Ameriquest inquiry Lynbrook New York

Even if you have bad credit, you can do better than Ameriquest. There are a lot of subprime lenders out there. Yeah, you will pay more because subprime equals high risk; but you shouldn't get into a loan where you owe more than the house is worth, pay 6 points (a loan officer making a living like I did would never charge less unless they legally couldn't), a high rate, a high prepay, AND deal with all the sleaze. There are many lenders that will deal with you more fairly than Ameriquest. (Also keep in mind that since rates have raised the refi-boom of 2002/2003 has really slowed and they really want your business.)

I'm probably repeating some stuff already mentioned here. If not, here it goes...

I'm a broker here in Long Island and I'd say about 80% of my loans are from past AMC clients who realize they were basically raped with fees and other such nonsense.

Ameriquest does loans fast. Yes, they do. But guess what? For that "speed and convenience" you will be paying, and paying A LOT.

Ameriquest does not appraise your home in the "traditional" way. This is BAD, VERY BAD as they're known for overappraising properties just to get the value they need to make the LTV (LOAN TO VALUE)work. What happens if you need to sell and you THINK your home is worth 300K when in actuality its worth 250K? Oh, and your mortgage balance is 270K?

Now the whole thing about the rate adjustment period. Once your rate lock expires your new rate will be based on the margin (which is fixed for the life of the loan) and the current index. 99% of the subprime banks (which Ameriquest is) use the 6 month LIBOR index. So every 6 months, the index will change for you. Now let's use this example:

Your margin: 6%
Your Index: 4.75 (as of today)

That would make the rate 10.75 right? BUT...in order for the borrowers to not experience payment shock, your first payment after the rate lock expires will be based on a rate that's only 2% higher than what you already have. So if you're at 7%, the first payment will be based on a rate of 9% and it cannot be more than that. BUT...that's only your first 6 months. After that, it can go up or down 1% depending on the index. Granted, you have a cap...but it's usually in the low teens (13-15%) so your rate can't go past the cap, but do you REALLY want to flirt with the idea of having a 15% interest rate? Especially in NY where the homes are upwards of 300K?

My suggestion for anyone dealing with ANY bank or broker. SHOP. Look, you have about a 14 day window from the minute the first person pulls your credit. So you have 2 weeks to speak to as many people you want to and have them get the best mortgage for you. Get everything in writing, and remember that (in a refi) you have 3 days AFTER closing to change your mind and cancel a loan. So if you were delivered what you WEREN'T promised, just cancel it. Will you have to start all over? Possibly. But isn't that better than getting stuck with a mortgage you a) don't want b) cant pay?

Notice I didnt say RATE. Forget about rate, you need to get the best mortgage for you. If you're selling your home in 2 years, what's the point of getting a 30 year fixed? If you're staying at a home for the rest of your life, what's the point of getting an adjustable rate?

I've written enough. Good luck and stay away from AMC. lol

I'm probably repeating some stuff already mentioned here. If not, here it goes...

I'm a broker here in Long Island and I'd say about 80% of my loans are from past AMC clients who realize they were basically raped with fees and other such nonsense.

Ameriquest does loans fast. Yes, they do. But guess what? For that "speed and convenience" you will be paying, and paying A LOT.

Ameriquest does not appraise your home in the "traditional" way. This is BAD, VERY BAD as they're known for overappraising properties just to get the value they need to make the LTV (LOAN TO VALUE)work. What happens if you need to sell and you THINK your home is worth 300K when in actuality its worth 250K? Oh, and your mortgage balance is 270K?

Now the whole thing about the rate adjustment period. Once your rate lock expires your new rate will be based on the margin (which is fixed for the life of the loan) and the current index. 99% of the subprime banks (which Ameriquest is) use the 6 month LIBOR index. So every 6 months, the index will change for you. Now let's use this example:

Your margin: 6%
Your Index: 4.75 (as of today)

That would make the rate 10.75 right? BUT...in order for the borrowers to not experience payment shock, your first payment after the rate lock expires will be based on a rate that's only 2% higher than what you already have. So if you're at 7%, the first payment will be based on a rate of 9% and it cannot be more than that. BUT...that's only your first 6 months. After that, it can go up or down 1% depending on the index. Granted, you have a cap...but it's usually in the low teens (13-15%) so your rate can't go past the cap, but do you REALLY want to flirt with the idea of having a 15% interest rate? Especially in NY where the homes are upwards of 300K?

