Report: #483690

Complaint Review: Amerisave - Internet

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Ripoff Report is Xcentric Ventures

Submitted: Fri, August 21, 2009
Updated: Fri, August 21, 2009
Reported By: david — Sunland California USA

Author Not Confirmed

Why?

Amerisave www.amerisave.com Internet United States of America

Phone:
Web:
Category: Mortgage Companies

Amerisave Bait and switch! Sunland, California

* : big diffrence

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On Friday, August 14, 2009, mortgage rates dropped quite a lot. bankrates.com indicated the rates were good, and Ameritrade was ranked to have the best rates.

I went to the web site, and paid the $35 application fee for these sub-5% rates.

I was contacted by a broker, Jon Caffery of Palm Springs. I told him my credit score, and that it might be tough to get a good enough appraisal.

He gave me many quotes, and we zeroed in on an FHA loan at 5% with a **negative points** of $4253. I said I did not need negative points -- I don't need cash back -- so Jon said he would lower the rate to "about 4.75%" to get a true zero cost loan.

The loan documents he sent were far from this deal:

1) My credit score is 50 points better than I thought

2) The interest rates on the market have dropped another 0.05%.

3) Amerisave is not advertising APRs of 4.579% on bankrate.com

4) The loan docs indicate an APR of 5.316% with points of $7443!

This report was posted on Ripoff Report on 08/21/2009 09:17 PM and is a permanent record located here: https://www.ripoffreport.com/reports/amerisave/internet/amerisave-bait-and-switch-sunland-california-483690. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:

0Author

1Consumer

0Employee/Owner

big diffrence

AUTHOR: Vaporize - (U.S.A.)

SUBMITTED: Friday, August 21, 2009

POSTED: Friday, August 21, 2009

There is quite a big diffrence between amerisave and ameritrade. You should do your research before you choose who you refinance or get a mortgage with.

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