American Interbanc or James Nutter

I haven't had any experience, so can't say anything about their servicing.

Welcome Djenkins,

Even I don't have any experience but I got a BBB report about American Interbanc Mortgage LLC. Just check it out at http://www.mortgagefit.com/companies/americaninterbanc.html .

Welcome to the forum, djenkins

I am not very familiar with American Interbanc Mortgage but I do use JB Nutter quite often.

Please let me know specifically what type of information you are looking for and I would gladly provide you with my opinion.

i have not experienced them no

Michelle, the poster is looking for some information on how American Interbanc or James Nutter Mortgage services their loans and help customers throughout the loan process, whether they close on time, how their fees and loan costs are etc.

My experience with American Interbanc Morgage was great as far as I know. In the past, I've used mortgage brokers because I don't know anything about the mortgage process and I did not want to deal with a lot of different people, businesses, timing, gathering docs, etc. In short, that whole mortgage lending thing was intimidating and scary. I say "was" scary because it went smoothly and I know it's no longer scary. Anyway, I could go on and on about how easy it was but to answer the question, the experience seemed great, was harmless, got me a low 30yr fixed rate, and their fee was the stated fee. I hope this posting helps as many people as possible who feel the way I did as I know that it's difficult to find answers on the whole mortgage subject. I am real and my experience was real. I was 3 years into a 5 year interest only ARM and am now getting into a 30 year fixed conventional loan. What I did to do it was first called them around March 5th to ask as many questions as I could and they also asked me for preliminary figures such as how much and credit scores. Then I watched the site for a low rate. It went up a little so I waited a week for it to go back down. Then I requested to lock the posted rate on March 19th and we went from there. Got the closing letter on April 20th and that's it. I will write again if I see anything going bad but up to this point, things are going good.

Hi Dan,

Welcome to the forum.

It's great that you have great experience with that company. It seems that you got the mortgage recently. Can you please tell us the rates and terms of your mortgage so that the community can also know more about this company and the rates and terms of the programs?

Feel free to ask if you have any further questions.

Best of luck,
Larry

The rates and fees do change a lot depending on market conditions but American Interbanc Mortgage has a great rate sheet with their fees on it. As I said above, I watched the rate go up and a week later it came back down and I jumped on it by calling and having them lock the rate immediately and we went from there. If people want, they can also start the process to get the preliminary stuff done first and then lock in the rate later. You'd have to check with them to verify. My rate for the 30 year fixed is at 5.625 with 0 points and a fee of $1,399.00. From then, I've seen it go lower and higher so I'm thinking I did good enough.
A tip to read their rate sheet is that the flat fee stated at the top is $999. This is the fee unless otherwise stated next to a corresponding rate.
Also at the bottom of the sheet are factors that could adjust the rate depending on things such as Loan to Value amounts and Credit Scores.
Another thing for people to remember is that the fee on the sheet is only the fee paid to them. There are other closing costs that total nearly $7,000.00 so people must have money to pay. These cost include Escrow, Title Insurance, Recording, Wire, Courier/Overnight, Advance Interest, Insurance, Taxes, Etc. Once you're in contact with them, they will send a Good Faith Estimate with these listed. As I said, I did good enough with American Interbanc. Some people may do better or they may do worse but that's how it went for me.

Hi Dan,

Welcome back.

Thanks you very much for sharing you experience with community :)

Best of luck,
Larry

i tried using them but got fed up this all the lies. don't bother they will change terms a week before closing. luckily i found an honest broker

Hi campingone,

Thanks for sharing your experience. It's good to hear that you got a honest broker. I hope you will have a nice time dealing with him. :)

Thanks

Are points really necessary. What are they? How many should I be prepared to pay if necessary.

Points are a form of pre-paid interest. They are also known as discount points. One point equals 1% of the loan amount. Borrowers can pay these lender points in order to reduce the interest rate on the loan. This will help them in getting a lower monthly payment.

A borrower who plans to live in the property for many years may benefit by paying the discount points because it will lower the interest rates for the long term.