My suggestion for anyone dealing with ANY bank or broker. SHOP. Look, you have about a 14 day window from the minute the first person pulls your credit. So you have 2 weeks to speak to as many people you want to and have them get the best mortgage for you. Get everything in writing, and remember that (in a refi) you have 3 days AFTER closing to change your mind and cancel a loan. So if you were delivered what you WEREN'T promised, just cancel it. Will you have to start all over? Possibly. But isn't that better than getting stuck with a mortgage you a) don't want b) cant pay?

Notice I didnt say RATE. Forget about rate, you need to get the best mortgage for you. If you're selling your home in 2 years, what's the point of getting a 30 year fixed? If you're staying at a home for the rest of your life, what's the point of getting an adjustable rate?

I've written enough. Good luck and stay away from AMC. lol

I'm probably repeating some stuff already mentioned here. If not, here it goes...

I'm a broker here in Long Island and I'd say about 80% of my loans are from past AMC clients who realize they were basically raped with fees and other such nonsense.

Ameriquest does loans fast. Yes, they do. But guess what? For that "speed and convenience" you will be paying, and paying A LOT.

Ameriquest does not appraise your home in the "traditional" way. This is BAD, VERY BAD as they're known for overappraising properties just to get the value they need to make the LTV (LOAN TO VALUE)work. What happens if you need to sell and you THINK your home is worth 300K when in actuality its worth 250K? Oh, and your mortgage balance is 270K?

Now the whole thing about the rate adjustment period. Once your rate lock expires your new rate will be based on the margin (which is fixed for the life of the loan) and the current index. 99% of the subprime banks (which Ameriquest is) use the 6 month LIBOR index. So every 6 months, the index will change for you. Now let's use this example:

Your margin: 6%
Your Index: 4.75 (as of today)

That would make the rate 10.75 right? BUT...in order for the borrowers to not experience payment shock, your first payment after the rate lock expires will be based on a rate that's only 2% higher than what you already have. So if you're at 7%, the first payment will be based on a rate of 9% and it cannot be more than that. BUT...that's only your first 6 months. After that, it can go up or down 1% depending on the index. Granted, you have a cap...but it's usually in the low teens (13-15%) so your rate can't go past the cap, but do you REALLY want to flirt with the idea of having a 15% interest rate? Especially in NY where the homes are upwards of 300K?

My suggestion for anyone dealing with ANY bank or broker. SHOP. Look, you have about a 14 day window from the minute the first person pulls your credit. So you have 2 weeks to speak to as many people you want to and have them get the best mortgage for you. Get everything in writing, and remember that (in a refi) you have 3 days AFTER closing to change your mind and cancel a loan. So if you were delivered what you WEREN'T promised, just cancel it. Will you have to start all over? Possibly. But isn't that better than getting stuck with a mortgage you a) don't want b) cant pay?

Notice I didnt say RATE. Forget about rate, you need to get the best mortgage for you. If you're selling your home in 2 years, what's the point of getting a 30 year fixed? If you're staying at a home for the rest of your life, what's the point of getting an adjustable rate?

I've written enough. Good luck and stay away from AMC. lol

Agree with Steve

Hi gang. I am a licenced mortgage broker . I too agree with Steve. I also agree with everyone else that Ameriquest is probably the worst company the average american could deal with.

People get sued all the time. Sometimes for frivolous reasons. Sometimes because the company is large and must protect its reputation , no matter how seemingly miniscule the offence.

Ameriquest is NOT under those categories. It was sued in a class action lawsuit for outright FRAUDING people. They settled the lawsuit. why? cause they would have LOST. Thus they DO fraud people.

Ameriquest makes about a jillion dollars a year. How? By offering you a good deal? No, by RIPPING YOU OFF. So fining them $325 mil is NOTHING and the guy is probably STILL laughing about it.

No matter what the shmuck at Ameriquest says , like -your score is too low for the best rate - we need 800 and yours is only 799. Or pulls the ol bait and switch when the REAL closing comes. They are also EXPERTS at over balooning your homes value, so when you try to refi away from them - you dont have the equity and are FORCED to keep paying them.

Do your small part for the American homeowner, and a HUGE favor for yourself. GET AWAY from Ameriquest and have a trained professional find you a good conforming loan or the best alternatives out there.

Cheers

Craig, I know you recommend people to stay away from Ameriquest. That is great advice.

