Ameriquest REFI

I got my start in the mortgage biz working for this company. I can answer your questions.

Yes, they can refinance your home with just one credit bureau. I would hesitate to say they are the only company that does this, but that doesn't really matter. If you have one credit score that's a lot higher than the others, this is a strong selling point.

They are strong in some areas. If what you need is a cash out refi for debt consolidation, they may be the company for you. They do about 4.5 to 5 billion a year in business doing that type of loan.

Some things to look out for:

1) They send you a RESPA packet containing a truth in lending disclosure and good faith estimate that's almost useless. If you decide to do business with this company, you will need to demand that your loan officer provide these documents that are specific to your loan.

2) Their typical product is a 2/28 LIBOR ARM with a margin of 6.5%. In english that means that when it becomes adjustable, it's likely to adjust a lot. Right now the LIBOR index is really low, at about 1.3%, but historically it's usually about 5.5%, going as high as 7.5%. That means in a normal market, your rate could go to the 12-14% range.

3) They almost always price their loans with a pre-payment penalty where the law allows. Be aware of this when making your decisions, ask for a quote without the penalty for comparison, and make an informed decision.

4) They have a tendency to use over-valued appraisals. This is great for you if it qualifies you for a loan you really need, but the danger is that when you want to refinance out of that loan, you may not have the equity to do it.

Above all, I'd encourage you to get a competitive quote from a reputable mortgage broker who's familiar with sub-prime loans before you sign a mortgage with Ameriquest. In some situations, they do offer the best loan on the market, but in most cases you can get a better deal somewhere else.

 

DUNNOO =)

 

Go to www.ripoffreport.com and do a search on Ameriquest Mortgage. There are some interesting threads about their lending practices.

PawMix

 

Just want to say that I have a refi with Ameriquest and I would not recommend them to anyone! They were the only company that would give me a refi since I have lots of debt. My rate was a little bit lower than my previous mortgage. My big criticism of them is that the constantly call you if you don't pay your bill on the due date. I usually pay one day before it is considered late because that is when I get paid. Despite telling customer service this, they call and call and claim to not be able to change the payment date. And I they get mad when I tell them that I pay my bills on time and don't understand why they bother me.

Try anyone else but them.

 

Just want to say that I have a refi with Ameriquest and I would not recommend them to anyone! They were the only company that would give me a refi since I have lots of debt. My rate was a little bit lower than my previous mortgage. My big criticism of them is that the constantly call you if you don't pay your bill on the due date. I usually pay one day before it is considered late because that is when I get paid. Despite telling customer service this, they call and call and claim to not be able to change the payment date. And I they get mad when I tell them that I pay my bills on time and don't understand why they bother me.

Try anyone else but them.

 

toothfairy,

Are you by any chance associated in any way with a person who is\was in the military?

Navy Federal Credit Union has programs for folks with less than perfect credit and they are very helpful.

PawMix