To begin with their web page where you can look up rates is deceptive. In order to find the true rates, you must change the credit score located on one edge of the page in small print to your credit score and changing it from a perfect score of 800 to your score dramatically changes their rate quotes. But what finally drove me away was that after applying for the refinance on Wed of one week, getting the appraisal done on Friday of that same week, I went back on Monday the following week to lock in my rate ONLY to find that between Wed and Mon, their points for the loan jumped from 3/4 of a point to 2-1/4 points. That drove the cost to complete the refinance out of sight.

To make it worse, I discovered after complaining about the hike in the points that although their rate lock was good for 30 days, it typically took them 60-90 days to close a loan, so the rate lock was worthless.

I was duped and feel cheated especially as I still had to pay for the appraisal. As I said I had a good experience in 2004, so perhaps the company has changed ownership or management since then. I definitely would NOT do business with them.

For me, the most appealing aspect of dealing with them is that everything is done online and you can follow your loans progress day to day by just logging into your account.

We are fortunate in that we have lots of equity in our home, good income to loan amount, and excellent credit. It was a no-brainier loan so I would have expected this to go smoothly with any lender we chose.

I’ve recommended them to 3 friends that have all refinanced through them with good experiences.

1.) The $35 preapproval/credit report fee is credited back at closing. So we are not scamming anyone. If anything we are weeding out false applicants that are not ready, serious or probably have reasons that they would not be approved. It is not refunded if you do not qualify.

2) The lock REQUEST. That's exactly what it is a request. Until we have the application, credit report with all three scores and needed income documents nothing can be locked. No lender will lock you just because you completed an application ( they need all of this too). Now because of the volatile housing market many loans will not be locked due to value problems in many markets. So we need an appraisal before we can lock a loan unless there is clearly a lot of equity an exception can be made. YES we do have a $500 lock-in fee and i tell all my l clients that if they cancel for whatever reason they will be charged once locked. However if the loan is declined it will not be charged.

So how do i get the rate i want now? Well you cannot lock just based on the application and what you see on the website without having the above mentioned. so here is what i tell all my clients BEFORE they go online:

Have the following list of documents at your side when applying online. You will fax these once you receive an email of list of items needed with a fax number of the loan consultant.

1) W2's- Most current years. So right now 2008 and 2009 ( If self-employed or receive other income other than W2 income to qualify we will need your last 2 year tax returns n addition to any 1099 or w2 forms)

2)PAYSTUBS- 1 month most current and in order ( Last 2 if bi-weekly pay, Last 4 if weekly pay)

3) BANK STATEMENTS – Both saving and checking ALL PAGES for the last 2 months

3) LIQUID ASSEST STATEMENTS- ( IRA,401k, CD, money market etc. Most current Quarterly Statement if not monthly) AGAIN ALL PAGES

4) CURRENT MORTGAGE STATEMENTS(S) on current and any other properties owned ( If you own rentals have your rental/lease agreements for all )

5) PROPERTY TAX BILL(S) – Current statements on current and all other properties owned

6) HOMEOWNERS FIRE INSURANCE DECLARATION PAGE- for current and all other properties owned

7) DIVORCE DECREE – May be needed if divorced or may not but good to have available if requested

If you have all these before going online the application will be more complete. You will have all documents ready to fax and i suggest paying the $35 and appraisal or your application will not be a priority. The $35 will not be refunded if you do not close so i'll admit you will be out of that but for the appraisal we charge your card but if you cancel the appraisal appointment no charge incurred and your credit card is credited back the appraisal amount.

I will say if you have all documents ready to fax, complete the application as accurately as possible and follow all steps including, the $35 prapproval, order appraisal and choose your rate you would like to be locked at. Then you will have an easier time in processing and closing. I usually can have a loan locked right when the appraisal is back. About 48-72 hours. But if you have a very solid loan, good equity, good debt to income ratios, liquid assets, High fico, then i can usually have a lock exception request to my manager and lock in 24 hours. I personally like to talk to my clients and figure out one if a loan is right for them and two if i see any potential issues to resolve before applying.

Hope that helps. Every company out there, even the big banks, have complaints and it is tougher these days for home finance but doing your homework first and being prepared will make it easier.

I am also in the process of refinancing with Amerisave but now I dont feel comfortable going with Amerisave… How did you manage to not let them charge you $500 cancellation fees ?!

Thanks

Make no mistake. Amerisave will increase fees/rates from the rates that you applied for on the date of your initial application. Their “system” is geared toward NOT granting you the lower rate that lured you to them in the first place.

Shop and compare. Amerisave is the ONLY online lender (that I am aware of; and I looked at a lot of them) that does NOT lock in the quoted rate, just by you stating that you want the rate locked in. They make you go through submission of paperwork and then, when they are satisfied that they can't get any more money out of you in the form of either fees or a higher rate, they MAY lock your rate in, if it is to their benefit. The actual forms that they have you “e-sign” are actually “defaulted” to a “float-rate,” which leaves you at the mercy of the market. NEVER, EVER agree to e-signing anything UNTIL you read everything! The fact is that they are pressuring their customers to get the “paperwork” in to lock the rate. That puts pressure on the customers and they tend to sign (including e-signing) paperwork in their haste without reading what they are signing. Again, they have their system aimed at getting the most money out of their customers. Shop around and compare and you will see that Amerisave is not the way to go…

1. They were very slow to respond my request or to clarify some misunderstanding (I was always the one finding things out).

2. Inexperienced underwriting department & loan processor. I have two different last names on the files I sent (got married in between) and they were not able to figure out it's the same person by using SSN. Then didn't verify with me until I called to see what delays the process.

3. They misplaced my documents A LOT. I called them countless times to check and always heard "I am still waiting for this … or that …" and I already sent them ALL of the required document. Of course, after I confronted them, they would say "oh, I have it!! I thought I didn't".

4. It took them "7 days" to pay off my previous lender (yes, 7 days – from the day of "closing" till the day my previous lender finally received the money to be paid off). 7 days?? and I paid extra fees to "expedite" the process.

If you have time to mingle, energy to waste, don't mind to stay worried, you may choose them. Because that's me during the whole time.

With perfect credit, 820 credit score, a low loan to value ratio of less than 40% , and no debts except mortgage, they find a reason to weasel out of their loan commitment to me. Why? because my loan was not profitable enough.

They say yes to everyone at first, and then after you have given them money and made a commitment, they decide whether or not the rate they quoted you is profitable or not. If not, you wasted your time and money. If they do make you the loan, it is because you agreed to a higher rate than what they advertised.

Quote: 4.75% at zero cost (no points, no fees). So paid the application fee and appraisal fee and agreed to "$500 lock cancellation fee"

1) Credit rating is 50 points higher than I thought.

2) Mortgage rates have fallen another 0.05%

3) Loan docs show 5.316% with $7443 in points!

RIPOFF