Every week I see AMC loans in which the borrower is wanting to refinance away because there is a huge adjustment coming next month, but they have to pay the prepayment penalty to get out of it.

Their sub-prime loans are really not that different than Fremont, New Century, HSBC, First Franklin, Option One, etc., etc. They all have high fees, & terrible terms, but you are right...many homeowners have a transaction that will not qualify for a prime mortgage.

The problem with AMC was, and still is, that many of the loan reps have little "real life" mortgage education. They sell what they are "told" to sell, which are the high revenue mortgage products to unsuspecting, ignorant homeowners.

They sell an otherwise prime borrower on a "non-prime" type of mortgage product to generate high revenue. Or, they sell a purported prime mortgage with higher than appropriate rates and definitely higher fees.

Now, regarding my last paragraph, the homeowners have a fiduciary duty to themselves to shop for a mortgage product that suits their needs the best. If they are dumb enough to take an Ameriquest loan when they would otherwise qualify for a much better, less expensive loan, then shame on them.

Steve...

I wonder if you even read my email. I said that you SHOULDN'T DO BUSINESS with AMC. I thought I said that on multiple occasions. You do seem to be well educated but that doesn't mean that you know everything about mortages simply from googling "mortage rates".

I have enough respect for you to let the insults go, as to you are one of very few on this site who seem to have done their homework and don't b***h about AMC just because they did something foolish like sign a loan with no attorney present.

Instead of going back and force about variable rates, etc. which is greek to most individuals, advise people about the product that will benefit the borrower.

No one has responded from the New York area. Should I have a lawyer?

Well steve I hate to break it to you but you have no idea what your talking about when it comes to the rate adjustments and caps. When the 2/28 or 3/27 adjust for the first time it can only go up as much as 2%. And on every subsequent adjustment the rate can only go up as much as 1%. I'm not saying that Ameriquest is a great company by any means, but you forget about all the people that Ameriquest has helped out of sticky situations when no one else would help them, due to credit score or a number of other factors. Yes Ameiquest does charge higher fees than any other company but you have to remember that the customers ameriquest is dealing with are very risky to lend to. Now I know that Ameriquest has ripped alot of people off, I'm not denying that one bit. But when the real estate market went crazy Ameriquest went through a massive hiring frenzy and unfortunately the screening process for new employees was not as thourough as it should have been, so yeah there were a lot of people working there that would do anything to make a quick buck. But there are also people working there that do everything by the book and genuinely do everything in their power to get borrowers the best deal possible within the Ameriquest guidelines. The BOTTOM line is anybody who signs a loan with Ameriquest needs to read the documents thouroughly and make sure that what they are signing is exactly what they want. And if they have any doubts about the company or what they are signing, then don't sign. Come on people take responsibility for yourselves, do your research and make sure that your making the right decision when signing your loan, because as I said there are a lot of people working for Ameriquest that will do anything to make a quick buck and don't care what they have to do or who they have to screw over to get it.

>>>>>this is the best one...you have no idea what you are talking about on the margin one pal...
A margin is 1/2 of your rate. It is the bank's (or in this case ameriquest's) markup above the cost of money they are borrowing to lend you. The index (which is the second half of your loan) they use is either Libor (london inter-bank offer rate) or prime rate. The "set margins" aren't set at all. They are anywhere from 4-6%. This means when the rate changes over to adjustable from the fixed portion, then the rate changes to whatever the index is + the margin %...BUT, companies have to have caps on this so it doens't jump up too high. Usually 1-2% a year, as does AMC.

I don't know any lender that uses the Prime Rate as the index on a 1st mortgage, except for a HELOC in 1st position.

Craig, wouldn't you agree that the LIBOR is the most volatile index that is used in the mortgage business? Ameriquest uses the 6 month LIBOR which has increased from 1.215% in January 2004 to 4.81% as of January 2006.

Yes, your margin is between 4%-6%. But it almost ALWAYS sold at the 6% margin because A) the customer has no clue what it is and what to ask for, and B) the "Loan Officer" takes a hit to his commission when the loan is sold at less than full revenue. Isn't that true?

As far as the maximum adjustment and AMC's caps, they work this way: at the 1st adjustment, the cap is up to 3%, subsequent adjustments every 6 months thereafter are up to 1.5% per adjustment. Therefore, because the LIBOR has increased 3.6% since January 2004,your infamous "Band-Aid" 2/28 loan with the 3 year prepayment penalty would have adjusted upward 3% in January 2006, and then will adjust AT LEAST .6% more in July, but could increase up to 1.5%.

