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Amerisave-- 3/20/09-- DoThey Lie?

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Latest post Sat, Aug 22 2009 10:51 PM by Bob V-G. 6 replies. Viewed 1,407 times.
Page 1 of 1 (7 items)
  • Fri, Mar 20 2009 6:08 PM                

    Just saw an ad from Amerisave with date of 3/20/09-----

    30 yr fixed   4%, 4.335% APR.   Haven't run the #'s, be I smell bait & switch.   Gotta be at least 2.5pts just to get to par---not including closing costs or origination.Huh?

    PREMIUM MEMBER
    Bob Van Gilder, Broker- Finance One Mortgage Ph (530) 644-5395, eFax(877)468-5395 email: financeone@juno.com CA DRE lic # 01193406
    California only please---But I can refer you to professionals throughout the nation.
  • Fri, Mar 20 2009 8:26 PM                 In reply to

    http://www.amerisave.com/rateResults.cfm?WebSearchID=20793859

     

    30 Year Fixed  See Our Competitors Rates from Bankrate.com
      Rate Payment APR All Lender Fees & Points Closing Costs Loan Details
    Apply 4.250% $910 Calculate $6,360 View View
    Apply 4.375% $924 Calculate $4,625 View View
    Apply 4.500% $937 Calculate $4,029 View View
    Apply 4.625% $951 Calculate $3,524 View View
    Apply 4.750% $965 Calculate $2,939 View View
    Apply 4.875% $979 Calculate $2,072 View View
    Apply 5.000% $993 Calculate $1,621 View View
    Apply 5.125% $1,007 Calculate $1,271 View View
    Apply 5.250% $1,022 Calculate $791 View View
    Apply 5.375% $1,036 Calculate $218 View View
    Apply 5.750% $1,080 Calculate $-87 View View
    Apply 5.875% $1,094 Calculate $-509 View View
    Apply 6.250% $1,139 Calculate $-603 View View
    Apply 6.375% $1,154 Calculate $-888 View View
    Apply 6.500% $1,169 Calculate $-1,260 View View

  • Fri, Mar 20 2009 10:03 PM                 In reply to

    so.....I didn't see 4%...hmm

    PREMIUM MEMBER
    Bob Van Gilder, Broker- Finance One Mortgage Ph (530) 644-5395, eFax(877)468-5395 email: financeone@juno.com CA DRE lic # 01193406
    California only please---But I can refer you to professionals throughout the nation.
  • Wed, Mar 25 2009 2:17 PM                 In reply to

    Atlanta Lender Offering a '4% Mortgage,' But...

    Amerisave Mortgage Corp. of Atlanta is offering consumers a 4% 30-year fixed-rate loan — but with strings attached. At press time, the mortgage lender was advertising a 4% 30-year FRM on its website (APR: 4.357%) but when a consumer called for more information she was told that to get that rate she would need a FICO score of at least 720 and a downpayment of 15%. Points were not discussed but on its website Amerisave is telling borrowers that the lower rates carry higher fees and points. On one low-rate, 30-year loan the fees/points totaled almost $11,000.

     

     

  • Wed, Mar 25 2009 3:03 PM                 In reply to

    Atlanta Lender Offering a '4% Mortgage,' But...

    Amerisave Mortgage Corp. of Atlanta is offering consumers a 4% 30-year fixed-rate loan — but with strings attached. At press time, the mortgage
    lender was advertising a 4% 30-year FRM on its website (APR: 4.357%) but when a consumer called for more information she was told that to get that rate she would need a FICO score of at least 720 and a downpayment of 15%. Points were not discussed but on its website Amerisave is telling borrowers that the lower rates carry higher fees and points. On one low-rate, 30-year loan the fees/points totaled almost $11,000.

    Per:
    http://www.amerisave.com/rateResults.cfm?WebSearchID=21001238
    Rate Payment APR All Lender Fees & Points Closing Costs Loan Details
    4.000% $1,671 Calculate
    $12,163
    View View
    http://www.amerisave.com/app/closingcosts.cfm?CID=13675711&CID2=0&DiscountPointsOption=0


    Rate locks are guaranteed by the lender, not by Amerisave.



    Amerisave's float down policy protects you in the event that rates go down after you lock in a rate before you close your loan. If rates are at least .25% lower with the same closing cost and your loan is final approved, prior to closing documents being drawn, you can then float down your rate. The new rate will be half way between your original locked rate and the current rates offered by the investor your loan is locked with. For example, if you locked at 6.00% with $2,000 in closing costs and before you close a 5.50% at $2,000 in closing cost is available you at your request the new rate would be 5.75%. The float down is rate only not fees. The option to float down your rate is at no charge but is subject to availability with the investor your loan is locked with. You must request the rate through your advisor as the published on line rates are based on multiple investors and your advisor can confirm what is available as a float down rate for you based on the specific investor your loan is locked with.




    You may want to call your wholesale account executive and ask why this float down option is being offered through Amerisave. Amerisave is not the LENDER and in the past when pricing a rate through Amerisave it would show the LENDERS it was pricing through many of these LENDERS are the same LENDERS that many mortgage shops use. Seems to me if this is being offered to Amerisave through Amerisave LENDERS it should be offers across the board.

    I am sure if the mortgage broker/lender community does some investigation on Amerisave and has
    questions?


    They might want to call there wholesale account executive and the following:
    Cynthia Griffin 850.313.9890
    Corporate 866.814.9260 x6785

  • Sat, Aug 22 2009 1:16 AM                 In reply to Rate this Post:

    Quote on both web page, then supported on the phone by LO, and also sent to me at the time in email:

    4.75% with zero cost (no points, no fees). So $35 application fee, and $350 appraisal fee, was paid, along with agreement to $500 "lock cancellation fee"

    1) Credit rating turned out to be even 50 points higher

    2) Mortgage rates fell another 0.05%

    3) Loan docs show rate of 5.316% APR with fees of $7443!

    bait-and-switch scam, fraud, and RIPOFF.

  • Sat, Aug 22 2009 10:51 PM                 In reply to

    agreed.

    PREMIUM MEMBER
    Bob Van Gilder, Broker- Finance One Mortgage Ph (530) 644-5395, eFax(877)468-5395 email: financeone@juno.com CA DRE lic # 01193406
    California only please---But I can refer you to professionals throughout the nation.
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