Americash Mortgage Bankers

We found Americash Mortgage Bankers on LendingTree.com. We wanted to

refinance our house and they quoted a very good interest rate and

corresponding monthly payment, based on the information we provided, which

we feel was extremely accurate, down to our estimate of the current value of

our home. Also, their closing cost estimate on LendingTree.com was very low

at $1,290.00. After speaking with the loan officer quite a few times,

providing all requested information and getting an appraisal which was

actually higher than what we put on LendingTree, Americash came back with a

higher interest rate and monthly payment. We chose to continue with

Americash and several weeks later the loan officer called and said that we

would be signing the documents the next day but the rate and monthly payment

were higher than before. We would still be saving money each month so we

agreed. When the documents arrived, we saw that the closing costs were

$10,453.00. What a shock! We couldn't image how there could be such a huge

difference between the costs quoted on LendingTree.com and the ones we were

looking at. Over $5,000.00 were Americash's fees. We went from saving

approximately $200.00 per month, based on the LendingTree quote to saving

approximately $90.00 per month with $10,000 in closing costs. Not once did

the loan officer mention the closing costs even when the docs were to arrive

the next day. We should have asked several times during the process and we

learned quite a lesson from this but we think that Americash tried to scam

us. We did sign the documents while the courrier was at our home but decided

immediately afterwards to terminate the agreement and did so in writing. I

called Americash and left a message telling them why but they never

contacted me. I also sent an email to the loan officer's manager but he

never responded. Use Americash at your own risk.

kab

Comment On This

We have attempted to respond to this complaint as well as contact this customer and have had no success.

This is not how we operate nor is this normal business practice.

Chad Church

800-483-6565 ex 356