Now is definitely the time to refinance. you are seeing 25 year rates at 2 3/4% and 20 years at 2 5/8. We are in the process of doing it now. Just makes too much sense to get the mortgage down while also cutting down on term length.
I feel like I know what I'm doing and what I want...but..man...there are so many different companies to use...some are probably much better than others. I'm also really hesitant to give up my SSN to more than one of these sites.
and I get people who come to me every day with stories about those large companies. Most of the issues are related to the deal getting changed at the 11th hour, guidelines changing, etc. Lots of frustration.
I feel like I know what I'm doing and what I want...but..man...there are so many different companies to use...some are probably much better than others. I'm also really hesitant to give up my SSN to more than one of these sites.
I hear ya Chris. Fortunately, we have a family friend who is in the business and works for a mid-tier type firm. he did our original mortgage and the trust factor is big when it comes to this.
One warning I want to make you aware of (and there is no real way to stop it), when my wife and I's credit report got run, I guess there are companies who pay for the names of people who are getting their credit scores and we have received a number of unsolicited cold calls from mortgage brokers.
Just bought and now am selling a house. The lenders are really really
busy with all the refinance applications. Historically low rates with no end in cheap interest rates from the fed in sight. Great time to refinance and everyone is doing it.
If you have a business membership it's free. (Get one if you don't have one it pays for itself with the refi)
I paid no fees had zero hassle did it all via email and signed the final papers when a notary sent by them came to my house. Could not have been easier and we got the best rate available.
I can't recommend the process highly enough. Zero worries or problems. Our credit is perfect that probably helps.
Too many horror stories from clients. Prefer dealing directly with people that I have done business with because I know they will be honest.
Yup, local bank for me. Might pay a slight bit more than the internet rates, but you know 100% you aren't getting fucked. I'd rather pay an extra $50 per month on my mortgage to not have any unforeseen headaches.
I used cab center, no closing costs fairly straightforward, my friend is in that organization. However just as I did with my last mortgage I shopped around online and I sent them a terms sheet to get the lowest possible percentage which ended up being 3%
The only advice that comes to mind is that if you have good credit and haven't missed payments you can probably negotiate a lower rate than advertised for refis on their site.
Too many horror stories from clients. Prefer dealing directly with people that I have done business with because I know they will be honest.
Yup, local bank for me. Might pay a slight bit more than the internet rates, but you know 100% you aren't getting fucked. I'd rather pay an extra $50 per month on my mortgage to not have any unforeseen headaches.
Used a local bank too, my friend works there. Got a 7/1 ARM for 2.87%
The only advice that comes to mind is that if you have good credit and haven't missed payments you can probably negotiate a lower rate than advertised for refis on their site.
Sorry, I see now that when you meant big online companies you didn't mean the usual big banks. I am using the same big bank I had my old mortgage in. One reason to use the same lender for refi is that recording taxes and other government fees may be a lot less, depending on what state you are in.
I just started a streamlined refinance with my current mortgage holder
(They're a broker, not a bank). No appraisal required, 2.375% fixed vs. current 3.625% fixed, same terms. If they change the terms of the deal or rates, I just won't go through with it.
Went from 30 yrs at 4.0% to 15 yrs at 2.6%. Insane not to.
HOWEVER, everyone is doing it now and clogging the whole mortgage system. We did it through Quicken/Rocket and it was a nightmare -- and that's even with having a nephew on the sales desk there. Took 4 months. We kept doing things online as prompted but they didn't "take." At least at Quicken -- and this is according to the nephew -- they just don't have the staff or IT capacity to handle the demand.
and I get people who come to me every day with stories about those large companies. Most of the issues are related to the deal getting changed at the 11th hour, guidelines changing, etc. Lots of frustration.
Can you do refis in NY?
RE: RE: I have been in the business for 20 years....
and I get people who come to me every day with stories about those large companies. Most of the issues are related to the deal getting changed at the 11th hour, guidelines changing, etc. Lots of frustration.
Can you do refis in NY?
I have lenders who can help with a cash out refi in all 50 states. Conventional, Self employed, no tax returns, full doc, great credit, bad credit, fha, va, recent bankruptcies, no ss#, jumbo, investor, asset based mortgages, hard money....everything
RE: RE: I have been in the business for 20 years....
and I get people who come to me every day with stories about those large companies. Most of the issues are related to the deal getting changed at the 11th hour, guidelines changing, etc. Lots of frustration.
Can you do refis in NY?
I am an attorney in NY and have represented a number of clients lately who have done refis.
Right now with my existing bank Citizens, it’s been a nightmare they are so back up it’s been since March, every month I have to update everything and resubmit and hope they can get to my closing. I have 780 credit fully employed. My point is don’t use Citizens Bank, my friend did it online with quickens and he said it was seamless all done online in one month.