There is your 4.5% increase in the customer's interest rate within 7 months after the 2 year fixed period is over. Now, if this is not terrible enough, If the customer wants to refinance to get away from this huge rate increase, they are STILL EXPOSED to AMC's 3 year prepayment penalty! On a $200,000 loan that would cost the borrower over $6,000!!!

Craig, I don't care what you say trying to defend Ameriquest, Argent, Town & Country. It has been proven over and over again that they participate in predatory lending practices, do not provide proper disclosures, have used inflated appraisals, and even aside from all that, they are THE MOST expensive company in terms of rates and closing costs that sells loans in the non-prime market!!!

Now, instead of defending Ameriquest, why don't you enlighten the readers with the product mix that actually benefits the borrower.

>>>>>this is the best one...you have no idea what you are talking about on the margin one pal...
A margin is 1/2 of your rate. It is the bank's (or in this case ameriquest's) markup above the cost of money they are borrowing to lend you. The index (which is the second half of your loan) they use is either Libor (london inter-bank offer rate) or prime rate. The "set margins" aren't set at all. They are anywhere from 4-6%. This means when the rate changes over to adjustable from the fixed portion, then the rate changes to whatever the index is + the margin %...BUT, companies have to have caps on this so it doens't jump up too high. Usually 1-2% a year, as does AMC.

I don't know any lender that uses the Prime Rate as the index on a 1st mortgage, except for a HELOC in 1st position.

Craig, wouldn't you agree that the LIBOR is the most volatile index that is used in the mortgage business? Ameriquest uses the 6 month LIBOR which has increased from 1.215% in January 2004 to 4.81% as of January 2006.

Yes, your margin is between 4%-6%. But it almost ALWAYS sold at the 6% margin because A) the customer has no clue what it is and what to ask for, and B) the "Loan Officer" takes a hit to his commission when the loan is sold at less than full revenue. Isn't that true?

As far as the maximum adjustment and AMC's caps, they work this way: at the 1st adjustment, the cap is up to 3%, subsequent adjustments every 6 months thereafter are up to 1.5% per adjustment. Therefore, because the LIBOR has increased 3.6% since January 2004,your infamous "Band-Aid" 2/28 loan with the 3 year prepayment penalty would have adjusted upward 3% in January 2006, and then will adjust AT LEAST .6% more in July, but could increase up to 1.5%.

There is your 4.5% increase in the customer's interest rate within 7 months after the 2 year fixed period is over. Now, if this is not terrible enough, If the customer wants to refinance to get away from this huge rate increase, they are STILL EXPOSED to AMC's 3 year prepayment penalty! On a $200,000 loan that would cost the borrower over $6,000!!!

Craig, I don't care what you say trying to defend Ameriquest, Argent, Town & Country. It has been proven over and over again that they participate in predatory lending practices, do not provide proper disclosures, have used inflated appraisals, and even aside from all that, they are THE MOST expensive company in terms of rates and closing costs that sells loans in the non-prime market!!!

Now, instead of defending Ameriquest, why don't you enlighten the readers with the product mix that actually benefits the borrower.

>>>>>this is the best one...you have no idea what you are talking about on the margin one pal...
A margin is 1/2 of your rate. It is the bank's (or in this case ameriquest's) markup above the cost of money they are borrowing to lend you. The index (which is the second half of your loan) they use is either Libor (london inter-bank offer rate) or prime rate. The "set margins" aren't set at all. They are anywhere from 4-6%. This means when the rate changes over to adjustable from the fixed portion, then the rate changes to whatever the index is + the margin %...BUT, companies have to have caps on this so it doens't jump up too high. Usually 1-2% a year, as does AMC.

I don't know any lender that uses the Prime Rate as the index on a 1st mortgage, except for a HELOC in 1st position.

Craig, wouldn't you agree that the LIBOR is the most volatile index that is used in the mortgage business? Ameriquest uses the 6 month LIBOR which has increased from 1.215% in January 2004 to 4.81% as of January 2006.

Yes, your margin is between 4%-6%. But it almost ALWAYS sold at the 6% margin because A) the customer has no clue what it is and what to ask for, and B) the "Loan Officer" takes a hit to his commission when the loan is sold at less than full revenue. Isn't that true?

