Complaint / review text:
I have applied for my 20-year fixed-rate mortgage, working with a mortgage consultant. First and foremost is I do not understand the procedure of locking the rate down. First, I have applied for $292k loan, and I had recent appraisal done for $415k. So I was well bellow 80% to lock the rate. After finishing application and paying for credit and appraisal, the guy came back and said we cannot lock the rate because my house on Zillow shows $370k. So we can lock it for $288k.
But I guess when you apply and pick the rate, it shows credit toward closing based on the credit score and loan amount. Hence, I was concerned, because I picked the rate so I can get enough credit towards closing and so I don't have to pay any extra.
I went ahead and locked the rate after talking on the phone with a rep that if the appraisal comes higher, we can increase the loan amount and credit towards closing. As expected, appraisal came higher, and we increased the loan amount. I have to call numerous times to have them adjust the good faith estimate, because the credit towards closing was not adjusted after the increase in loan amount. This rep has to get approval from his manager, and the manager at Amerisave were always in a meeting or training. (Maybe these meetings were about how to screw up customers!).
Finally, everything got squared away and got the closing date, I have signed all the papers, but the disbursement date was 7/30/2010, and they did not send paperworks on time at the title company to disburse the funds. Then I called the closing department, and she did not even called me back. And after so many calls to Amerisave and email, I finally got an answer that the package was lost in the mail.
So finally whatever they did, they funded my existing loan on 8/5/2010. So I end up paying 6 days of interest with no fault. Then I asked for reimbursement of the interest I have paid. I am still asking, and they are not responding as of yet. I would by all means not recommend the Amerisave to anyone. First, their rate on the website looks good but the actual one comes with a lot of attachments (credit score, appraisal, closing fees were also higher than their quote). The worst part is the communication; they don't respond to your inquiry promptly.