Amerisave Mortgage Review

amerisave review Amerisave Mortgage ReviewIf you are considering taking out a mortgage to purchase your new home or refinance an existing home loan with Amerisave Mortgage, it’s well worth your time to check the lender out before signing on the dotted line. One way of checking out a mortgage lender before taking out a loan is to look at customer complaints. Here is RefiAdvisor’s review of Amerisave Mortgage to help you make an informed decision before taking out your next home loan.

Amerisave Mortgage

Amerisave is a nationwide direct mortgage lender.

Rating by Robert Regehr: 4.0 stars
starfull Amerisave Mortgage Review***

Amerisave Direct Lender. Over Six Billion Funded.

Claiming to make shopping for mortgages easy and straight forward, should you choose Amerisave for your mortgage refi?

Visit Amerisave’s website and you’re greeted with this claim of six billion dollars in loans funded. They claim to have closed over 10,000 loans in all fifty states and offer an “on time closing guarantee” that will pay you $1,000 should they fail to fund your loan in time. They also offer a “$500 low rate guarantee.” Of course these “guarantees” come with lots of fine print so you should carefully review the conditions before basing your decision on Amerisave’s “guarantees.”

Amerisave Mortgage Company Contact Information

Phone Numbers:

866-970-7283
404-736-1798
404-260-7524
404-424-0632

Address:
Amerisave

Mortgage One Capital City Plaza 3350 Peachtree Rd Suite 1000 Atlanta GA, 30326

Amerisave Mortgage operates their business as a Mortgage Broker Bank, similar to Ditech.com and eLoan. This means they close their home loans in their company name and fund the loans themselves, making Amerisave exempt from the Real Estate Settlement Procedures Act (RESPA). Because Amerisave is exempt from RESPA disclosure legislation you’ll never know how much money they’re making off you by marking up your mortgage rate. Amerisave mortgage actively purchases mortgage leads from the likes of LendingTree.com and LowerMyBills.com, two internet lead generation sites with less than sparkling reputations. If you’re a regular reader of this blog you know that Lending Tree’s computerized loan origination fee is passed on to the consumer, as much as $1200 at closing.

Amerisave Mortgage Complaints

According to the Better Business Bureau, Amerisave mortgage had 145 complaints filed during the past 36 months and only 57 of them were resolved in twelve months. Searching Google for Amerisave mortgage complaints reveals 684 listings, which could be worth your time in reading.

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You can learn more about paying less for your mortgage refinance by avoiding unnecessary fees and markup by checking out my free Underground Mortgage Refinancing Videos.

httpv://www.youtube.com/watch?v=be9md0A0_2c
  • Free Underground Mortgage Videos

Here’s a quick sample to get you started finding today’s best mortgage refinance rates without overpaying.

Avoid These Refinance Traps

If you are in the process of refinancing your home mortgage loan there are a number of pitfalls that can result in overpaying thousands of dollars per year.

These pitfalls range from the markup of your mortgage rate to junk fees that raise your monthly payment. Avoid these refinance traps and you can save thousands of dollars every year that you keep your mortgage. Here’s what you need to know.

Avoid These Refinance Traps

What are mortgage refinance junk fees? Anything that serves no purpose other than boosting the mortgage broker’s commission at your expense is a junk fee. Mortgage brokers receive compensation for their work from a number of sources and if you’re not careful these fees can result in overpaying thousands of dollars every year that you keep the loan.

The first mortgage broker fee you’re likely to encounter when refinancing your home mortgage is the loan origination fee. This is a fee paid to the mortgage broker specifically for their part in arranging your loan. A reasonable amount to pay the mortgage broker for loan origination is one percent of your loan amount; however, many brokers will try and pad this fee. This origination fee, while frequently overcharged, is fairly straightforward and will appear on your Good Faith Estimate and HUD-1 statement.

Don’t Put Much Faith in Your Good Faith Estimate

The law requires mortgage brokers to provide you a copy of the Good Faith Estimate as part of their disclosures; however, there are no standards as to what fees have to be disclosed to you and many are conveniently left off to make expensive loan offers seem more attractive. Your Good Faith Estimate is little more than a marketing tool used to lure homeowners into overpriced home loans… don’t trust this mortgage document.

