Well, I guess I am one of those saps that believed what Kevin, at AMS was selling us. Listen to the words of the wise, if it is too good to be true, then it is.
We started our refinance at the end of Jan 08. The promised rate, that we actually locked in at, was a whopping 5.5%. During the initial process, Kevin was easy to get in contact with, would return phone calls, etc... Everything that a good salesman does to bring in a client.
The weeks wound on, after we signed the initial documents. The signs where bad from the beginning using hindsight. When the appraisal was being set up, something happened and it had taken 2 weeks to get the appraisal done. The appraiser actually sat on the appraisal for almost a full week before sending it in. Then we WAITED and WAITED, all the time expecting a phone call from Kevin, letting us know what the status of the mortgage was and when we could expect to close.
Well during that time, we were told that Fannie Mae/Freddie Mac had changed their lending guidelines, and now our 5.5% LOCKED rate was no good. So we waited some more. Kevin gets back with us, telling us that we owe almost $12,000 at our closing. WHAT!
So now we get this song and dance that he has a "friend" at AZ Mortgage Consultants. So we need to get a new appraisal, since we cannot use the old one becuase of the mortgage companies name. So an new appraisal is ordered, this takes WEEKS to get done. And new paperwork needs to be filled out for this behind the scenes company. So we do everthing that Kevin has asked at this point. Kevin never let us know what was going on, without me calling him, sometimes multiple times a day. But by this time we are entrenched, spending over 2.5 months waiting for the refinance. And our chance of getting a pool put in for summer is now in the toilet.
So we are waiting and we keep hearing that our "docs" are in underwritting, it is not May 16. I have to track Kevin down to get any answers, and they are always the same, the "docs" are in underwritting, or they have not called me back, blah, blah, blah. Well on the 16th, we have finally had enough and went to a large lender.interest rates are not as good as the promised 5.5% from AMS, but the close is quick.
Be advised, after reading all of these articles, AVOID AMS at all cost.
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