Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Ameriquest Mortgage can be very high on fees

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September 19, 2005

Ameriquest Mortgage can be very high on fees

Ameriquest Mortgage company pioneered mortgage telemarketing and, to a degree, set the standards for the sub prime mortgage industry. It sure helped to the many people to achieve debt relief using mortgage refinancing - by cashing money out of their homes and paying off an unsecured credit card debt. But Ameriquest Mortgage fees sometimes are quite staggering.

Recently I came across one deal where homeowner did $700,000 mortgage refinancing which was meant to be a free debt consolidation, by taking roughly $90,000 out to pay off his truck and some credit card bills.

Ameriquest Mortgage charged 2 points, that is $14,000 in fees just from the client. Not bad at all for Ameriquest and so much for the "free debt consolidation" for this client. He was self employed with the credit score of 640 and had about $24,000 in saving account. What people think when they do something like this is beyond me. Ah, and did I mention the interest rate? It was 7.5%.

Posted in Mortgages at September 19, 2005 10:20 AM

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