The opportunity for me to purchase the townhouse in which I reside has come up. I just had my bankruptcy discharged last month. I called Ameriquest after doing a search for "after bankrtupcy mortgages." The loan officer I spoke with told me that they can offer me a loan of 75% of whatever the appraised value of the TH is. Does anyone have any experience with Ameriquest as a mortgage lender? I know they specialize in refinancing, but what about good/bad results as an original lender? The MAJOR drawback is the closing costs associated with this. Someone right out of BK gets 6-8% in closing costs. After giving him a brief overview of my income/debts(only a car) he said it would be somewhere between 9-10.5%. Considering I am right out of BK and can refinance in 2 years with better credit, I'm not too worried about it. The closing costs are what irk me. If you can make suggestions, or even recommend another lending company for someone with a discharged bankruptcy in the past month. Thanks.
Did you ask what the INTEREST rate would be? I doubt it would be good but if you get it and refinance later to a lower one when your credit is better then I guess it would be ok. I'm not familiar with Amerquest though but I see alot of commercials about them on TV. Look at the BBB website to see what complaints they have. http://www.bbb.org/
I didn't clarify the interest rate in my original post. The loan officer quoted me 9 to 10.5%. I was actually relieved because I thought it would be somewhere in the mid-teens.
I tried to refi my home and mortgages with Ameriquest about a month ago and didn't get anywhere with them. In fact, the refi would have increased my payments! Just refi'd this week with First Franklin Financial at 6.5%. My chap 7 was discharged 13 months ago and by middle fico is sitting at 603. Apparently the finance/refinance with ficos as low as 540. Good Luck.
DH & I tried to do a refi with them also about 3 years ago and after about 3 months of them screwing around we gave up. paw67
jb- The closing costs you quoted sound outrageous. While it's true you will have to pay a premium (generally around the rate you quoted - 9%) and won't be able to finance as much, also as you mentioned, there is no reason you should have to pay closing costs any higher than anyone else. If you like, you can send me a private message and I'll send you the link of a friend who I've referred people in the past from this board. I've referred other people in the same way and she realizes that people from CN know their stuff and make for educated/good customers. She'll take care of you with significantly lower closing costs (no higher than someone with 680's) - and may even be able to shave a small amount from the interest rate, although I can't be certain. Good luck!
Ameriquest is a decent lender but there are several other lenders that are available to brokers that would serve you better. I would suggest contacting a mortgage broker and not the direct lender on this one mainly because the direct lender only has THEIR products and rates..and when you are talking any post BK or foreclosure situation you want to have as many options available as possible. Good Luck!
I am a broker and I have worked for a company in the past that was owned by the same owner of Ameriquest and I can tell you 100% that you can get a better deal on the closing costs elsewhere! I am licensed in 48 states and just for an FYI we can do loans for people 1 day after the BK has been discharged. One question that I have for you is where are you getting the downpayment from if they said they can go 75% LTV? jsut curious, if you would like anymore information or advice drop me an email. boot21_2000@yahoo.com BB@allied home mortgage capital corp.
I agree with the poster two messages ago. Mortgage Brokers provide many more options than going to a single source. In response to the most recent post: Just for clarification, Allied Mortgage (touted in the above message) is a "Net Branch", which is in laymans terms a franchised mortgage broker company that charges people (such as the poster above) a fee/percentage for each loan they write. Allied is large and has many options for you; however, it should be clear that these brokers often charge a bit more than others because they have to share some of their profit. As I advice any poster in this forum - get a *complete* Good Faith Estimate, with no "grey area" claims like "That rate will go down", and compare the total costs of each mortgage to be sure you're getting the best deal. In short, even if you're dealing with a mortgage broker, you should still shop the quote to others! Good luck all.
rusten: I agree. however be careful of the mortgage brokers that charge you an "upfront" application ree that is not refundable. and yes Allied is a net branch and are number allign with every other broker out there IMHO our closing costs are just like any other broker out there. I alos agree and stand by the good faith estimate (GFE) do not sign unless you know the terms of it and get a copy of it for your records as well, if the loan terms change e.g. from a fixed rate to an adjustable rate or the rate goes up or the loan amount increases get a new GFE reflecting these changes!
