Two women who work for Primerica came to my door tonight?

Question

and were asking if we were interested in refinancing our home. We told them we were not eligible to refinance until next year, because if we refinance earlier than three years there is a huge pre-pay penalty. Anyway they wanted to schedule a meeting at our home, they without even knowing anything about our credit or bills or anything seemed positive that it would be worth it, even with the pre-pay.

I was wondering if I would be wasting my time, and if anyone has ever refinanced through them and what type of experience it was. Thanks in advance

Wow! Thanks for all the great answers. All 15 answers so far are against this company. I think I will just print out this page and tape it to my door for the next time they show up. hehehe

Jeffrey, do you work for Primerica?

Answer 1

I am a client and I refinance through them. They were able to consolidate all my debt into one fixed monthly payment. They lower my monthly payment by almost hundred dollars. By using their equity builder plan, I'm expected to be out of debt 7 years sooner. With the equity builder plan, I would save over $100,000 in total interest. By seeing what they were able to do for me, I decided to take a look at the company and I joined their crusade of getting families out of debt.

So now I'm an agent and here's the truth about Primerica's refinancing program:
1) The program is called the "SMART loan." SMART stands for "Save Money And Reduce Taxes." The 2 agents should be able to explain what that means.
2) Citicorp Trust Bank (CTB) is the underwriter and lender of the loan.
2) The loan application is free.
3) When the application is submitted to CTB, CTB will get your credit report and within 24-48 hours, they will send the results to the Primerica agent. If the loan is going to put you in a worser position than you are in now, CTB will not give you the loan. If the loan puts you in better position (such as my loan), then the Primerica agent should immediately contact you and go over the loan.
4) If you like what you see, a 3 way phone call between you, the Primerica agent, and Citicorp Trust Bank will take place. During this call, you should ask all your questions and any concerns you may have before accepting the loan.

So you really have nothing to lose. I get all my clients who owns a home to fill out a SMART loan. CTB will decide whether the client qualifies for the loan or not. So if you don't qualify, don't feel bad. Its just not the right time because of interest rates. If you wait 6 months or so, you may be eligible. If you do qualify, you should take a look at how much money are you going to save, when are you going to be out of debt, and finally, what is the interest rate?

Hope this ease your concerns.

(By the way, I just find is strange that these 2 ladies are going door to door. I usually work in my warm market through referrals. Anyway, everyone got their own way of doing things).

Answer 2

Primerica (for those who do not know) is owned by Citibank, and Citibank does not have the best mortgage rates. In fact, I know that the Primerica group has higher rates than the Citimortgage division (which makes no sense).

Primerica as an investment advisory company is reputable, but like any other company, you can work with a good rep or a not so good rep. I strongly recommend getting a personal referral for any financial services you need, including a mortgage.

If you have a prepayment penalty, why would you consider talking to someone about a refinance because they came to your door?

Answer 3

Of course it would be worth it.....to them. They get paid commission if you refinance. They get paid nothing if you don't.

I have never heard of Primerica reps going door to door before. They are more of the "prey on your friends" type of company.

Chances are it would not be worth refinancing if there is a large pre-payment penalty.

They will probably tell you that "Interest Rates Don't Matter" and that with their bi-weekly mortgage you can save $xxxx.xx. Primerica mortgages tend to have very high interest rates. Plus, they are "Simple Interest" mortgages. This means that there is no grace period with your payment. One day late equals fees. Paying extra principal on your current mortgage is a better deal.

Personally, I would politely decline......or avoid them all together.

Answer 4

Oh my god! How many negative people answered this question. But anyways whom ever these women where were cold calling door to door very hard and disappointing in most cases. Most PRIMERICA ( if you must dis please spell correctly) reps work through their warm market, those they know and respect. Now I do not your current program,but it safe to say most lenders do have a pre-payment for refinance with another lender, in which they wave that penalty if you stay with them. True it may have benifit you to take a look, most cases it will not. But if they can free up $300/month and help you invest that $300/month for 30 years that would grow to $1 million at 12% would that be worth taking a look?

Answer 5

Who in the hell was that @ss clown (Donkey)??!

You have to have a certain percentage of your mortgage paid off before it's a good idea to refinance. We were told about 2 years. Primerica worries me so I would stick with a bank and shop around for the best deal for your. I hate door-to-door people!

Answer 6

Don't worry about donkey. That is probably a cut/paste thing he does.
Take inot account the current sub-prime mortgage crisis.
This was predicated by loan officers or mortgage brokers telling the borrower anything they wanted to hear.
Do you trust door-to-door salespeople selling a $200 vacuum? I don't really.
Why would you trust anyone selling what could be a $200,000 expense to you?
Stick with people you know and trust.
Oh yea and Primerica is just a money grub, not a scam, but only out for themselves. INDEPENDANT CONTRACTORS!
No accountability!

Answer 7

Refinancing at any point along the way on your loan is possible - even a day or two after closing on the house.

However, be aware that door-to-door salespeople generally do not offer the best possibilities for a good deal on a refi.

Do your homework, look at a number of lenders, and shop around for a great rate.

Answer 8

For Credit and finance solutions I visit this website where you can find all the solutions. http://SMARTFINANCESOLUTIONS.NET/index.html?src=5YArwfkwWA451

RE :Two women who work for Primerica came to my door tonight?
and were asking if we were interested in refinancing our home. We told them we were not eligible to refinance until next year, because if we refinance earlier than three years there is a huge pre-pay penalty. Anyway they wanted to schedule a meeting at our home, they without even knowing anything about our credit or bills or anything seemed positive that it would be worth it, even with the pre-pay.

I was wondering if I would be wasting my time, and if anyone has ever refinanced through them and what type of experience it was. Thanks in advance
Update: Wow! Thanks for all the great answers. All 15 answers so far are against this company. I think I will just print out this page and tape it to my door for the next time they show up. hehehe
Update 2: Jeffrey, do you work for Primerica?
Follow 18 answers

Answer 9

This is the best question ever asked on Yahoo! Answers. I'm impressed, and thrilled that you were the one to ask it! I was going to say a violation notice, but since that's been taken, I'll just give her the flourescent lightbulb that I received awhile back for a best answer. It arrived broken, and is of no use to me. She can have it back. Happy Halloween, 'Zilla. Hugs to you.

Answer 10

I wouldn't give them the time of day. Something doesn't sound right about that. When I want to apply for a loan I will call the loan company, mortgage company, or the bank of my choice. If I were you I wouldn't let a salesperson dictate to you when to refinance your home. You should apply to whatever loan company you want when you are ready.