Complaint Review: Ameriquest Mortgage - California
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- Ameriquest Mortgage ameriquest.com California U.S.A.
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- Category: Mortgage Companies
Ameriquest Mortgage lied to us California
*UPDATE EX-employee responds: Read before you sign......
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My wife & I had a 30 year 8% fixed to start. Ameriquest said they could give us a better deal. After promises of "A" paper & lower interest, we accepted. They guarenteed approval, We spent some money,Then they showed up with a Subprime contract.
We said No, & Tried to Recover some money we spent to soon based on what we were promised. They then lied to us about our credit scores & said this is good for now & if you have no lates for 6 months, we will rewrite with no loan fees, fixed, with same interest rates. Our copy said 2 year fixed with no pre-payment penalty.
I thought no problem, lets get it over with & refinance when rates are good with someone else. 14 months later we refinanced with someone else, Finding out after signing, Ameriquest had there copy with a pre-payment penalty & took several thousand extra in payoff. The new lender also said your credit is good except for you coming out of a subprime loan cost more points.
Its my opinion, "Ameriquest Mortgage" took advantage of us by lying, cheating & stealing. Using their business was a financial mistake we will never recover from.
Greg
MODESTO, California
U.S.A.
This report was posted on Ripoff Report on 07/21/2008 12:59 PM and is a permanent record located here: https://www.ripoffreport.com/reports/ameriquest-mortgage/california/ameriquest-mortgage-lied-to-us-california-353737. 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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#1 UPDATE EX-employee responds
Read before you sign......
AUTHOR: Mike D - (U.S.A.)
SUBMITTED: Monday, August 04, 2008
In all states there is a recission period. This "cool off" period allows homeowner's to carefully read the loan documents and get another opinion by either an attorney or another lender. The point is read and do some research before you just sign and trust blindly. On a side note: the current lender you spoke of lied to you as well. It cost no more "points" to come from a sub-prime loan to a conv. mortgage than it does for any other refi. The extra points your lender spoke of go straight to his pocket. A point is simply 1% of your loan amount, and he gets a cut of that as commission. Morale of the story find out what your signing and do your own research......
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