If you can’t rely on the Good Faith Estimate when shopping for a mortgage loan what can you trust? There are two reliable documents you will receive when refinancing your home loan. The first is the original written rate lock confirmation from the mortgage lender and the second is the HUD-1 Settlement Statement; however, neither one of these documents help you shop for a mortgage loan. Make sure that the rate lock confirmation you receive comes from the mortgage lender and not the mortgage broker and never accept verbal confirmation of your rate lock. As for the written confirmation, make sure it comes from the mortgage lender and is not typed up on your broker’s letterhead. Many mortgage brokers pass off bogus rate lock confirmation in an attempt to hide their markup of your mortgage interest rate.

How to Shop for a Mortgage Loan

A common refinance trap to avoid is shopping for a mortgage loan like you would a kitchen appliance. While it’s true that mortgage loans are retail products and are subject to the same type of markup that results in overpaying, you don’t want to try making apples to apples comparisons of your mortgage loan offers. There is simply no reliable way to screen mortgage loans when refinancing due to these limitations of your disclosure documents.

The best way to shop for a new mortgage when refinancing is not to compare loan offers, but shop for the right mortgage broker instead. When you find the right person to arrange your next mortgage you’ll avoid all of the refinance traps that I’ve mentioned here today. How can you find the right mortgage broker to arrange your home loan? It’s not as hard as you might think; however, there is one other junk fee we need to discuss known as Yield Spread Premium.

Unnecessary Mortgage Broker Fees

Ask most mortgage brokers about Yield Spread Premium and they get defensive, even angry. Many think that as a mortgage broker Yield Spread Premium is their birthright. The simple fact of the matter is that charging an origination fee and Yield Spread Premium is advantageous and wrong. What is Yield Spread Premium? Simply put, it is the number one refinance trap to avoid and according to the HUD Secretary will cost homeowners in the United States sixteen billion dollars this year.

Yield Spread Premium is a Trap

Not only is Yield Spread Premium a trap that drives up your mortgage payment unnecessarily, like the jelly of the month club it’s keeps doing it all year long…every year you keep the mortgage loan. Yield Spread Premium is a fee paid to your mortgage broker for locking and closing your home loan with a higher than necessary mortgage rate. Mortgage lenders reward your mortgage brokers for overcharging you with this commission. Because you’re closing with a higher mortgage rate than you deserve your monthly payment will also be higher than it needs to be, meaning you’re overpaying as long as you keep this mortgage loan.

Yield Spread Premium works as an incentive from the lender for overcharging you. For every .25% you overpay on your mortgage the broker receives a bonus of 1.0% of your loan amount in addition to the origination fee you’re already paying. The good news is that like any other refinance trap, Yield Spread Premium and other junk fees can be avoided.

You can learn more about this article Avoid These Refinance Traps, including which mortgage fees are junk like Yield Spread Premium by registering for my Underground Mortgage Videos. Register today and you’ll get immediate online access to all the videos without downloading anything to your personal computer.

Mortgage Brokers Have a Dirty Little Secret

mortgage markup Mortgage Brokers Have a Dirty Little SecretDid you know your mortgage broker has a dirty little secret? Most professions have a few skeletons in the closet but this one could cost you thousands of dollars every year that you have a home loan unnecessarily.

In fact, this “secret” is so bad that the Secretary of Housing and Urban development said it will be responsible for fleecing American homeowners out of sixteen billion dollars this year alone. What is it? Read the following mortgage tips to help you avoid paying too much for your next home loan.

Mortgage Brokers Compensation

Mortgage brokers should be paid for their work like anyone else; however, like a used car salesman they have ways of padding their commission at your expense. You can expect any mortgage brokers you work with to charge you an origination fee for their services. This origination fee will be clearly marked on your Good Faith Estimate and HUD-1 statement; however, there is a hidden mortgage broker fee you need to be aware of before refinancing your home mortgage.

Mortgage Brokers Secrets

The second way mortgage brokers get paid for their work is a hidden commission from the lender. This commission will never appear on your Good Faith Estimate and most brokers have clever ways of disguising it on your HUD-1 settlement statement. This secret commission from the mortgage lender is called Yield Spread Premium and if you agree to a mortgage with this hidden markup it can cost you thousands of dollars every year that you keep the loan.

Yield Spread Premium is Hidden Markup

Here’s how Yield Spread Premium works. Suppose you are refinancing your home for $250,000 and the mortgage broker quotes you an interest rate of six percent while charging you a two percent origination fee. On the surface six percent sounds like a good deal, even though the origination fee is double what you should be paying, you agree to the loan. This means you have to pay $5000 to the broker for loan origination, your home gets refinanced and everything went smoothly, right? Wrong… What your mortgage broker isn’t telling you is that you were approved for a mortgage rate of 5.25 percent, but they marked it up to get Yield Spread Premium from the lender.

