I too have often wondered who is offering good, reputable debt consolidation loans these days?
So many finance options have dried up lately and interest rates are horrible with risk-based pricing based on credit score... you often have to have an extremely high FICO to get a decent rate and often a person who is carrying debt doesnt have a super high credit score just due to the debt level (even if they have a perfect payment history) It's sort of a catch-22.
I too have received a packet stating that I have been "pre-qualified" for a FHA Bill Consolidation Loan. I believe there is a difference between a "pre-qualification" and a "pre-approval". I am not sure if the statements made here, or the questions are truely regarding a 'pre-approval' or 'pre-qualification'. As stated here by others, approval can only be obtained by means of application in which you disclose your finacial information, credit history, wages etc. and then sign and date that you have made not knowingly made any fraudulant statements. If that has not happened, you cannot be pre-approved. Pre-qualification, on the other hand is nothing more than and offer to file an application. There is no guarantee, implied or otherwise, that you will actually receive approval for either the loan amount they state you are "pre-qualified" for or that you will receive the interest rate they have stated.
What I believe is taking place, and this is my own opinion, is these companies use this type of mailer to get folks to call the 1-800 number thinking they are 'pre-approved' when in fact they are not. Then, however once they have you on the phone the sales pitch begins and they will attempt to convince you that should at the very least allow them to 'put a package' together for you showing you just how much you can save by consolidating your debt through re-financing. They will be very carefull note to guarantee anything, especially the final amount or the interest rate.
I am not implying that what they are doing is in any way illegal or that companies that imploy this tatic are not completely legitimate. They may very well be very good companies, this is just another marketing tool that, while it may seem to some is borderline on the ethics, is used to get you to talk to them. Once the dialog starts, you MUST pay close attention to EXACTLY waht is being offered.
I know this is long, apologies, but I just thought somone should step in here and clarify things. Go back and look at the documents you have received in the mail and double check weather it states 'pre-qualified' or 'pre-approved'. Hope this helps.
Pre-qualified means that you may be offered a mortgage loan. Whereas pre-approval means that you submit a loan application to the the mortgage company or lender and go through various formalities so that your loan is finally approved.
You will also come to know about the factors that are taken into considered for Pre-qualification and the documents required and factors involved in Pre-approval.
Posted: Mon Oct 27, 2008 2:49 pm Post subject: AFS
Making money is their bottom line, like any business. The problem I have is what they will allow their employees to get away with. Complaints of serious unethical behavior falls on deaf ears. I would make sure all information, points especially, are checked and double checked.
Posted: Wed Oct 29, 2008 1:29 pm Post subject: Advanced Financial Services
The document that they send out is actually a pre-qualified offer. Based on a list they bought from some company you do business with they send out these letters. They solicit for their business through the mail. They have good standing with the BBB. I know there is something in regards to a case regarding fraudulent practices in the early 2000's - I belive that was rectified with that CEO (CFO???) leaving.
As another stated this is a refinance/consolidation loan.
Just remember regardless of how much they offer you or how much you get - you have to make sure you can physically pay for it yourself. Regardless of what they say you can afford - you know what your monthly bills are and what payment you are comfortable with. Many of these foreclosures may have been due to companies giving too much, but remember each loan was signed by the home owner who agreed to receive that money. Just be smart about what you can afford
I haven't heard much about them but what I can find out from Internet was that they offer alternate financial services and a lot of people have good experience with them. You can find a detailed description on AFS 25 Enterprise Center in the link mentioned below:
http://www.mortgagefit.com/know-how/about5856.html
Please have a look what the community members have to say about the company.
Are you taking a loan from them? Did you face any trouble while dealing with them? You can discuss the experience with this company at this forum. To know more about the company, you can also visit the link mentioned in the above post and have a look what the experts have to say about the company.
larry
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