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.

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
	4.250%	$910	Calculate	$6,360	View	View
	4.375%	$924	Calculate	$4,625	View	View
	4.500%	$937	Calculate	$4,029	View	View
	4.625%	$951	Calculate	$3,524	View	View
	4.750%	$965	Calculate	$2,939	View	View
	4.875%	$979	Calculate	$2,072	View	View
	5.000%	$993	Calculate	$1,621	View	View
	5.125%	$1,007	Calculate	$1,271	View	View
	5.250%	$1,022	Calculate	$791	View	View
	5.375%	$1,036	Calculate	$218	View	View
	5.750%	$1,080	Calculate	$-87	View	View
	5.875%	$1,094	Calculate	$-509	View	View
	6.250%	$1,139	Calculate	$-603	View	View
	6.375%	$1,154	Calculate	$-888	View	View
	6.500%	$1,169	Calculate	$-1,260	View	View

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

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

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.

agreed.

I bought a house 2009 and refinancing right now 2011/09 to 15y 3.375%. (rates just fall 0.25%). I can only say that there are 2 catches:..............

1) you lock your rate once. ...................

2) when you lock, a fee will change but not much... not more than 500$....................

my fico is > 800............

They are not playing games. Be ready to email them all documents in organized manner (unless you want to expire your lock :) ).

I've been dealing with other brokers... They are good only if you want to get your Credit Score for free:) Otherwise my strong suggestion "togethet forever" with AmeriSave.

PS You might wanna try AimLoan, but I think they are a little bit more expensive, but most likely practically the same.............

Good luck. Deal with somebody who does business openly (AmeriSave and AimLoan). Do NOT go to local mortgage brokers, banks, etc. They just wanna screw you up. ...............

By the way after you get a loan from AmeriSave in less than a month it will be sold to BoA and after that in LESS THAN 7 days to FannyMay, which will send you a short letter stating that "it's not part of public records". So you'll know who is the real owner and who is buying american real estate. These days any loan application is an application to Federal Goverment, the ultimate and the only-one buyer of american mortgages in the world!., So trust me - NOBODY plays games in AmeriSave. Unless, of caurse, if you go to local broker, than you will sign 5k closing fee doc... In AmeriSave I do not even look at papers. They said - 208$ and it will be -208. They do exactly as you see on your screen! -500$, but not MORE!.............

And last suggestion - ignore all brokers!!! Broker, who started AmeriSave, is the one who is smart and is busy doing business, not the broker, who post messages on this site. NOTE: for those who asks... yes it is MINUS 208 Dollars for closing costs and my loan balance did not increase... went actually down by 1 payment. Why? Who cares!!!!!???? My Rate: 3.375% $2,948 Calculate $-800 - actual -208 Today: 3.375% $2,948 Calculate $-5,142 - real would be -4500

You eather have not a good credit or not good with your choices and/or math. I got my loan 4.875% for more than 495k and locked it in Nov/Dec 2009. Why YOU decided to pay 7443$? You dont have a clue, right? I paid eather $500 or they paid me $500. In America, my friend, unless YOU do smth stupid .... RIPOFF is simply not possible. nothing personal. "You" means anybody, not just you.

Was that English? My brain hurts from trying to read the previous two posts.

You better develop some abstact thingking... Unless you care of English grammar more than suffering for 30 years with mortgage payments. By the way you do NOT speak or write English, you use simplified English, which is called American language. If you want to associate yourself with English speaking people go to pimco.com and read articles of your American comrad Mr. Gross. May than you'll be more respectful to ideas and facts. But it wont be easy.

For those who are not in mortgages industry: stay away from those who prefer English to Mortgage. That's so typical in US of A. Stay in USA away from A.

Thank you Vlad...I will work on my "abstact thingking"

Jason. Yes it's Emglish and your brain can not understand it, because you not an interested party. "Interested paty" is the person who look to buy a mortgage not a mortgage professional. Do you read fine print?

Better late then never.

Just to start off I must say I have been an employee of Amerisave for over three years. Just like most companies our advertised rates make certain assumptions. Typically, they are for the most qualified borrower with point s to get that rate. Let’s face the facts, that most consumers are rate motivated and would never call your company or respond to your advertisement if you were showing the highest rate you could offer would they. Once a potential client responds and would like to see what can be offered to them a few necessary questioned are asked including what they think there credit score ( no credit check is required at this point. Once that is complete the client is shown multiple rates and costs combinations. Some of these rates will include points, other will not and depending on the loan sizes rates will be shown to them with no closing cost. At that point the client can elect which rate and fess they would like bases on what they have been shown. If there credit score matches what they believe it to be they are offered exactly what they see on the website. If there credit is better they may be offered something better then they originally saw prior to starting the application. The counter point is if it is much lower then they believed it to be, adjustments are made and they have the opportunities to move forward or stop at that time. If they elect to move forward and appraisal is completed and the value supports that pricing that is exactly what they get. I will never claim to know every companies rules but a far as I know, low appraisals or low credit score do impact loan pricing at every company. The key for anyone to get the pricing they selected is to be prepared to provide the proper income and asset documentation so we can lock the rate in. We do not just lock every application that applies no matter how low the possibility of the loan closing is or lock and wait for them to take weeks to gather everything together. If they decided to send it al all. We have no lock in fee nor do we have an application fee. They pay anywhere from $7.50- $12.00 to pull the credit report. If they want to move forward from there they pay for the appraisal. Once the rate is locked, the appraisal does not come in too low those are the number we close on. If it comes in lower than expected there can be an adjustments, those adjustments are reviewed with the client and they have the option to move forward or not. The $500.00 cancelation fee only applies if we are delivering on the numbers quoted and the client walks away after the rate is locked, and most of the time it hardly is enforced. I do not know of any company that offers the exact same rates and cost for a LTV at 60% as they do at 80% or the same rates and cost for a client with a 800 credit scroe as they do with a 640 credit score. So are there clients that call in, apply and think they are going to get one thing, and when the number come back lower something else is offered yes. . I am also shocked to hear other so call “professionals” seemed surprised that sometimes a lower rate may involve point or cost? So someone please point out the name of a company at there that offer a rate below market on all programs no matter, LTV, credit score, loan size, escrow waiver, property type or property with no points or cost. I would love to hear from them. So should think before you go posting facts about some company you either no nothing about or about a topic you seem just as confused by. Best of luck to you

If you need any references I have closed 657 who have all rated myself and Amerisave service with a excellent satisfaction rating