My wife & I had a 30 year 8% fixed to start. Ameriquest said they could give us a better deal. After promises of "A" paper & lower interest, we accepted. They guarenteed approval, We spent some money, Then they showed up with a Subprime contract.
We said No, & Tried to Recover some money we spent to soon based on what we were promised. They then lied to us about our credit scores & said this is good for now & if you have no lates for 6 months, we will rewrite with no loan fees, fixed, with same interest rates. Our copy said 2 year fixed with no pre-payment penalty.
I thought no problem, lets get it over with & refinance when rates are good with someone else. 14 months later we refinanced with someone else, Finding out after signing, Ameriquest had there copy with a pre-payment penalty & took several thousand extra in payoff. The new lender also said your credit is good except for you coming out of a subprime loan cost more points.
Its my opinion, "Ameriquest Mortgage" took advantage of us by lying, cheating & stealing. Using their business was a financial mistake we will never recover from.
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