As far as the maximum adjustment and AMC's caps, they work this way: at the 1st adjustment, the cap is up to 3%, subsequent adjustments every 6 months thereafter are up to 1.5% per adjustment. Therefore, because the LIBOR has increased 3.6% since January 2004,your infamous "Band-Aid" 2/28 loan with the 3 year prepayment penalty would have adjusted upward 3% in January 2006, and then will adjust AT LEAST .6% more in July, but could increase up to 1.5%.

There is your 4.5% increase in the customer's interest rate within 7 months after the 2 year fixed period is over. Now, if this is not terrible enough, If the customer wants to refinance to get away from this huge rate increase, they are STILL EXPOSED to AMC's 3 year prepayment penalty! On a $200,000 loan that would cost the borrower over $6,000!!!

Craig, I don't care what you say trying to defend Ameriquest, Argent, Town & Country. It has been proven over and over again that they participate in predatory lending practices, do not provide proper disclosures, have used inflated appraisals, and even aside from all that, they are THE MOST expensive company in terms of rates and closing costs that sells loans in the non-prime market!!!

Now, instead of defending Ameriquest, why don't you enlighten the readers with the product mix that actually benefits the borrower.

The paper work I signed was changed after the recission date, and does not have my signature, and was told I could not cancel. Go thru the BBB and look up other co's. There are other mortgage co's. And if you really don't have to refiniance, try and wait, to give your self time to really think. They have ruined my health. Do your homework PLEASE.

Steve,

you give good advice but you are wrong on a lot. I used to work there and thank god do not anymore. Here's the corrections...

Not every loan has a prepay. It is illegal in MA to have a prepay on a non negative amoritorizing loan.


You can get a loan with less points if you pay a higher interest rate, that goes for ANYONE, but yes, anywhere in the subprime market it costs 2-3 points to close a mortage

this is the best one...you have no idea what you are talking about on the margin one pal...
A margin is 1/2 of your rate. It is the bank's (or in this case ameriquest's) markup above the cost of money they are borrowing to lend you. The index (which is the second half of your loan) they use is either Libor (london inter-bank offer rate) or prime rate. The "set margins" aren't set at all. They are anywhere from 4-6%. This means when the rate changes over to adjustable from the fixed portion, then the rate changes to whatever the index is + the margin %...BUT, companies have to have caps on this so it doens't jump up too high. Usually 1-2% a year, as does AMC.

don't get me wrong, the rest of your email is true. Dont do business with this company. they charge higher rates but its bc their officers are forced to do so by the system that tells them what to price their applications at. We didn't sit with a sheet and say what can i give this person, the computer told us and our job was to try to sell it to you. Yes, you can get a better deal somewhere else.

don't worry, people i know on the inside say they are selling off the company soon. I was there all of 3 months before I got out of there.

Under no circumstances should someone ever refinance with this company. I used to work there, please trust me. I say this not because they are committing fraud, because the lynbrook branch may be on the up and up, but because you are going to get ripped off and taken advantage of. If you dont have perfect credit, you will pay approximately 4 points and receive an interest rate 1-2 points higher than you really qualify for. They rip people off for a living, believe me. If you have perfect credit, you will still get ripped off. your loan officer is most likely feeding you alot of BS trying to get you to sign before you shop around. I 100% guarantee you that if you call a local mortgage company and talk to a broker, he will beat your deal with ameriquest by a landslide. Dont even tell the broker that you are shopping, and he will still beat their deal. There are a million small companies you can go to. Any one will do. Tell them you want to refi and let them take an application on you. Like I said, I cannot stress enough how badly Ameriquest rips people off and how much better a loan you can receive simply by placing a phone call. Dont be afraid of the credit pull either, you are allowed an unlimited number of inquiries from mortgage companies within a 2 week period. Dont let the Ameriquest employee tell you that a credit pull will hurt your chances of getting a loan through them, that is a lie. Your credit report with Ameriquest is good for 45 days. Not that you will ever call them again once you shop around anyway!

