Some mortgage companies are frequently searched on the Internet. Ameriquest is one of them.
Ameriquest is a national lender with a 20-year history. They indicate on their website that they loan to "good people with less than perfect credit". While they may not loan money to you if you are having significant credit problems, they may be one option if you've had some minor problems, but are back on your feet. Because they target those with "less than perfect credit", one of the services offered is the consolidation of your debt (which usually results in the lowering of your monthly payments). They will normally do this through refinancing your mortgage, and consolidating all your debt into your mortgage.
While refinancing can be a very good way to get yourself out of a bad situation, do keep in mind that the amount of your mortgage is going up. You actually trade equity in your home to get out of debt. Given the historically low interest rates of 2005, this should work in your favor. However, you should always be sure to check out all the numbers yourself. A credit or debt counselling agency can also be helpful, if you are in serious difficulty and want to be sure that refinancing is the right way to go.
One of the points that Ameriquest uses to sell their services to you, the consumer, is that you will be assigned a "Personal Mortgage Specialist". While this may be a helpful service, be aware that such services can often come with a hidden price tag, including higher interest rates on the loans and service fees of various types.
We did find consumer complaints about Ameriquest on the web. In some cases, these complaints are quite serious. With most large financial institutions, one branch can be very different from another. It's worth your time to check with your local Better Business Bureau or other consumer complaint organizations, and see if there are significant complaints filed against the local branch.Here are a few interesting points about Ameriquest:
- They are an official sponsor of the NFL.
- They are a major sponsor of Major League Baseball.
- They support a number of non-profit initiatives, including Habitat for Humanity, Big Brothers / Big Sisters, and the Fulfillment Fund.
Even if you have less than perfect credit always be sure to compare rates. There are lenders out there who are competing for your business. By using the Internet, you can be armed with information and it can help you get a better interest rate. There are lots of websites that will allow you to obtain quotes, free of charge.
Mortgage Guide 101. Used with permission. See