I used Ameriquest because I believed the company to be legitimate. I was so wrong. They inflated the appraised value of my home, the loan officer (okay, a nice guy) misled me in every direction. The loan closed quickly, but not as they promised, the settlement of funds was delayed and delayed again, until I made Many calls and inquiries.
At the end, my cash back settlement amount was less than half promised (the second reason for my refinance), my interest rate exactly the same (not the 2% less than they advertised on settlement papers). They told me I would skip a month of mortgage payment, then my first payment would be due and automatically deducted from my checking account, on a biweekly basis, on 12/5.
I signed all papers at closing, including a page that detailed this payment arrangement and I gave them a cancelled check, as per our agreement, to initiate the biweekly payment system. One week later, I get a very rude and impersonal call from their home office regarding payment arrangements. The woman who called didn't even know my name and called me "Molly" repeatedly, despite my corrections that my name is Holly, told me she had no knowledge of the payment system promised and that I had to make a prepayment of one month ahead to use the biweekly (with additional principal payment) to utilize their biweekly payment program.
Aside from this, the woman persisted in calling me by "Molly" (which really pissed me off, since I repeatedly corrected her) and basically gave me an "I don't care" attitude in reply to my questions and affirmations as to the paperwork I had in hand. To summarize this experience, I have to say that the interest rate quoted by the loan officer was 2% higher than promised, the cash settlement amount almost $4000 less than promised and the actual receipt of funds delayed by over one week, while they jerked me around and I fought tooth and nail for MY money (while I paid interest on it).
In addition, they financed one year's premium of my homeowner's insurance, but DID NOT pay it and would not, had I not noticed the entry on my settlement papers and pursued it with not less than 20 phone calls. They bait and switch, screw you out of funds promised (Your money, financed at a higher rate than promised) and then make you fight for every concession they make on the contract.
I have never had to work so hard to refinance my mortgage or have been so disappointed with the outcome. This company really screws you. If your credit (like mine) is anything better than horrible, RUN, don't walk, AWAY from this mortgage provider! I have dealt with Countrywide, an H&R Block institution before and have been well treated there.
If you just want to be jerked around and lied to, then go ahead with Ameriquest. If not, then there really are good and reliable mortgage sources available, but Ameriquest is NOT one of them! I am paying out the b*t for this experience. Better to give your hard earned money to a lawyer now, than to let these people mess with you for the next 20-30 years. Either way, you are just giving your money away.
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