REPOST - LIF - mortage counselors I need advice!

Just bought a home and we want to take a line of credit to fix it up. Our mortgage broker says he can't get us that much because since the house is less than a year old, they use the purchase price instead of the appraisal price. He said try in January.

In the mail we get an offer from Ameriquest. They call and basically they say they can get the money, but the way they do it is not a line of credit. Basically I think they refinance and become the primary lender.

Does this sound fishy to you?

Do not use Ameriquest. They are involved in all sorts of lawsuits.

Look them up here:

Ripoffreport.com

They are know for getting you to the closing table and then changing everything they promised.

Most lenders do have to wait a year to use the appraised price rather than the purchase price.

Unfortunately, you could have taken the equity line when you took out your mortgage, depending on how much you put down and your appraisal. Now you will have to wait. I'm not sure how long. I get tons of calls from Ameriquest and others and they try to get you to refi which means you go into more debt unless the rate is susbstantially lower. Carefuly with that because some companies offer really low rates, but you pay points and closing fees which will add on to your loan and could make a wash out of your savings.

I hope this helps.