Posted on 07/29/2012 9:09:44 AM PDT by dagogo redux
Has anyone else here had the experience recently of having one of the large banks jerk them around on a home re-finance application?
We’ve been at it for months now with Chase, with a constant, ongoing drip, drip, drip of requirements, including updates on many previously-submitted documents since the process has been going on now well into a new quarter. Discussing this with some friends this evening, it seems they’ve had exactly the same hassles with Bank of America for over six months now, and have been through several rounds of re-submitting updated documents.
Our friends and us both have multiple personal and business accounts of longstanding with these banks, have always paid bills on time, have been loyal customers that have brought a lot of business to the banks, and have refinanced before with them a few years ago. All four of us have great incomes and excellent credit ratings. The pending mortgages are for about the same amount as the current mortgages, and are for a fraction of the appraised value of the house. In both cases the household incomes are many times what is needed, and the mortgages are backed with huge emergency funds.
Despite a sizable, non-refundable application fee, we and our friends are close to simply walking away from the application process, closing all our accounts, and taking our business to one of the remaining local banks. Talking to local bank representatives gets nothing more than evasiveness and excuses that don't seem to hold water. We are also on the verge of contacting the Better Business Bureau, bank regulators, as well as state and federal Congressional Reps.
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.
It's very tough to get a loan when you're self-employed.
Shoot, it ain't even HALF that much fun...
A loan officer told me the problem is the reversion to a policy termed “full docs” that staff is unfamiliar with and therefore awkwardly outline in requested submissions.
They are all terrified of fed ratings.
Just went with Pentagon Federal Credit Union -no problem
They have always been unfailingly prompt and courteous and very competitive with products rates etc
Anyone can find a credit union to join!
Just out of curiosity- is it your credit score?
Even if you pay all the bills on time etc having too many accounts and too much on credit line can ding you
Want to join the Pentagon Federal Credit union?
Here is how -
Note that “civilians” with no military or govt association can join by becoming members of qualifying organizations- even being a Red Cross volunteer
http://creditcardoffersiq.com/penfed-credit-cards/how-to-join-the-pentagon-federal-credit-union/
“They kept coming back with more requests.”
_________________________________
I thought I might demand a similar set of “requests” of Chase: My rough draft to them follows:
Dear JPMorgan Chase
In considering our mortgage refinance application process, which is currently in progress with JPMorgan Chase, we would like to know more about the company we may do business with. Towards that end we have comprised a list of considerations we would like you to meet.
1. Internal memos related to stock performance since the 2007 high.
2. Internal memos related to the May, 2012 trading loss, and the Senate testimony of Mr. Jaime Dimon, CEO.
3. A ten year history of changes in credit ratings from Moody’s, S&P, and Fitch.
4. Profit-Loss Statements during the same period.
5. Current balance sheet.
6. SEC Filings during the same period.
Personal credit ratings, and the last five federal tax returns, for all members of the Board of Directors and senior management.
A ten year history of Better Business Bureau ratings and complaints.
9. A ten year history of consumer and shareholder litigation.
Please mail these documents to our home address as soon as possible. Once reviewed, we will contact you periodically for further documents, as well as updates on the original ones.
see my post above on joining PFCU
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?
With USAA there was no out of pocket costs, no closing or appraisal fees. It didn’t cost a us dime.
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.
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