Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Refinance with Amerisave
Old 06-04-2017, 03:07 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Refinance with Amerisave

I think the Fed getting serious about raising interest rates. So I've decided that its time I convert my HELCO and Pledged asset variable loans which are currently at ~3.75% to a 15 year fixed.

After doing a lot of searching I've narrowed it down to three companies.
Penfed
Quicken/Schwab (Quicken gives Schwab customers with more than $1 million in assets .25% off their loans)
and
Amerisave mortgage.
I've settled on a 3% 15 year fixed mortgage so the only issue is points+closing costs.

I've had a lot of experience with both Penfed and Schwab/Quicken and especially with Schwab I know it will be a straight forward process.

But Amerisave quoted me a loan that is almost $7,000 less in closing cost than Quicken and $9,000 less than Penfed, which is real money.

Amerisave has rather checkered past both on this forum, and else where and got hit up with a $21 Million fine from the CFPB for deceptive practices.

Has anybody had recent experience with Amerisave (last 5 years or so)?
__________________

__________________
clifp is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-04-2017, 05:15 AM   #2
Full time employment: Posting here.
 
Join Date: Jan 2013
Posts: 990
Quicken is NOT a low cost lender. The Schwab discount does not change that. I would avoid them. PenFed has good rates on some products. Try Aimloan if your file is easy to underwrite. Their rates and fees are very low. www.aimloan.com

A good loan broker can save you more than the Quicken folks and should offer rates that are the same or better than Aimloan. A good one can help you with underwriting issues as well.
__________________

__________________
Another Reader is offline   Reply With Quote
Old 06-04-2017, 10:10 AM   #3
Recycles dryer sheets
 
Join Date: Apr 2011
Location: Castro Valley
Posts: 398
My friend and my daughter used Amerisave for new purchases and a friends parents used them for a refi. There was a little work involved for the borrowers, but they all went well.
__________________
jkern is offline   Reply With Quote
Old 06-04-2017, 11:46 AM   #4
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 2,930
I used them for refi in 2011. They were horrible, but cheap.
__________________
Fedup is offline   Reply With Quote
Old 06-05-2017, 05:19 PM   #5
Full time employment: Posting here.
 
Join Date: Sep 2007
Posts: 709
I have refi'd several times with both Amerisave and AIM. Both were fine. I had no problems.
__________________
rayvt is offline   Reply With Quote
Old 06-06-2017, 12:32 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Quote:
Originally Posted by rayvt View Post
I have refi'd several times with both Amerisave and AIM. Both were fine. I had no problems.
I decide to go with them today.

It helps to have forum members that have used them rather than rely on the unwashed masses of the internet's comments.

Their rep was very responsive/motivated and threw in an extra $1,000 off closing cost.

There were several other vendors (including Costco) who were in the same range, I really was surprised that both Penfed (because of the 1% origination fee) and Schwab/Quicken were significantly higher.
__________________
clifp is offline   Reply With Quote
Old 07-17-2017, 03:59 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Unfortunately, Amersave has been pretty much a disaster.

The sales rep and the processing lady have both been pretty responsive. But Amerisave must use the world's most brain dead underwriters.

I want to borrow $500K on $1 million+ house. I have liquid assets >$3 million (roughly 50/50 between IRAs and regular) and bunch of other non-liquid assets (rental property, money I've lended, and some Angel investments that are actually paying dividends). Eventhough I gave them tax returns showing AGI income over 100K in the new weird world of underwriting, I'm only getting credit of income of 60K.

So the best they would offer me was loan of 250K at 15 years @3%.
__________________
clifp is offline   Reply With Quote
Old 07-17-2017, 04:29 PM   #8
Full time employment: Posting here.
 
Join Date: Jan 2013
Posts: 990
My suggestion is a knowledgeable loan broker that can quickly evaluate your situation, shop your loan to the lenders likely to have more sophisticated underwriters, and package your financials appropriately. The on-line warehouses don't cope well with anything outside the W-2 crowd. I'm very hard to underwrite because of all the rentals, the IRA's and the small pensions. I use a broker that can get my file through.
__________________
Another Reader is offline   Reply With Quote
Old 07-17-2017, 10:28 PM   #9
Recycles dryer sheets
 
Join Date: May 2005
Location: Bend
Posts: 243
Quote:
Originally Posted by clifp View Post
Unfortunately, Amersave has been pretty much a disaster.

The sales rep and the processing lady have both been pretty responsive. But Amerisave must use the world's most brain dead underwriters.

I want to borrow $500K on $1 million+ house. I have liquid assets >$3 million (roughly 50/50 between IRAs and regular) and bunch of other non-liquid assets (rental property, money I've lended, and some Angel investments that are actually paying dividends). Eventhough I gave them tax returns showing AGI income over 100K in the new weird world of underwriting, I'm only getting credit of income of 60K.

So the best they would offer me was loan of 250K at 15 years @3%.

Sounds like Wells fargo as the economy was starting to recover. I was trying to Refi the loan (that they held). I knew I was in trouble when the phone rep said...Wait...you get a salary and profits She could not wrap her head around that. Then she wanted a firm number on the profit.

I just strung her along for a couple months and dropped it. I sold them the following year. I tried to get the closing agent to slip a FU in the closing docs. She was much more professional tham me
__________________
Scrapr is offline   Reply With Quote
Old 07-17-2017, 10:37 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
What did the unwashed masses say? go with them or not?
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 07-20-2017, 03:22 PM   #11
Full time employment: Posting here.
 
Join Date: Sep 2007
Posts: 709
You have to realize that virtually all of these places only generate loans that conform to FNMA/FMAC guidelines. They don't keep the loan in-house.

" I have liquid assets >$3 million (roughly 50/50 between IRAs and regular) and bunch of other non-liquid assets (rental property, money I've lended, and some Angel investments that are actually paying dividends)."

They look primarily at income. Reliable income that looks and smells like W-2 income. Profits & private loans & angel investments won't cut it. Those income sources can dry up at a moment's notice.
You can bitch about it all you want, but if you want the loan you have to play their game. Your bitching will fall on deaf ears.
I've even had a loan processor agree with me on your logic -- but he said that logic doesn't matter, you have to fit the FNMA guideines.

Even places that generally hold their loan in-house want to have the option of selling the loan to FNMA, which means it has to fit the guidelines.

Set up an automatic monthly withdrawal from your IRA(s), an IRA with enough assets to cover 3 years of said withdrawals.
After the loan closes, you can cancel the automatic withdrawal.
__________________

__________________
rayvt is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Should I refinance? JohnDoe FIRE and Money 12 01-16-2008 09:41 AM
refinance puzzle semtex FIRE and Money 14 01-08-2008 03:38 PM
Refinance or Home Equity Loan? Gail FIRE and Money 12 08-28-2007 08:10 PM
pay off the rental mortgage or refinance and invest the difference? WM FIRE and Money 19 02-12-2007 06:32 PM
Refinance? Bimmerbill Young Dreamers 1 03-27-2006 12:06 PM

 

 
All times are GMT -6. The time now is 12:28 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.