Complaint / Review
American Home Mortgage, Tim Case, Laura Lloynes
Classic BAIT AND SWITCH situation Ripoff & Tampa

As per other postings about American Home Mortgage, the initial conversation with my loan officer, Tim Case was very pleasant. After my and my co-borrower's credit were run, we were quoted a rate of 6.125%/7.25% on a 5/1 ARM 80/20 loan. After making some calls, I found this to be the best rate.

As per other posting about American Home Mortgage, I also got very vague, run-around answers to specific questions that I had about the loan process, since this was our first purchase. Tim is very slow in returning phone calls. E-mails were a LITTLE better.

At the closing table, the interest rate had jumped to a whopping 12.75%! After talking with Laura Lloynes at the Tampa office of American Home Mortgage, who also was handling the paperwork for the loan, she said she didn't know why Tim would have quoted us that loan rate; it simply wasn't right. Thing is, our 6.125%/7.25% rates were LOCKED IN on Tim's American Home Mortgage web site. We were NEVER TOLD that the rate went up.

We threatened at one point to drop them and go with another lender because of their incompetence and lack of organization. But again, we were inder the impression that they had the best rate.

Examples... We were given "Good Faith Estimates" that were not in good faith. The closing costs jumped from $500 to $800 to $1500 at closing. These estimates also did not disclose the 20% loan interest rate. Only the 80% rate. We though this was normal, since the amount of th 20% loan was indicated. We figured that amount to indeed be 7.25% interest, by the way. On at least 3 occasions, I told Laura to add the cost of the Home Inspection to the closing costs, which she did not. She had LOST my initial Bank Statements and Employment confirmation!

American Home Mortgage is the BIGGEST JOKE and worst experience that I have ever had dealing with ANY "professional" organization, not only in banking/loans, but ANY professional organization. I advise you to NOT USE them for any mortgages, even if they initially offer you the best deal. You'll get F&ed in the end.