Amerisave Mortgage Corp. of Atlanta is offering consumers a 4% 30-year fixed-rate loan — but with strings attached. At press time, the mortgage lender was advertising a 4% 30-year FRM on its website (APR: 4.357%) but when a consumer called for more information she was told that to get that rate she would need a FICO score of at least 720 and a downpayment of 15%. Points were not discussed but on its website Amerisave is telling borrowers that the lower rates carry higher fees and points. On one low-rate, 30-year loan the fees/points totaled almost $11,000.
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