So this is my view of Americash refinance – The big shots in the company hire a bunch of peons to make sure to get ALL NECESSARY PAPER WORK so they can resell your loan to another company for top dollar.
By all necessary paperwork, they hound you for everything. I m surprised they didn t try to get a DNA sample. Statements for every single loan, W-2 s, information about every past address you lived at for the past 8 years, work history for the past 8 years, deeds, divorce papers. Then when you give them the information, they can barely comprehend what they are getting. For instance, when we submitted my husband s W-2 for the prior year, they were confused and thought it was my W-2. They asked for certain documents multiple times.
Then they nitpicked every detail. They only wanted to count my base salary for the mortgage, not including any overtime, bonuses, stock options, etc. They didn t even look at my prior taxes and paystubs to calculate the average salary I had received in past years. Even though I had received a bonus and overtime EVERY SINGLE YEAR, they had to use base salary only. Ridiculous. When the appraiser updated his appraisal of our home to include our 1/2 bath (which he had forgotten the first time he created the appraisal), they panicked. They asked us for the building permit for our 1/2 bath. Our response was that it had been there since we moved in so no we don t have a building permit. They said, sorry we can include that as part of the appraisal and used the first version of the appraisal . They also complained since I had 1 year 11 months and 15 days of work experience at my current job, that it was not 2 years. We need 2 years consecutive work experience. At one point I mentioned that I was living in New York, but was working in New Jersey. They freaked out and said You never told us you lived in New Jersey. Are you sure you never lived there? . I had to explain that no, I never lived in New Jersey. I lived in New York, but I worked in New Jersey. I know. it s difficult to comprehend. And now you see what I mean by peons. people who may not really know what they are doing.
Now here s the bright side-It all worked out. We closed on time. We ended up with a GREAT fixed interest rate loan. They ended up selling our loan to another company after 1 month (and probably making a bundle of money after getting all that documentation). The question is- was this great outcome worth all the hassle of dealing with the people there? All I can say is I definitely had a more positive/professional experience with other mortgage companies. I have been treated a lot better elsewhere.