ED Magedson – Founder
WWW.MortgageProfessor.com - AmerisaveInternet United States of America
The first 2 words in the caption above are 1. Rates, and 2. Points. How much are they charging? I would assume that an Up Front Mortgage Broker would let you know their fees Up Front.
Then when you look at Amerisaves rates as posted on BankRate.com as of 1/20/11 their FHA 30 year fixed rate is 4.25 with an APR or Annual Percentage Rate of 4.806. What most people dont understand is that APR is much higher because it is calculated based on the true amount of money a consumer is borrowing vs. the actual loan amount less the fees being charged. I know it can be confusing, and that's confusion it is what predators use to distract their prey. In this 1/20/11 example below the APR is more than a point higher than the rate. This means the consumer is being charged fees which are not disclosed Up Front.
The only thing Up Front about the Up Front Mortgage Broker Award is that the Mortgage Professor has a disclaimer stating he gets PAID by Amerisave.
This report was posted on Ripoff Report on 01/20/2011 07:41 AM and is a permanent record located here: http://www.ripoffreport.com/reports/wwwmortgageprofessorcom-amerisave/internet/mortgageprofessorcom-amerisave-he-has-2-other-names-deceptive-mortgage-advertising-an-684646. 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.
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