Qualifying

It is not in the best interest of a borrower to lend that borrower more than the borrower can repay. Foreclosure and possible bankruptcy is not in the best interest of the customer or of Ameriquest. Many people erroneously believe that banks like to foreclose on a property because the bank stands to make greater profits. Nothing could be further from the truth. Most banks, Ameriquest in particular, go to great lengths to prevent customers from getting into financial trouble.

In fact, Ameriquest has a special Home Retention division that has been set up for just one purpose – to explore every possible way of saving a borrower’s home when bankruptcy or foreclosure looks inevitable.

Another way Ameriquest tries to avoid putting borrowers in stressful financial situations is through its automated underwriting system. This system ensures a consistency in evaluating each customer’s ability to repay a loan based on income, debt ratio, credit scores, past history of mortgage payments, previous bankruptcies and foreclosures.

While many lenders make lending decisions based solely on the value of property, or o the equity in a property, this approach often leads to the loss of a property by a borrower, plus the loss of the money the borrow invested in that property, plus the loss of the borrower’s credit rating. Ameriquest feels that it simply isn’t in the customer’s best interest to provide a loan which is virtually guaranteed to fail and to take down the customer with it.

Ameriquest also does not believe in writing loans with a built-in balloon payment or in structuring negative amortization loans. Both of these practices result in forcing the borrower to come up with large cash payments at some point in the future.

Rather than resort to these dubious practices, which put a great deal of strain and stress on the borrower and often result in foreclosure – which is not good for Ameriquest and is certainly not good for the customer – Ameriquest prefers to work with the borrower to structure a loan with a high degree of success.