Under no circumstances should someone ever refinance with this company. I used to work there, please trust me. I say this not because they are committing fraud, because the lynbrook branch may be on the up and up, but because you are going to get ripped off and taken advantage of. If you dont have perfect credit, you will pay approximately 4 points and receive an interest rate 1-2 points higher than you really qualify for. They rip people off for a living, believe me. If you have perfect credit, you will still get ripped off. your loan officer is most likely feeding you alot of BS trying to get you to sign before you shop around. I 100% guarantee you that if you call a local mortgage company and talk to a broker, he will beat your deal with ameriquest by a landslide. Dont even tell the broker that you are shopping, and he will still beat their deal. There are a million small companies you can go to. Any one will do. Tell them you want to refi and let them take an application on you. Like I said, I cannot stress enough how badly Ameriquest rips people off and how much better a loan you can receive simply by placing a phone call. Dont be afraid of the credit pull either, you are allowed an unlimited number of inquiries from mortgage companies within a 2 week period. Dont let the Ameriquest employee tell you that a credit pull will hurt your chances of getting a loan through them, that is a lie. Your credit report with Ameriquest is good for 45 days. Not that you will ever call them again once you shop around anyway!

Under no circumstances should someone ever refinance with this company. I used to work there, please trust me. I say this not because they are committing fraud, because the lynbrook branch may be on the up and up, but because you are going to get ripped off and taken advantage of. If you dont have perfect credit, you will pay approximately 4 points and receive an interest rate 1-2 points higher than you really qualify for. They rip people off for a living, believe me. If you have perfect credit, you will still get ripped off. your loan officer is most likely feeding you alot of BS trying to get you to sign before you shop around. I 100% guarantee you that if you call a local mortgage company and talk to a broker, he will beat your deal with ameriquest by a landslide. Dont even tell the broker that you are shopping, and he will still beat their deal. There are a million small companies you can go to. Any one will do. Tell them you want to refi and let them take an application on you. Like I said, I cannot stress enough how badly Ameriquest rips people off and how much better a loan you can receive simply by placing a phone call. Dont be afraid of the credit pull either, you are allowed an unlimited number of inquiries from mortgage companies within a 2 week period. Dont let the Ameriquest employee tell you that a credit pull will hurt your chances of getting a loan through them, that is a lie. Your credit report with Ameriquest is good for 45 days. Not that you will ever call them again once you shop around anyway!

Under no circumstances should someone ever refinance with this company. I used to work there, please trust me. I say this not because they are committing fraud, because the lynbrook branch may be on the up and up, but because you are going to get ripped off and taken advantage of. If you dont have perfect credit, you will pay approximately 4 points and receive an interest rate 1-2 points higher than you really qualify for. They rip people off for a living, believe me. If you have perfect credit, you will still get ripped off. your loan officer is most likely feeding you alot of BS trying to get you to sign before you shop around. I 100% guarantee you that if you call a local mortgage company and talk to a broker, he will beat your deal with ameriquest by a landslide. Dont even tell the broker that you are shopping, and he will still beat their deal. There are a million small companies you can go to. Any one will do. Tell them you want to refi and let them take an application on you. Like I said, I cannot stress enough how badly Ameriquest rips people off and how much better a loan you can receive simply by placing a phone call. Dont be afraid of the credit pull either, you are allowed an unlimited number of inquiries from mortgage companies within a 2 week period. Dont let the Ameriquest employee tell you that a credit pull will hurt your chances of getting a loan through them, that is a lie. Your credit report with Ameriquest is good for 45 days. Not that you will ever call them again once you shop around anyway!

Ameriquest is a lender dealing in SUB-PRIME loans, meaning people with less than great credit. If you have even relatively decent credit, you do not belong with Ameriquest.

There have been approximately 3,000 complaints against Ameriquest on this site alone.
Ameriquest just settled a class action suit for $325 million dollars. (Google search this)
There are other suits pending in 28 other states as of 2/14/2006.

Several Loan officers with Ameriquest have been prosecuted for fraud. (google this too.)
Ameriquest has been accused in EVERY STATE they do business in of predatory lending practices.

If the above is not frightening to you then keep reading:

EVERY loan at Ameriquest will have a prepayment penalty.

EVERY loan at ameriquest will have AT LEAST 2-3 points begin charged.

EVERY adjustable rate mortgage 2/28, 3/37 or 5/25 program carries a 6% margin. That means when it adjusts in 2, 3 or 5 years that your interest rate WILL increase by 6%.(assuming the present interest rate increases the way it has for the last 2 years) EVERY loan will carry an interest rate .75% to 1.25% higher than what you could get if you went to a local broker in your town.

If even of what I say is true (it all is!) why oh why would you want to entrust your single largest and most important financial transaction to Ameriquest?

If you have not signed final paperwork with them then stop now. Even if you have paid for an appraisal, so what. Just write it off as a mistake and call a different lender. Period.

If you decide to continue with Ameriquest, then I can safely say that you are an idiot.