That’s encouraging I think I’m about to get mine done . I’m self employed and that is always tricky because they are way more cautious.
They are a little more cautious, but rates are still favorable so at the very least you should inquire. However, be prepared for a slower than normal process. They’ve been inundated with new requests.
That’s encouraging I think I’m about to get mine done . I’m self employed and that is always tricky because they are way more cautious.
Most self employed people cannot qualify for a conventional loan because they write off too much and in the end show very little income or a loss.
There are programs which allow you to qualify by using the last 12 months average bank deposits... not tax returns. Most people who go to a lender that does not offer this program are having difficulty getting approved.
Thanks for the feedback, exactly what you said is true, the amount of information they are asking me for is incredible, we put a above ground pool for the kids and took the 0% financing small amount owed is $3000, they are requiring us to show proof of payments on that for Christ sake, this is the third time they sent us the closing papers, we have to resubmit every month because they keep failing to hit the cut off. It's going to save me $500 a month for the next 15 years so It would be nice to get, I'm pessimistic at this point that it will happen. I do think we are being shoved to the back because we are self employed and the income is on paper is not great.
I do think we are being shoved to the back because we are self employed and the income is on paper is not great.
The real question is whether they are trying to get you a mortgage using bank deposits or whether they are trying to get you approved for a conventional mortgage.
The rate they are offering you will answer that question for me because reduced documentation loans are about 2-3% higher than conventional right now.
Now is definitely the time to refinance. you are seeing 25 year rates at 2 3/4% and 20 years at 2 5/8. We are in the process of doing it now. Just makes too much sense to get the mortgage down while also cutting down on term length.
I hear ya Chris. Fortunately, we have a family friend who is in the business and works for a mid-tier type firm. he did our original mortgage and the trust factor is big when it comes to this.
One warning I want to make you aware of (and there is no real way to stop it), when my wife and I's credit report got run, I guess there are companies who pay for the names of people who are getting their credit scores and we have received a number of unsolicited cold calls from mortgage brokers.
If you have a business membership it's free. (Get one if you don't have one it pays for itself with the refi)
I paid no fees had zero hassle did it all via email and signed the final papers when a notary sent by them came to my house. Could not have been easier and we got the best rate available.
I can't recommend the process highly enough. Zero worries or problems. Our credit is perfect that probably helps.
Yup, local bank for me. Might pay a slight bit more than the internet rates, but you know 100% you aren't getting fucked. I'd rather pay an extra $50 per month on my mortgage to not have any unforeseen headaches.
Quote:
Too many horror stories from clients. Prefer dealing directly with people that I have done business with because I know they will be honest.
Yup, local bank for me. Might pay a slight bit more than the internet rates, but you know 100% you aren't getting fucked. I'd rather pay an extra $50 per month on my mortgage to not have any unforeseen headaches.
Used a local bank too, my friend works there. Got a 7/1 ARM for 2.87%
Sorry, I see now that when you meant big online companies you didn't mean the usual big banks. I am using the same big bank I had my old mortgage in. One reason to use the same lender for refi is that recording taxes and other government fees may be a lot less, depending on what state you are in.
HOWEVER, everyone is doing it now and clogging the whole mortgage system. We did it through Quicken/Rocket and it was a nightmare -- and that's even with having a nephew on the sales desk there. Took 4 months. We kept doing things online as prompted but they didn't "take." At least at Quicken -- and this is according to the nephew -- they just don't have the staff or IT capacity to handle the demand.
Can you do refis in NY?
Quote:
and I get people who come to me every day with stories about those large companies. Most of the issues are related to the deal getting changed at the 11th hour, guidelines changing, etc. Lots of frustration.
Can you do refis in NY?
I have lenders who can help with a cash out refi in all 50 states. Conventional, Self employed, no tax returns, full doc, great credit, bad credit, fha, va, recent bankruptcies, no ss#, jumbo, investor, asset based mortgages, hard money....everything
Quote:
and I get people who come to me every day with stories about those large companies. Most of the issues are related to the deal getting changed at the 11th hour, guidelines changing, etc. Lots of frustration.
Can you do refis in NY?
I am an attorney in NY and have represented a number of clients lately who have done refis.
They are a little more cautious, but rates are still favorable so at the very least you should inquire. However, be prepared for a slower than normal process. They’ve been inundated with new requests.
Most self employed people cannot qualify for a conventional loan because they write off too much and in the end show very little income or a loss.
There are programs which allow you to qualify by using the last 12 months average bank deposits... not tax returns. Most people who go to a lender that does not offer this program are having difficulty getting approved.
The real question is whether they are trying to get you a mortgage using bank deposits or whether they are trying to get you approved for a conventional mortgage.
The rate they are offering you will answer that question for me because reduced documentation loans are about 2-3% higher than conventional right now.