Amerisave / Moving Interests, locks fees
Never been more disappointed with a company in my life.
Don't waste your time, especially if you think you are going to save money. Amerisave appears to be straight forward and simple. I tried to refinance with Amerisave thinking I was going to save money over my broker and instead lost out on low interest rates because the lock in process is a scam. Do NOT expect to lock in the low rate on your screen... it takes days if you are lucky and also costs $500 (NONREFUNDABLE lock fee that no other broker charges)
If you are used to calling your mortgage broker and saying lock me in when rates are low, don't hold your breath, expect rates to rise before you can lock... I worked with 3 diff Amerisave reps and getting a rate lock is not a priority to them.
Here's the scam:
1. Low rate with fixed fees lures you in, appears you are going to get an unbelievable deal.
2. You fill out the application: they charge you $30.50 for credit check. No way around it. This is pure profit. If its been more than a month, they'll charge you another $30.50 to run it again. Keep in mind companies this large probably pay a few dollars for these reports.
3. Next they schedule an appraisal. $400 down... notice you aren't rate locked yet?
4. Once you have the appraisal, you have to pay a $500 non-refundable lock fee. No other companies do this. And at this point you have already paid $400 for an appraisal that can NOT be used/transferred w/another broker. So that's when they have you, you have invested $430.50 that you will not recoup if you don't lock. So there is a good chance rates have raised by the time you can lock.
PLEASE READ THE WARNING ON THEIR MAIN PAGE:
Until you lock your rate, A.P.R. and terms subject to change...
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