Mortgage -- Closing on a mortgage -- Complaint #5659506
Complaint Overview
Complaint ID: 5659506
Company: Amerisave Mortgage Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
State: Tennessee
ZIP Code: 370XX
Date Received: 2022-06-11T12:00:00-05:00
Date Sent to Company: 2022-06-11T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
We found this mortgage lender for a house back at the end of XXXX. We had the house lined up that we wanted and the lender agreed on an interest rate of 3.625 % if we locked it in by paying a {$500.00} fee. We paid it because he said they would guarantee this rate through the end of XXXX. The house was under construction and wouldnt be completed until that time. We are to do the final walk-through on Monday and close on XX/XX/XXXX. The lender now says even though they made this guarantee to us that they made a mistake and can no longer honor it. They just told us this yesterday, Friday XX/XX/XXXX. They say they will loan us the money but at the new XXXX of 5.5 %. That raises the monthly payment an additional {$700.00}. Thats an estimated amount of {$210000.00} over the life of the 30 year mortgage. Because of this Im now in breach of contract with the builder. Financially I am unable to pay the higher amount. For the past 5 months Ive been in contact with the lender and was assured everything was progressing fine.
Frequently Asked Questions
What is Complaint #5659506 about?
Complaint #5659506 was filed against Amerisave Mortgage Corporation regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2022-06-11T12:00:00-05:00.
How did Amerisave Mortgage Corporation respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Amerisave Mortgage Corporation?
Yes, visit the Amerisave Mortgage Corporation company profile at readthecomplaint.com/company/amerisave-mortgage-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.