Ameriquest Mortgage
Ripoff Orange, california

I am a mortgage loan originator and have worked on many Ameriquest Mortgage refinances, most can not be salvaged because of the the outragious interest rates people are having to pay. Most borrower's can't afford their monthly note and get so far behind they can't catch up and end up in foreclosure or bankruptcy. I've seen appraisals raised so high that the values don't match the market.

This allows Ameriquest to loan more money to their borrowers which in turn raises their mortgage payments each month when they refinance from one lender to Ameriquest. I've seen people paying $1200.00 and only $20.00 is going to principle. I have 4 files I am working on currently that are with Ameriquest 2 are about to loose their house. One wants to refinance but can't due to the low value of the the house compared to the payoff, penaltlies, and fees that they are being charged. Anyone financing a house with Ameriquest needs to be very careful about doing an Adjustable Rate Mortgage with them.

That is a way they make their money. Usually they have a 3 year prepayment penalty, but the rate is only fixed for 2 years. That means for 2 years your rate will stay the same but can increase by as much as 2% points after the first 2 years. It's called a "Change Date". On your "Change Date" your rate could jump as much as 2 point then 6 months later can increase 1 more percentage point.

I've seen interest rates as high as 15.999% with them. People are loosing their homes because of Ameriquest greed. They advertise that they see you as more than just a credit score. They see you as someone with less than perfect credit that they can take advantage of due to your current situation. There are many broker firm that have many options available to help you with your home financing. It may be that you will have to wait a little longer to fix your credit but the wait is worth it considering you could get in a beautiful home and loose it in just a couple of years because you can't afford Ameriquest's adjustable rates.

Company: Ameriquest Mortgage
Country: USA
State: Nationwide
Site: www.myameriquestloan.com

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