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Review 8/27/2011
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We had previously used an online mortgage company years ago and loved them, so were confident of using one again instead of brick and mortar bank. We saw that Amerisave had better rates, so tried them. Up front application fee a surprise: previous one didn't have that. Amerisave said it would get it done in 2-3 weeks. Started Nov. 5, 2010, they didn't even ask for documentation until 2 weeks later, getting near Thanksgiving, so they took another week off. By mid Dec. they had things going, but didn't move fast. We supplied docs within 24 hours of any request. By Christmas, not done, and they took another break for holidays. First week of Jan we locked the rate for fear of it rising.
By mid Jan. they said they would be ready to close at end of month. We were alerted of another hit by Amerisave to inquire about our credit score (again), since it had been more than 2 months. That brought down my score 10 points since it was a "hard" inquiry twice in a couple months. Now it was 2 days past rate lock, so they said we had to pay a fee to extend it. By now I was disgusted and even losing $500 (early exit fee) for bailing was worth it. I was also really mad because we were an excellent low-risk client , so we switched to aimloan who processed and finished in less than 3 weeks. Fortunately, by then, their rates pretty much matched Amerisave. Amerisave was obnoxious, lazy, unprofessional, and they get you in processing fees. Do not use them. Google their complaints. You will see the horror stories. BTW we had excellent credit scores, our house was worth 3 x the loan amount and there was NO reason for this treatment.
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