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Despite reading the bad reviews here and elsewhere, I went ahead and applied for a rate/term refinance with Amerisave. I figured their rates/fees were good enough to justify the risk.
In fact, they ended up doing a fine job and I ended up with a significantly better rate than any local broker was able to quote. Just thought I should post my results. Credit where credit is due.
I imaging the amount of mortgages Amerisave processes is huge, and only the people with problems complain. 99.9% of people who had a good experience with a company never tell anyone, but people with bad experiences tell everyone.
For what it's worth, I had all my docs in order and was well qualified without any complicating factors. And I figured that if there were problems, I could always try again next month with someone else.
I could see the industry moving towards a model where local brokers are used when performance is critical and online discounters pick up most of the refinance loans. If you can afford the risk of failure, the price advantage is compelling.
Despite reading the bad reviews here and elsewhere, I went ahead and applied for a rate/term refinance with Amerisave. I figured their rates/fees were good enough to justify the risk.
In fact, they ended up doing a fine job and I ended up with a significantly better rate than any local broker was able to quote. Just thought I should post my results. Credit where credit is due.
I checked their pricing. May be slightly better than I would quote upfront, but if I so desired I could easily match it. Certainly not "substantially better".
Well six days after we signed the loan documents at the title office, Amerisave has still not funded the loan. They keep coming back and demanding additional documentation about one thing after another. Seems to be no end in sight. They say it's just routine quality control checks but have refused to fund my loan in the meantime. I am furious and disgusted.
I could not find a way to edit my original post. Maybe the mods can help. I recant my previous comments and do not want anyone to be misled by my review of what I mistakenly thought was a good experience with them.
Amerisave is questionable company. It is like gambling.
I have tried to do 4 loans with Amerisave and completed only once. That was my 3rd attempt.
4th attempt went well until last minute. I had to wait 3 months and they kept on asking for new documentation that I think they are faking.
They told me I will close in few weeks and that day came, they told me lender canceled my loan.
I was like WHAT?????????????!!!!!!! Where is my fees that I paid with credit card??
Try to stay away from Amerisave if possible.
Well six days after we signed the loan documents at the title office, Amerisave has still not funded the loan. They keep coming back and demanding additional documentation about one thing after another. Seems to be no end in sight. They say it's just routine quality control checks but have refused to fund my loan in the meantime. I am furious and disgusted.
I could not find a way to edit my original post. Maybe the mods can help. I recant my previous comments and do not want anyone to be misled by my review of what I mistakenly thought was a good experience with them.
Amerisave is questionable company. It is like gambling.
I have tried to do 4 loans with Amerisave and completed only once. That was my 3rd attempt.
4th attempt went well until last minute. I had to wait 3 months and they kept on asking for new documentation that I think they are faking.
They told me I will close in few weeks and that day came, they told me lender canceled my loan.
I was like WHAT?????????????!!!!!!! Where is my fees that I paid with credit card??
Try to stay away from Amerisave if possible.
I was going to rebuttal your first post until I saw your most recent one. Yeah, the only reason a lender should be asking for additional documentation after closing is if you had to bring funds to close and they have to be verified. A good way to judge if they are a good company to work with and not go through the entire loan process just to find out they're crooked is: they don't ask for money upfront, has a local branch in the state you live in (State of Texas is a big one with many complicated laws that other companies are not used to or don't know how to follow) and they are willing to provide a new GFE 2010 showing all fees and loan terms. If your loan doesn't fund hopefully these things will help you with the next company so you don't waste anymore money and time!
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