Ameriquest Mortgage
Preyed on a desperate situation

I too have been taken advantage by Ameriquest. My loan officer, who is not there any longer, was the nicest guy you could meet. I have absolutely nothing bad to say about him but he was also in a terrible situation which was evidenced by the tone of his voice at times.

My credit score was around 670 or so and Ameriquest found it necessary to charge me 7.35% and 4 points. That added up to approximately $8,000.00. On top of that they warned me of a prepayment penalty unless I refinanced through them. Mind you, I have never been late on my house payments for the 8 years I have owned it.

When they found out I was seeking to pay off the loan they hounded me up until 5 days before my new loan funded and recorded. They called me at least 2-3 times a day.

Not wanting to pay the $7,000 prepayment penaly (6 months, not 2) I finally decided to at least listen to what they had to offer. Right away they tore into my credit score which was 540. The best they could do was 6.85 and waive the $7,000.00.

When I didn't bite they asked what was my current loan officer offering me. I told them, 4.95 ARM beginning at 1.98 and 1 point. I plan to sell within three years so there is a soft prepayment penalty. The penalty will be waived at the point of sell. They flat out told me that my loan officer was lying to me and that no one would grant me a loan with that credit score. They went as far as to tell me to be careful and WATCH OUT! Of course, they shifted from the terms to the prepayment penalty.

The bottom line was that I ended up with a 5.01 ARM which still was not bad. I am hoping to recoup part or all of the $15,000 Ameriquest stole from me by joining a class action against Ameriquest.

Honestly, I cannot say that Ameriquest lied to me while doing business with me but they surely took advantage of me BIG TIME!!! For that, I sincerely feel I have been ripped off!!

Company: Ameriquest Mortgage
Country: USA
State: California
City: Riverside
Address: 1770 Iowa Ave Suite 280

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