Amerisave Mortgage / Refinance

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I was in the process of refinancing my mortgage and looking for the BEST rates available. I already was about to close with another lender when I saw an AD for amerisave.

I took a look at it and contacted amerisave and began asking questions.

I spoke with a gentleman with the initials HM (name not disclosed for privacy) there from the start. From April 20-23, I have 43 emails in my INBOX from HM.

The very first one starts with this question I asked: "A bank gave me a new refi offer of 4.375%,
$2263 monthly total with tax and escrow, And 15yr term. Can you do better?"

HMs response was: "of course click on the link below to get rates"

So from there the emails began. I am not a broker nor do I know much about mortgages, rates, and so on, so I proceeded to ask every detail I was confused about. I did not want to LOSE out on my other lender and needed to make sure amerisaves pricing is actually what they tell me before I paid any fees.

After several emails and a few phone conversations, HM sent me this email: "Go ahead and complete the application and pay for the appraisal. Call me if you have any questions."

Still not convinced, I did more research and continued with my emails to HM. Email after email, HM was persistant. I kept asking him are there any hidden fees, anything that can change my rate once I paid, he kept insisting that is what it is. The application states to enter your home value and loan needed. How do I know my home value? I can only go by what I have on my paperwork from my last appraisal, right?

Only two years ago I did my mortgage and Chase appraised my home for $350K. So all I did is enter this info in the application. HM NEVER told me if your home value dropped then the rates will be higher than what you see. He just wanted to lure me in so kept pushing the LOW rates on me. So being unaware of this, I finally ended up paying the fees and applied. After 43 emails of HM telling me he has a better rate, and before the appraisal came, he REDID the quote for me at $2233/mo, and I was satisfied. But once the appraisal returned at $285k, the monthly rate was MUCH higher!

I requested for a refund, but was totally declined. I told them I was mislead and misguided. Amerisave did not want to listen to anything. I even told them my other lender appraised my home for $335k. This was like taking candy from a baby for them. I am clueless when it comes to mortgages. It was HMs job to tell me what surprises lies ahead and certain criteria needs to be met before those rates apply. I was not steered properly.

I would keep away from this company totally. I wish I can post my 43 emails to show you just how badly I was lead. THanks

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  • Wg
      20th of Sep, 2010

    My experience was similar to most, a lot of poor communication between different reps. Eventually turned down after being put off for almost two months. An average credit score of 780, refinancing an existing mortgage with no change in monthly payment just a reduction in years by (5) and no cash out. I have never been turned down for a loan over the past 40 years.

    I would hope to prevent others from going through this process and the frustration that comes with it !

    WG- CA.

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