Posted on 10/15/2012 11:21:23 AM PDT by RKBA Democrat
(snip) A few issues that could have your application earmarked for the ‘Rejected' pile.....
1. Heightened credit score demands (snip) 2. Low appraisal (snip) 3. A home equity line of credit (snip) 4. Condo or co-op troubles (snip) 5. Timeliness requirements (snip)
(Excerpt) Read more at reuters.com ...
6. Compete, compete, compete. And be sure to check out the credit unions. Pentagon Federal is advertising a 30 year fixed for 3.375% no points, no origination.
7. Remember that the closing costs matter. You can compete the settlement/title agent/title insurance piece.
8. There are some great calculators out there that can show you if refinancing makes sense. http://www.mtgprofessor.com/CalculatorArticles/Refinance%20Calculators.html
And make sure you compare apples to apples.
That 3.375% rate is for a purchase loan, not a refi. I just checked their website out of curiosity. Purchase rates are generally 3/8’s better in rate.
Also make sure who will end up servicing your loan. That is a very big deal.
It IS a pain in the arse. We just got done with a refi and it was insane. Got a great rate though and saving serious bucks a month.
Linked is a great article explaining this. I give it out to my customers.
http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/
“Also make sure who will end up servicing your loan. That is a very big deal.”
It is. You can also get a competitive quote, then go back to the bank/credit union you want to deal with and try to negotiate a better rate.
We refied a couple of years ago, and kept paying it down at the old monthly payment.
We looked around the other week and figured we would save a bunch. In the end, with our principle so low the differenc3e was under $50 a month. At that point it really did not seem worth the hassle.
Years ago we tried to refinance but our bank refused because it didn’t benefit them to give us a lower rate. We replied to them with a check that paid the whole thing off. They didn’t get to milk us for the interest nor did they get to play with our savings anymore.
11...Scan ALL documents and Communicate solely by e-mail...keep a date stamped version of what you sent......
send an e-mail the next day asking for confirmation that they received yesterdays document.....don't send anything else until you get the confirmation.
12....Repeat 11.
If I get everything I need upfront; we hopefully don't have to do that!
bump
Fox News had some ads about Cashcall, offering a 2.9% 10 year refi. I called and got hooked up, no closing costs, points, etc. They did everything online or on the fone. It didn’t cost us a penny, and our notes are almost the same, but our 15 year loan is now 10. Old loan is paid off.
13. you can check out the JD Powers ratings for large mortgage servicers here:
http://www.jdpower.com/consumer-ratings/ratings.htm?industry=Finance&category=Mortgage&study=909201349
Small banks don’t look to be represented.
14. JD Powers also has series of ratings for large mortgage originators
15. Lending Tree keeps a rating system for lenders. Very exhaustive list.
https://www.lendingtree.com/mortgage-lenders
Good to see it’s such a short loan period. It’s crazy to have those 30 year loans. Fifteen or less is the only way to go.
For us between the mortgage and an equity loan we’re saving 700/month. In the Spring I’m going to get a Dodge Challenger with half the proceeds.
Bfl
Please add me to the “surviving socialism pinglist” if I am not already on it.
You’ve been added!
Thank you!
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