Yield Spread Premium is a percentage of your loan amount created when mortgage brokers lock and close loans with higher than necessary interest rates. You get stuck with a payment based on an interest rate higher than you deserve just to create a commission for the broker. A commission paid in addition to the loan origination fees your mortgage broker is already probably overcharging you…

Hidden Mortgage Markup

How does this hidden markup of your mortgage rate affect your monthly payment amount? In the previous example Yield Spread Premium adds a hundred dollars a month to the payment for a thirty year fixed rate mortgage. That’s $1200 a year you’re throwing down the drain due to your mortgage broker’s deception! Most mortgage brokers don’t talk about Yield Spread Premium and many become angry and defensive when questioned about the markup. Can you blame them? Yield Spread Premium effectively doubles even triples their compensation on the loan… at your expense of course.

You Can Avoid Overpaying for Your Next Mortgage

You don’t have to be a financial guru to get a good deal on your next home mortgage loan. Tell potential mortgage brokers that you will not accept any loan that includes Yield Spread Premium and that you’re willing to pay a one percent origination fee for their services. There are honest mortgage brokers out there willing to work for a one percent origination fee without marking up your mortgage rate and I can send you a list of them in your area.

There are other mortgage junk fees that you need to keep an eye out for: mortgage broker courier fees and rate lock fees are examples of junk fees you should never agree to pay when refinancing your home loan. Before closing on the new loan make sure you get a copy of the HUD-1 settlement statement and go through it with a fine-toothed comb; don’t rely on the Good Faith Estimate to look for these junk fees as this document is little more than a marketing tool used to lure homeowners into overpriced loans.

What About Bank Mortgage Loans?

Can’t you avoid all of this markup and trickery by mortgage brokers simply by refinancing with a bank mortgage loan? While it’s true that your bank doesn’t charge Yield Spread Premium on their loans because your loan is funded with the bank’s money; however, banks have another kind of markup called Service Release Premium that accomplishes the same thing. Also, your bank doesn’t have to disclose Service Release Premium to you because of a loophole in the Real Estate Settlement Procedures Act. You’ll never get as a good a deal from your bank as you could from an honest mortgage broker that hasn’t included Yield Spread Premium on your loan.

What is a Good Mortgage Rate Anyway?

Refinancing your home loan and dealing with mortgage brokers and lenders can be overwhelming. How do you know a good deal when you spot one? The ideal mortgage rate when refinancing your home is what’s known as a par mortgage rate. “Par Mortgage Rates” are ones that don’t cost you discount points to get or create any commission for the Mortgage Company or broker. You’ll never get a par mortgage rate from any bank or credit union and can only get this from the right mortgage broker.

To learn more about refinancing your home loan with the lowest mortgage rate without junk fees or mortgage broker markup register for my Underground Mortgage Videos. You’ll have immediate online access to the mortgage videos as well as a list of mortgage brokers in your area that do not mark up mortgage rates for a commission without downloading anything to your PC or Mac.

Best Refinance Interest Rate

Are you in the process of refinancing your home mortgage loan and are searching the Internet for the best refinance interest rate?

You might not know something about the mortgage rate quotes you find online; something that could wind up costing you thousands of dollars. Here are several tips to help you find the best refinance interest rate and save yourself thousands of dollars in the process.

Best Refinance Interest Rate

What is the best refinance interest rate? Is it the lowest mortgage rate you can find online or is it the lowest rate that doesn’t include junk fees or markup to give the broker a commission? Did you know that mortgage brokers mark up mortgage rate quotes to get a commission from the lender while charging you a fee for originating the loan? This fee paid by the lender will often double, even triple your mortgage broker’s commission for arranging your loan. Does the mortgage broker arranging your loan deserve to make that much money from your loan? If the lender’s paying this extra fee to the broker why should you care?

It’s not the fact the lender pays this fee to your mortgage broker that should concern you; it’s why the lender is shelling out so much money that should worry you when refinancing your home loan. Why do mortgage lenders reward brokers for closing loans with higher than necessary mortgage rates? You might think that after closing on the loan your mortgage lender sits back and collects interest from your mortgage payments. That’s how they make their money right? In most cases, no that’s not how mortgage lenders profit from your loan. In fact, mortgage lenders make the majority of their profits by selling your loan to investors on the secondary market. Someone else services the loan and profits from your mortgage interest; in most cases it’s not the lender that you started with when refinancing.

