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Resolved
AmericashRefinancing

I was dealing with Alfred at Americash loans to see if I could refinance my rental property in Illinois. We dealt mostly by email and I was upfront with what I needed. A non-owner occupied 5/1 ARM with the lowest closing costs I could get. I have very little equity in the house (thank you housing market) but Al said I could get up to 120% LTV.

Well things never went well. He constantly threatened about rates going up, which they didn't. CONSTANTLY got the wrong information. First he had my primary residence on the loan docs...um no I'm re-financing my rental property. Then the TIF's didn't match, the numbers seem to change every time. The actual loan amount took FOUR different times for him to get right, THEN he wanted to confirm that it was a rental property AGAIN. Finally after about 2 weeks, I got the paperwork with the correct numbers. Hey guess what the closing costs went up $1500, because the "computer" didn't fill in some numbers. It had been wrong since the beginning and all I get is "I'm sorry, but it's the computer's fault"

Ok, I'll pay the extra costs so I sign everything and send it up. Kind of getting excited as this will drop the payments on the house by $300 a month.

"oh our loan underwriter says that you can have only a 75% LTV on a investment property---we can't do your loan"

WHAT? You knew it was a rental property from the BEGINNING and only NOW the 75% LTV comes to light? Completely underhanded, illegitimate and if honestly didn't know? Total incompetence.

I emailed his manager 3 days ago and have heard nothing. Not shocked.

There are many other more legitimate companies that you can get a mortgage through. USE THEM.

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