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Old 09-11-2009, 01:41 PM
 
5,339 posts, read 14,074,848 times
Reputation: 4694

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Quote:
Originally Posted by SVTLightning View Post
Uhm I really think the OP was right and justified coming and asking the questions before getting involved with ANY company nowadays. The "real" lenders don't always have the best rates.

Sitting in front of a loan officer isn't what it used to be. WHy pay more to see someone when you can pay less and do it over the phone/internet usually easier.

Not even sure why you would question someone on here that wants to ask opinions of others before they get involved, I kinda thought that was the point of some of the forums here.
IMO if you have to ask if your mortgage company, your financial planner, or some other business or person that involves large amounts of your personal $$$$ is legitmate, you are putting yourself at undue risk for problems.

Did you ever hear of the similarily named Ameriquest? Were they legit? They were THE sponser of the Superbowl for a year or two. I guess you could say they were "legit" as they were one of the largest mortgage companies in the country (for a short while). They royally screwed over borrowers left and right. They paid out over $300 million in lawsuits and fines for being scum bags and now cease to exist.

Maybe I am just to conservative, safe and/or skeptical.
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Old 09-11-2009, 01:50 PM
 
Location: Fuquay Varina
6,415 posts, read 9,726,491 times
Reputation: 18274
Quote:
Originally Posted by TimtheGuy View Post
IMO if you have to ask if your mortgage company, your financial planner, or some other business or person that involves large amounts of your personal $$$$ is legitmate, you are putting yourself at undue risk for problems.

I think if you DON'T ask opinions about any of those you are putting yourself at undue risk lol

I know that there are tons of investors out there that were scammed by Madoff who was supposedly "legit". Not saying that asking about him before he was busted would have helped, just noting that even though you think something is Legit it might not really be.
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Old 11-04-2009, 03:53 PM
 
1 posts, read 7,998 times
Reputation: 11
My experience with Amerisave was a nightmare. Two months of delays, multiple additional requests, unqualified loan processor, wrong closing documents etc. At the end Amerisave unilaterally changed the conditions of the loan and refused to pay the credit towards closing cost as they initially promised. I wasted 2 months. a lot of nerves and $435 upfront fees. NEVER DEAL WITH AMERISAVE.
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Old 11-05-2009, 01:32 PM
 
286 posts, read 1,363,384 times
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Quote:
Originally Posted by SVTLightning View Post
I think if you DON'T ask opinions about any of those you are putting yourself at undue risk lol

I know that there are tons of investors out there that were scammed by Madoff who was supposedly "legit". Not saying that asking about him before he was busted would have helped, just noting that even though you think something is Legit it might not really be.
I agree - the OP is doing their due diligence in checking out real life experiences with Amerisave. There's nothing wrong with that.
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Old 11-10-2009, 08:29 AM
 
107 posts, read 333,859 times
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Thanks for the post.

Previously I have dealt with Priceline when they used to do refinancing and they were pretty good. I got a good rate and closed on promised date.
Maybe Amerisave is not as good as most mortgage companies but I am looking to save money if possible. If there are other online companies that others used and liked, please let me know.

thank you.
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Old 01-05-2011, 01:30 PM
 
2 posts, read 8,129 times
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Quote:
Originally Posted by snorkey View Post
Are they legitimate company? Has anyone closed with them?
I worked with this company for over 3 months and they could not close a loan and would not refund my up front cost app. fee and appraisal fee don't walk run
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Old 01-05-2011, 02:44 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,329,672 times
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The upfront cost app fee may have been in trade for the appraisal, so if the appraisal was done and you didn't pay for the appraisal, that is likely what the app fee covered. Many mortgage companies employ really good loan officers, and really dumb loan officers. Service will mostly come down to the individual you are working with, rather than the company itself.
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Old 01-06-2011, 12:30 AM
 
Location: Ridgewood NJ
592 posts, read 2,182,321 times
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Quote:
Originally Posted by ShanetheMortgageMan View Post
The upfront cost app fee may have been in trade for the appraisal, so if the appraisal was done and you didn't pay for the appraisal, that is likely what the app fee covered. Many mortgage companies employ really good loan officers, and really dumb loan officers. Service will mostly come down to the individual you are working with, rather than the company itself.
That's simply not true with amerisave.

Amerisave is different than most lenders in the following regards:

1) It has a well made website with attractive rates that are updated in real time, and a lock button next to it, luring in potential customers.

2) It puts its hook in the customer gradually, first with a $35 credit check fee, then a $375 appraisal fee non-refundable. I have never dealt with any lender that forces the customer to pay those fee at the beginning of the loan process as the first step.

3) Then once you lock the rate and paid those fees, your loan application is moved to a "processor" for approval, this is where their whole system breaks down.

4) They will literally BURY you with paperwork, for example asking for written proof for every line item on your 2 month worth of bank statement (why is there a $200 fund transfer, why you need to write a $500 check to xyz) etc. But that's not the problem, where the system breaks down is when you send them the requested mountain of paper work, some are lost, others are added wrong to your loan.

5) Your only contact at this point is your processor but most times they are overloaded and worthless, never returns your calls, gets the paperwork all mixed up. And the power to approve your loan resides with the loan origination office, a different dept altogether. Which you are forbid to have any contact with directly. So you basically have no idea what exactly the actual approver needs, only way to get that info is what the processor tells you by looking at your loan on their internal system, and most times they get completely confused. For example approver wants a signed letter saying no new credit card is established, processor tells you a signed letter saying why you applied for a credit card.

6) So imagine how this works, approval dept says this loan needs 20 documents for approval and moves on to the next loan -> processor try to get that info to the customer when he get to it (most time only when you are able to catch him on the phone) -> customer faxes/emails the document back to the processor -> processor tells approval to look at the loan again -> approver comes back saying they need more document based on xyz moves on to next loan again, and so on. Add to this process a buggy system that loses your documents + incompetence at all levels + weeks delay for each cycle and you have a complete nightmare on your hand.

It is common for a loan to be held for 5+ months without a response, meanwhile your lock expires, and you pay more money to relock, and if rate goes down you still have the old higher rate, if rate goes up, you pay more again for the new higher rate. And if you have anything other than a PERFECT credit, dont even bother.

A 30 sec google on amerisave with thousands of complaints on a multitude of websites do not lie. My personal experience I am pretty well informed and it still took 4 months to close a loan with constant calling and refaxing the same documents at least 3-4 times. A first time customer without much experience has no chance.

Yes there are positive experiences with amerisave too, but those are rare than the norm, actually i would classify them as miracles if everything went according to plan.

The point is why would anyone bother? when you can easily get a local lender to match or come close to the same rate/fees, without the headache.

Last edited by Green Irish Eyes; 01-06-2011 at 07:34 AM.. Reason: No discussion of mod activity
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Old 01-06-2011, 08:07 AM
 
Location: MID ATLANTIC
8,643 posts, read 22,792,393 times
Reputation: 10461
Wow, this thread was over a year old when resurrected.

We use to call them Ameriscare.
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Old 10-01-2012, 07:51 AM
 
Location: Raleigh, NC
19,361 posts, read 27,576,013 times
Reputation: 35937
I was a mortgage salesperson for about 1.5 years, so I'm well able to understand the process. I used Amerisave for two refi's and one home purchase. They WERE cheap, efficient and I had no problems at all.

Five years later, both employees that I worked with are still working there, which is pretty unusual, I think.

I would recommend them for someone who already knows the ptcess, especially for a re-fi. But newbies or those that are nervous types should get face to face help abd hand holding.
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