What does all this mortgage mumbo jumbo mean for you? Mortgage lenders know that home loans with higher than market mortgage rates bring them a premium profit when sold to investors; this is why they reward mortgage brokers for locking and closing your home loan with a higher than necessary interest rate. This fee paid to your mortgage broker for overcharging you has a technical mortgage mumbo jumbo title and is called Yield Spread Premium by those in the business. If you want the best refinance interest rate for your next home loan you simply must avoid any and all Yield Spread Premium on your loan.

You Don’t Have to be a Financial Guru

Many homeowners are intimidated by the process of negotiating with a mortgage broker. You don’t have to be a financial guru to pull off refinancing your home loan with a mortgage rate that hasn’t been marked up to give the broker a commission… you just need to find the right broker. My Underground Mortgage Videos will show you exactly how to find and negotiate with the right mortgage broker to get the best refinance interest rate for your home.

You know finding the lowest mortgage rate when refinancing is important because the higher your mortgage rate, the higher your monthly payment will be. Here is an example to illustrate how this unnecessary markup of your interest rate by the mortgage broker drives up your monthly payment.

Suppose for example you are a California homeowner refinancing for $375,000. Your mortgage broker quotes you an interest rate of 5.75% and charges you an origination fee of 2.5%. This origination fee will cost you a whopping $9,375 at closing. Again, follow the RefiAdvisor system outlined in my Underground Mortgage Videos and you’ll find a mortgage broker willing to refinance your loan for a flat one percent origination fee saving yourself $5,625 in origination fees alone…. you should really register for these mortgage videos.

What about that mortgage rate of 5.75%? What your mortgage broker isn’t telling you and you’ll probably never find on your Good Faith Estimate is that the lender actually approved you for a mortgage rate of 5.25%; however, your broker marked it up to get that commission from the lender. Your lender pays the broker a commission of one point for every .25% they markup your mortgage rate. Remember that one point is defined as one percent of your mortgage loan amount. In this case the broker gets two points, or two percent of your loan amount for locking and closing your home loan with a higher than necessary mortgage rate. This is Yield Spread Premium on your home loan.

What does Yield Spread Premium do to your monthly mortgage payment? Spend a few minutes with a mortgage calculator and see for yourself. In this example on a 30 year, fixed rate mortgage at 5.75% your monthly payment will be $2,190. Had you gotten the mortgage rate you deserve at 5.25% your monthly payment would have been only $2,070. That’s a savings of $1,440 per year! Still not convinced that you need my Underground Mortgage Videos? In this example these mortgage videos would save you $7,065 the first year alone!

You can learn more about getting the Best Refinance Interest Rate without unnecessary markup to give your mortgage broker a commission by registering for my Underground Mortgage Videos. Register today and you’ll have immediate online access to the mortgage videos without downloading anything to your PC.

Best Mortgage Rate 2009

If you’re considering refinancing your home mortgage loan and are looking for the best mortgage rate in 2009, there are several things you need to know in order to avoid overpaying for the new loan.

Most homeowners have heard of mortgage junk fees but very few are familiar with the evils of Yield Spread Premium or how it raises your monthly payment unnecessarily. Here are several tips to help you get the best mortgage rate in 2009 when mortgage refinancing.

What is Yield Spread Premium?

Mortgage brokers receive compensation for their work in two ways. Your broker will typically charge you an origination fee for their part in arranging your loan which will be disclosed on your Good Faith Estimate. This fee could be as much as five percent but typically runs anywhere from 2-3%. One percent is actually a reasonable fee to pay your mortgage broker for loan origination.

The second way mortgage brokers receive compensation is from Yield Spread Premium on your loan. Yield Spread Premium is a percentage of your loan amount paid by the lender when the mortgage broker locks and closes your home loan with a higher than necessary mortgage rate. I say “higher than necessary” because the mortgage broker is already being compensated for their work with the origination fee you’re paying. Any amount of Yield Spread Premium on your loan could effectively double or triple the broker’s compensation on your loan.

Best Mortgage Rate 2009

In order to get the best mortgage rate when refinancing your mortgage you’ll need to avoid Yield Spread Premium completely. This unnecessary markup of your mortgage rate can add hundreds of dollars to your monthly payment, and for what reason? Just to give your mortgage broker a bonus to make their boat payment? Not on my watch…the free videos on this website will show you not only how to avoid Yield Spread Premium and lender junk fees responsible for homeowners in the United States overpaying nearly sixteen billion dollars every year according to the government.

Check out my Underground Mortgage Videos today and you’ll get immediate online access to the mortgage tutorial in my password protected memberhip area and a list of mortgage brokers in your area that do not pad their loans with Yield Spread Premium.