We just refied with the credit union-—smoothe sailin
Have been trying to refi without success. I’m an ER doc, have stellar credit. Changed jobs 6 months ago and am now an independent contractor,can’t get a mortgage even though my income easily covers it and I have people calling me every day trying to give me a job. Don’t get it. I’m not trying to borrow MORE money, just change who the check goes to and save on interest. They went from giving a mortgage to anyone with a pulse to not wanting to give anyone a mortgage.
Dealing with banks is like wrestling with greased pigs, isn’t it?
You only get a mortgage nowdays if you make minimum wage and have bad credit. Ask Jamie Gorelick or Barney Frank if you don’t believe me.
Took me from Thanksgiving to March with a refinance from B of A — including about 3 weeks due to their error. It was ridiculous especially since I have near perfect credit score and no non- mortgage debt. They kept coming back with more requests.
I refinanced through Wells Fargo. No costs and I took my loan from 5.6% to a 15 year and 3.125%. Monthly payment actually dropped.
Now I need to Dave Ramsey it and pay it off early, keep mind my house is at 65% value of what I paid for it.
I’ve always had good luck with smaller mortgage brokers. Have never used a giant like B of A or Chase for other than a credit card.
I tend to use the advice of my realtor on these issues, regarding who they like to work with. I’ve never in my life heard a realtor recommend B of A or Chase, or any big bank for that matter. So then the trick becomes finding a realtor whose advice is worth it.
Yes, it took me 6 months to get financing on my house when I had good credit, 15 years of work history at the same company, money in the bank for the down payment, and also had just sold my house of 9 years in which I made every payment on time.
It seemed to me that the lenders were basically clueless as to how to determine good credit risks.
We refinanced under the VRRL(Veterans Rate Reduction Loan) for VA loans.
It took us 30 days with USAA. We had to sign paperwork. Our initial loan was through them.
It was very, very pain free. We went from 6.5% to 3.4%. Saving $800 per month on our mortgage.
Are U daft? Why would you do business with a whore?
Recently re-fi’d from a 30yr to 15yr with Discover Loans. Appraisal was $400 outside of closing, no closing costs, 3.125%.
Process was simple and funded in less than two weeks.
Credit unions don’t suck like big banks. Fees and hassles are pretty much non existent.
There are also (some) outstanding mortgage brokers out there that do much of the hard work for you. Just get a upfront disclosure of any fees.
We tried to refinance with Countrywide back in the day. Same experience - constant request for more/updated documents, calls for replacements of lost documents, constantly having to fax over things that had been faxed three or four times already - it was a nightmare. We asked them to give us a checklist of everything they would possibly need and we were told that such a thing didn’t exist.
My husband is normally a very mild-mannered gent, but even he had enough. When they asked for the same document for the third time, he said, “Do you do this for a living? Because you really suck at it.”
Needless to say, we took our business elsewhere. Smooth sailing with Farm Credit.
We have had the same problem with a business loan.
PS, what I wrote applies to Chase as well. Avoid the big banks.
Quicken Loans was a joke I quit. US Bank was simple and easy.
Other than an appraisal down 35% from one eight years ago that stopped the whole thing dead in it’s tracks, nah.
You’re in good company. Just google “chase bank mortgage complaints” and start reading. Here’s one link:
http://www.consumeraffairs.com/finance/chase_mortgage.html
If you’ve already paid fees, maybe you should get a lawyer to send them a letter to help hurry things along or to ask for your money back? And of course, complain to the BBB and anyone else who will listen. I don’t trust the TBTF banks, and if I get another mortgage, I’ll look for a small local one or a credit union or somesuch.
I had just relocated to Orlando to take a software development job at Disney, and I was in the process of buying a house. I just assumed that the Disney credit union would be better than any bank, so I went there and started the application process.
While looking over the paperwork, I discovered that they has a "demand feature", which I had never heard of (this is my 3rd house, and my 5th or 6th mortgage). It turned out that they could call in the entire mortgage at any time for any reason, or no reason at all. In practice, they could "cancel" the mortgage if interest rates went up, thus eliminating the advantage of a fixed-rate mortgage, which this was.
I later discovered that they also tied any other loans into the mortgage, so that if you were late with a car payment (for example) they could use that to change the terms of the mortgage or even cancel it.
I have no idea how common this is, but watch out for it.
Suggestion: Either they don’t want to lend to you at a low interest rate knowing of the impending round of foreclosures currently accelerating across the country, or,they have bungled your paperwork. Go to the county recorder in your county and get all of the filings recorded for your property since you last re-financed. Ask yourself this question: “Who really has clear title to my property.” You may need an experienced lawyer to help you answer that question. Check livingies dot wordpress dot com may help you as well. Good luck.