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Amerisave / Deceptive Business Practices

1 CA, United States

AVOID AMERISAVE AT ALL COSTS, TOTAL SCAM, as they are not really in the business of writing loans but a complete scam. They suck you in with a low rate lock then drag things out waiting for market conditions to turn in their favor. I locked in at 4 1/8 only to have them drag out the process for 3 months letting my rate lock expire three times running my closing costs from around $2k up to over $7k. They finally denied the loan for lack of funds while I had $40k in a business account for a consulting business that I own and control (sole owner). Had they worked with me I could have easily transfered funds to my personal account but they weren't interested. I also had over $100k in after-tax long term investments but didn't want to liquidate them to pay the closing costs. Keep in mind I also have significant assets, perfect credit, good income, very good LTV (purchased 17 years ago). If they can' t close a loan with me they can' t close a loan with anyone. Run don' t walk and avoid Amerisave at all costs. If you did happen to get screwed by them as I did file a complaint with the BBB. If enough complaints are accumulated maybe they can be put out of business.


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