Disastrous Experience with a Scam Company
Written: Oct 16 '07 (Updated Dec 21 '07)
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Pros: Quick to get the ball rolling
Cons: Terrible afterward; Slow response, Bait-and-Switch, Lots of Talk but No Kept Promises
The Bottom Line: I would stay away from this company and try someone more reputable.
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| steventomer's Full Review: Americash Mortgage |
They were extremely quick to get the ball rolling, and to this point they were quite helpful. However, after I had given them all the information and the appraisal was complete, they started to become less and less responsive. The whole process took far longer than it should have. When I finally was able to drag them to the finish, it was only then that they told me that the rate had changed, up an entire 0.5%, from 5.875% to 6.375%. (They tried to touch this up by offering me 6.25% with points.) During the time between initial Good Faith Estimate and this time, they never once said anything about the rate changing. The day they told me that the rates had gone up to 6.375%, I reapplied through Lending Tree, and it was still giving the offer of 5.875%. I called back to a new representative and he was quoting 5.875%. They would not give me the rates that they were advertising! DO NOT TRUST the rates that they quote you either through Lending Tree or initially through their sales people! They cannot give you a lock, even if they say they have.
Their attempts to rectify the situation were feeble at best. They only were able to take a small amount out of the closing costs, and an offer of a not-so-free 'free loan' later on. I would have had to pay points on this loan just to get the 'free loan' later on. (Free apparently only means no origination fee.) I finally ended up having to eat the cost of the appraisal ($350).
BE VERY CAREFUL, YOU HAVE BEEN WARNED!!
All around, a HORRIBLE experience.
Update: They've offered to refund the appraisal fee, but it's been a month and still no check. The proverbial check must have gotten lost in the mail indeed. The rates have since dropped, and now they want me to proceed. Hah. Their credibility with me right now is zero - they were just stringing me along with this refund thing.
Update 2: They have reneged on the refund. I should have never expected anything. Just a lot of talk with no action. Simply incredible.
DO NOT TAKE ANYTHING THEY SAY IN GOOD FAITH!!! GOOD LUCK IF YOU DISREGARD THIS WARNING!
Recommended:
No
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Epinions.com ID:
steventomer
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Reviews written: 1
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