Loan Disclosures

Some lenders want you to make a decision today. Others may even expect that you make a decision right this very minute. Some loan officers will use any trick in the book to get your name on the dotted line before you have a chance to thoroughly read your loan papers or to discuss details of the loan with your own financial and/or legal advisors.

The opposite is true at Ameriquest. Ameriquest believes strongly that customers should receive a clear and timely disclosure of all terms, conditions and options associated with any loan or any mortgage. They also believe all customers should have adequate time to evaluate and negotiate all terms and conditions of the loan, and all customers are encouraged to get the advice of their own independent financial and/or legal advisors. It is important to Ameriquest that each loan be right for each customer and that there are no unpleasant surprises down the road.

Ameriquest does not allow any misrepresentation of the terms and the conditions of any loan. They do everything within their power to ensure that customers are fully informed about every aspect of any transaction.

Two of the ways they do this are by providing each customer with an Early Disclosure Package which details every aspect of their proposed loan. In order to ensure that the customer receives everything in the Early Disclosure Package each package is sent automatically from a central office; this ensures that all information is in every package and it also ensures that all packages are sent within 3 days of Ameriquest receiving a loan application.

That isn’t all the Ameriquest does. Ameriquest also provides each customer with a copy of their credit report along with instructions on how to read and interpret their credit rating and tips on ways to improve their credit score.

But even this isn’t enough for Ameriquest. Ameriquest voluntarily provides additional information to each customer that is not required by law or by regulations. Ameriquest provides information regarding prepayment charges on their loans for the first three years of the loan, and they provide a full disclosure of the relationship between interest rates and discount points and explains the options that customers have in regard to juggling these two elements of their loan.

Ameriquest also explains the risks involved in borrowing against your home in order to pay off non-recourse debts such as credit cards, they explain your right to cancel a loan, and they even encourage customers to comparison shop to make sure they are getting the best rates and terms on their loan. How many other lenders do that?

Ameriquest also explains in detail how adjustable rate mortgages work, the advantage of their free escrow service, and they go over any differences between final loan charges and any good faith estimates that may have been made before the final details were put to paper.

Even though federal law only requires that Ameriquest give borrowers a three-day cancellation period on loans, Ameriquest allows all borrows to cancel their loans within seven calendar days at no cost to the customer; any fees paid up-front will be returned to the borrower if the loan is canceled within the first week.