Ameriquest Mortgage Ameriquest Mortgage Company Outragous Interest rates, and closing costs Ripoff Indianapolis Indiana
Luckily after reading ripoff report and looking at the paper work I recieved in the mail today I declined the loan from Ameriquest Mortgage. I currently have a 30 year fixed rate loan with 6.75% interest. My problem is about $12,000 in credit card debt I wanted to consolidate. Ameriquest offered me a 30 year variable rate loan with the 1st 2 years at 9.6% and 28 years at 12.6%, with $6218.00 in closing costs. And a prepay penalty of 6 months interest if you paid off or sold or refinanced before 3 years was up. I told them no thanks so the branch manager then calls me up to tell me what a great deal it is. Yeah double my current interest rate plus $6218.00 in closing costs , what a deal that is. No way not me buddy. I will find another way to pay those credit cards off and keep my 6.75% rate I have now.
Hubert
greenwood, Indiana
U.S.A.
3 Updates & Rebuttals
Steve
Corona,California,
U.S.A.
Tom, you might want to save your advice. advice about FHA mortgages for debt consolidation is not really helpful.
#4Consumer Comment
Tue, June 07, 2005
Tom, I agree that Ameriquest is a terrible predatory lender that homeowners must stay away from.
That being said, your advice about FHA mortgages for debt consolidation is not really helpful. FHA mortgages over 80%LTV will require mortgage insurance premium. The programs are not designed for a debt bailout of a homeowner.
I have been in the mortgage business for over 12 years now. Through the good times and the bad. In the real world, there are many, many ways to help homeowners that are in debt. A qualified loan officer asking the right questions along with a homeowner that is HONEST about what they need to do can have access to loan programs that don't fall apart at the last minute.
Your advice about the HELOCS that take the CLTV to 125% is terrible. Homeowners that leverage their homes to that degree are just prolonging the inevitable...BK, foreclosure, or both.
I can not emphasize this next statement enough.
If you are a homeowner that needs to refinance to help your cash position or consolidate debt, do it SOONER, rather than later. Interview at least 3 lenders and do not hold back ANYTHING when they are trying to put a solution together for you.
IF the deal presented to you sounds too good to be true, it almost ALWAYS is BS.
Steve
Corona,California,
U.S.A.
Tom, you might want to save your advice. advice about FHA mortgages for debt consolidation is not really helpful.
#4Consumer Comment
Tue, June 07, 2005
Tom, I agree that Ameriquest is a terrible predatory lender that homeowners must stay away from.
That being said, your advice about FHA mortgages for debt consolidation is not really helpful. FHA mortgages over 80%LTV will require mortgage insurance premium. The programs are not designed for a debt bailout of a homeowner.
I have been in the mortgage business for over 12 years now. Through the good times and the bad. In the real world, there are many, many ways to help homeowners that are in debt. A qualified loan officer asking the right questions along with a homeowner that is HONEST about what they need to do can have access to loan programs that don't fall apart at the last minute.
Your advice about the HELOCS that take the CLTV to 125% is terrible. Homeowners that leverage their homes to that degree are just prolonging the inevitable...BK, foreclosure, or both.
I can not emphasize this next statement enough.
If you are a homeowner that needs to refinance to help your cash position or consolidate debt, do it SOONER, rather than later. Interview at least 3 lenders and do not hold back ANYTHING when they are trying to put a solution together for you.
IF the deal presented to you sounds too good to be true, it almost ALWAYS is BS.
Tom
Gahanna,Ohio,
U.S.A.
Get away from Ameriquest, i am a mortgage specialist
#4Consumer Comment
Tue, June 07, 2005
Hi
my name is tom and i am a mortgage specialist. I do not have a broker licence in indiana but can offer you some free advice that i would not want interpreted as more than mere suggestion.
I dont know what ur credit looks like but that loan u described would have to be the most outrageous fees earned for any loan officer. Get away from ameriquest . Here is some REAL numbers.
If you can encompass your credit card debt with your mortgage to fit under 85 LTV , then you can take it FHA and get almost prime rate for the whole thing. You dont need a high score -just no lates on your mortgage in the last year.
Even if you cant and your LTV is too high - refi your first mortgage FHA and bring your note rate down at least a percentage point. Thats a lot in the long run.
If your score is over 680 you can get HELOC products up to 125 percent to cover the credit cards and shore up some debt. Unless your credit is fantastic and can get prime - DO NOT REFI THE FIRST MORTGAGE WITH THE SECOND. go with FHA for the first one.
If your score is too low -refi fha at the lower rate -and get a co- sign for the second loan to get rid of the debt
good luck