Complaint / review text:
I applied for a loan with Amerisave and, over the course of about 5 weeks, sent them all of the information and documents they requested, which amounted to over 60 documents and 300 pages. Then I finally received the word that it was time to schedule an appraiser and lock-in my interest rate. At this point I received a message stating that the value of the appraisal would be used "to grant final approval to close your loan". I took this to mean that if the appraisal was of sufficient value and a good appraisal in all other respects then my loan would be approved.
When the appraisal came back it was above the amount expected and a good appraisal in all respects, however, a few days later the loan was denied due to "excessive obligations in relation to income". I believe I should have been informed, before I wasted money on the appraisal, that there were other issues with my income or obligations. It was only after I had locked in my rate and spent the money on the appraisal that they told me that I was within 1% of missing the necessary ratio for income versus expenses. Therefore, I requested a refund of my appraisal fee.