Free Escrow Accounts

When you qualify for a mortgage with Ameriquest Mortgage you are encouraged to open an escrow account for making taxes and insurance payments. The advantage of an escrow account is that it allows you to spread out your tax and insurance payments over a 12-month period rather than having to come up with all the money all at once – and often near Christmas or just after when making a large lump-sum payment is especially difficult.

Instead, Ameriquest encourages customers to set aside a small amount each month into an escrow account so when taxes and insurance is due it is much less of a shock to your economic system. One way Ameriquest encourages customers to open an escrow account for taxes and insurance is by making the escrow account free. There are no charges to set up the account and if you choose to close the account there are no charges for that, either.

Once again, Ameriquest Mortgage is trying to make your life as simple and as hassle-free as possible.

One of the requirements for getting any home loan is that you carry hazard insurance on your property. If there should be a fire or other disaster and the home is destroyed, Ameriquest doesn’t want you to have to continue making mortgage payments on a house in which you can’t even live.

Most lenders are very hard-nosed about hazard insurance, but Ameriquest takes a slightly different approach. While most lenders force a hazard policy on you within days of your policy lapsing, Ameriquest chooses to work with its customers and try to work out a more equitable arrangement. If a borrower is unable to provide hazard insurance for more than 60 days, then Ameriquest will buy a policy to protect their investment.

However, even after Ameriquest buys a policy they still give the customer every opportunity to obtain a policy on their own. Also, when Ameriquest buys an insurance policy they make absolutely no commission on the purchase – in fact, any commission that might have been earned by Ameriquest is used to reduce the cost of the customer’s premiums – it’s hard to see how Ameriquest could be any more equitable than that.