American Interbanc - Are they reliable?

I've used them 3 times, they're great!

i used ai in june 2007 to purchase our home with a 30 day lock for a 30 year fixed at 5.625 with .5 point... no problems... just alot of faxing requested documents-- beat all rates we found at the time in nw ohio

we also used them last december to refinance the same mortgage at 4.25 0 points on a 15 year fixed (once again alot lower then other lenders).... this was done with a 15 day locked.... i did ask about their ability to close in 15 days since i'd read mortgage underwriting had been undergoing alot of scrutiny... they told me that if we could not close we would forfeit the lock but if they couldn't close then they would extend it if rates had risen.

we were able to close with the 15 day lock... no issues... we locked with $499 fee.

the only odd thing is that they have you pay some items (appraisal for one-- something else too... can't remember exactly what) outside of closing-- was no big deal to us.

we had a good income stream, good credit scores, although we did have some credit card debt ($14,000 or so).... i doubt we were much of a credit risk to them... we have signicant retirement savings we could tap if needed.

we dealt with eric hanko-- he seemed to stay on top of everything... once again... alot of faxing or scanning/emailing requested documents..... tax returns, pay stubs, etx... we closed around the middle of last december.

loan was immediately sold to wells fargo and our first payment wasn't until feb.

i highly recommend them....

It's kind of nice to see a post that is affirmative rather than a diatribe about the company.

As someone else mentioned in the post earlier, you have to be careful who you deal with at AI.

Do a search with their name on Yelp. You'll see quite a few negative and some positive experiences.

My own refi experience has been as OK after a horrible start. The first person who contacted me following my online application was terrible. She sat on my application for over a week and when I asked for an update, she woke up and demanded a document. The next day, another doc. These documents were sitting at home so each time she demanded docs, it added a days delay. She could've easily sent me a list of docs needed upfront.


Then I got a different processor. So far she's on top of things. Let's see how things go.

Its now been two weeks since my original refi application. So if this had been a purchase money loan, I would've jeopardized my escrow for sure.

Overall, they have good rates but I would seriously advise *YOU* to be the driver and remain on top of things. As soon as you sense that your processor is lousy, drop them and ask for someone else.

I am currently waiting to close with them. So far my loan processor, Sherie, has been great. She gets back to you via email quick. As far as documents, they post what documents they need from you on the website. You don't need to wait for them to request a document. You need to send all the required documents they list in addition to the online application.

Basically, this company is for people with internet skills and is willing to fax or send everything via emails. They prefer email contacts rather than phone, so if you are ok with dealing everything through emails; you will love this company.

There is alot of emailing and faxing, but if you can get beyond that then you can go with this mortgage company. American Interbanc is a direct lender. That is why the rate is so low. I was skeptical at first, but Renne Donnelly did a great job helping me. You never meet face to face, but like most transactions these days the emailing is how most business deals are done. Hope this helps someone!

I also had read some negative and posative posts here and on other sites, I came to the same conclusion that you need to ensure you get a good processor. I emailed and asked Matt Dyer to contact me, he was mentioned in an earlier post with posative comments. We went over the requirements and I has already scanned my docs and had my papers ready. By the end of day one I had the app filled out, loan locked, docs to him, GFE to me and credit check done he had also already contacted the escrow company here in TX to set up a closing date. that was all done in one day the only thing to do is wait for the appraiser to contact me and go to closing. Now on the flip side like other posts earlier if you are not fortunate enough to have grade A credit I can see where it will take longer, if your credit score is less than required then they will have to shop around to find a lender before they close your loan so it could be daunting for some. I will update this as soon as I close with any further comments.

Bravo, Tex! I hope you get your closing done tout suite.

thanks to all for sharing information about American Interbanc. By studying this I learned more about American Interbanc. Thanks to all .
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More reliable information about American Interbanc . Thanks all to sharing their information.

I would suggest you move on if anyone tells you it would be a waste of time to shop because they have the lowest rates around.

First of all everyone has the same rates. It is the fees associated with the rates that you need to compare.

Even if you find a good company you can still end up with a lousy loan officer/originator and/or processor (you can also add underwriter) that will make your experience less than desirable. This could also keep you from getting the rates and fees you were expecting to get.

Having followed and compared a number of different online lenders and their rates/fees over a number of years, I have found AI is usually competitive, though maybe not the lowest priced lender you will find.

Of course, who has the best rates/fees today may not be the best tomorrow. You need to know where to get the quotes from, how to make the comparisons and then how to quickly lock in the rate/fees from the company you decided on. Only when all this is done will you end up with the loan you deserve and qualify for.

In reponse to Ratehunter: I have been with American Interbanc since 2003. American Interbanc does not have loan officers. All of our rates are posted on our website for our customers to view. American Interbanc does not make false promises and we will advise you if we believe we would have difficulty closing your loan given your loan scenario. These were things that made American Interbanc very attractive to me as an employer given they didn't participate in many of the abuses that have occured in the mortgage industry by other mortgage lenders. I have never worked for a more upfront and honest lender where the rates actually sell themselves rather than having some boiler room sales person trying to offer you a rate than is in their best interest. We are not commissioned sales people here at American Interbanc and therefore have no interest in pushing an interest rate or advising a person to not shop around. The fact that we do not have sales people is why were are so competitive.

Per our company policy we not do not advise consumers as to whether to lock in a rate or what rate would be best for a person. We want a customer to feel absolutely no pressure. Also as far as locking in a rate we do not allow persons to lock without a final short sale approval so I am not sure why this person insists that I was pushing them to lock and to not shop around. If you can find a better deal elsewhere I will certainly tell you that we can not match something but we typically have lower rates than our competitors on the sites we are advertising on. I am happy to speak with anyone who would like to have their questions answered or would like to know more about American Interbanc. Feel free to contact me at 800-724-0004 ext 277 or email me at mattd @ americaninterbanc.com

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I have been very satisfied with American Interbanc Mortgage for both the purchase of my home on a 30 year fixed at 4.875 and then when I decided to refi a year later at 3.875% on a 30 year fixed. They always have the best rates and are very honest about what the closing cost are going to be. They are much better that all the big banks and their a direct lender not a broker - Huge difference. I have recommended them to two other close friends who have used them for their home purchases and been completely Satisfied.

Hi Alexander!

Welcome to forums!

Thank you for sharing your experience in the forums. This will let others decide whether or not they should consider working with this organization!! :)

Sussane

We just closed a refinance with American Interbanc. It was the easiest refinance I have ever done. Everything went smoothly and on schedule. Good email communications.

My refinance officer was Sherri P and I would recommend her highly.

I had read horror stories in this forum about some of the other low cost lenders. We went with American Interbanc because of the good reviews online. I am glad we did. We got a 15 year 3.0 APR 0 point loan and we are very pleased. :D