Recent events with ameriquest have me wondering if anybody has any stories regarding their dealing with ameriquest (good or bad). Also I have heard some negative things about countrywide (homeloans) from friends and the internet (http://www.countrywidehomeloansucks.com, and www.ripoffreport.com) does anyone here have any comments about their dealings with countrywide?
two summers back, countrywide had 5.5% investor $$$. I did two loans and another landlord 4 or 5. Quick processing, great service. Still have them. Recently Bank of America is better than CW - points are high and the last conversation I asked about a straight 30 year fixed and the phone CW contact stated " those loans aren't our bread and butter loans" Pushing ARMS, etc. They are hot and cold like all investor loan sources. You are limited to 4 or 5 loans with them.
I am in the sub prime industry for 3 years now. Ameriquest is known for very quick closings, no appraisal needed and a big name.
The reason they close so quickly is there fees are always extremely high, which they do their best not to disclose, they blow up their appraisals so you have a great chance of borrowing more money than your home is actually worth (personal experience with one of my clients), and the rates are higher than every other subprime company.
For people with bad credit, find a mortgage broker to shop the best rates for you.
STAY AWAY FROM AMERIQUEST.
COUNTRYWIDE: There good credit division is pretty solid, they are knowledgable in what they do. Strong rates
BAD CREDIT DIVISION: Stay away, the people that work there are trained to sell and that's it. They know nothing about producst and will do anything to get your business including underquoting the rate and then increasing it at closing.