say to go bank direct its cheaper!!! not true!!! broker have access to a list of lenders and at wholesale pricing. Banks are retail based. I can beet a banks offer any day of the week easy. hope this helps. The one statement I will leave with is you must feel comfortable with your mortgage company. If not move to the next.

Answer 2

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RE :Primerica SMART Loan?
I'm interested in learning what you know about Primerica's loan program that is backed by Citicorp Trust Bank. Citicorp is a huge financial institution and one would assume if their products were bad it would be all over the news. I keep reading about Primerica's pyramid structure, but I'm more interested in their mortgage loan program. My neighbor approached me about a refi (since i'm refinancing anyway) and handed me the paperwork for the "Smart Loan". I researched it and saw SO MUCH bad press about Primerica being a scandelous sceme, but nothing about their products that are supported by Citicorp. Can someone please shed some light for me? I do not want to get involved in a pyramid business at all but I can't find anything out about their loan programmes. Help!!!! Should I just go straight to the citibank and deal with them rather than primerica who has a terrible reputation?
Update: Oh and I have a 798 Fico and refuse to do anything but a 30 yr fixed. I will not work with Wells Fargo because they coded my 30 yr fixed as an ARM and it took me many hours of he!! to have it corrected on my credit report.
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Answer 3

I am always suspect when someone can only find faults with a current insurance and investment plan that is in place. It sounds like you have a 10 year level term policy, which is probably not bad, not knowing your age. ALL TERM insurance goes up in price at some point. Primerica has sold 11 year and 20 year level term policies. The last ones that I have seen have been 20 year policies and then the premium increases substantially. At the end of your current policy, if the price goes up too much then shop around. Most policies show a guaranteed rate in the policy pages and may not be what the company will charge at that time. If you drop your current policy, then the suicide and contestable clause come back into effect. Means that the first two years the insurance company will not pay for suicide and will research in depth any claim. Don't fall for all that baloney about fees, your family friend wants a commission and is trying to confuse you. I have always carried the same amount of insurance on my wife as I carry on myself. She has only worked 2 years in the last 29, but if she is gone, I would have lost my childcare provider, my housekeeper, my children's chauffeur, my children's nurse, and if anything happened to either of us, college is paid for the children. I have never told a client that they had too much insurance, at times I have told them they are paying too much for their insurance, but NEVER that it was too much. I never had a beneficiary tell me "this is too much money, take some back". I have been asked "is this all there is?" Set down with your current agent and talk to him or her, I am certain it will be beneficial to everyone.

Answer 4

Primerica Mortgage

Answer 5

Deal with a large lender. Countrywide is the biggest. Bank of America. Wells Fargo. Chase Home Finance. Washington Mutual (WAMU) (although they have a lousy reputation when it comes to service). Citibank is one of the smaller players, but I would be more comfortable dealing with them than with Primerica. You might be able to find a cheaper loan through a broker - don't bother unless you're desperate to do it at rock bottom. I just don't trust them. You can get screwed up bad by some of these fly by night operations. I'd rather pay a little more for the peace of mind that my loan is going to go through in a timely manner and that I won't be getting bait and switched to a rip-off loan at the last second. It's a jungle out there. Oh, and don't take any Option ARM loans or Interest Only loans. You could wind up with negative amortization (you owe more than the debt you started with) and/or negative equity (you owe more than your property is worth). Don't ever let anyone switch your loan on you at the last minute and especially don't let them talk you into taking a B/C loan (for people with bad credit - always a major rip-off). Don't let them tell you that you can always refinance before the ARM change date. Things can change. You could lose your job. Your spouse could lose their job. The value of your property could go down. Then you will be stuck with a loan that is killing you and that you can't refinance.

Answer 6

I would steer clear of Primerica. And Citigroup for that matter. Bank Of America has a great reputable program that you can trust. As do many other companies.

Answer 7

I'm curious too

Answer 8

it depends...