Who did you refinance with? (1 Viewer)

[pats3in4]

Tell me more about this yacht.

 

[The Commish]

interesting.. that says a lot unfortunately

It shouldn't come as a surprise to anyone honestly These large institutions got that way by having fees out the wazoo and higher interest rates not because they were nice guys. There's a pretty substantial niche that smaller banks are needed to fill and they do so well. If I had my way, the only thing I'd have with my employer was my 401K.

 

[RUSF18]

and paying your loan on time doesn't get you any extra points either........you are supposed to pay on time. that's the whole point of a loan.

What kind of behavior do I need to do to get my golden chariot treatment?

pay early? send flowers with payment? overpay?

pay early doesn't help, we don't collect full interest, unless we charge you a prepay fee. flowers don't help, they die. overpay only creates more work, cause the dopes in accounting wont know how to apply funds, they will contact me and then i need to decide how to refund you the money, which creates more work for me.

you can overdraft a few times so i can bang you for $35- per. maybe pay a bit slow so i can institute a default rate around, say 18%. honestly, maybe you should shoot for the private banking side of a regional bank. you could get hooked up with a banker that will fawn over you....of course the fawning will be fake, since he only wants to make money off of you, but, you might get some perks like tickets to events, etc. maybe even wind up on a yacht with a HO.

This was going to be my suggestion too. You don't even need to go regional...you would qualify easily for JPMChase's services.

 

[Mrs. Rannous]

and paying your loan on time doesn't get you any extra points either........you are supposed to pay on time. that's the whole point of a loan.

What kind of behavior do I need to do to get my golden chariot treatment?

pay early? send flowers with payment? overpay?

pay early doesn't help, we don't collect full interest, unless we charge you a prepay fee. flowers don't help, they die. overpay only creates more work, cause the dopes in accounting wont know how to apply funds, they will contact me and then i need to decide how to refund you the money, which creates more work for me.

you can overdraft a few times so i can bang you for $35- per. maybe pay a bit slow so i can institute a default rate around, say 18%. honestly, maybe you should shoot for the private banking side of a regional bank. you could get hooked up with a banker that will fawn over you....of course the fawning will be fake, since he only wants to make money off of you, but, you might get some perks like tickets to events, etc. maybe even wind up on a yacht with a HO.

This was going to be my suggestion too. You don't even need to go regional...you would qualify easily for JPMChase's services.

Or join a really good credit union, especially since you seem to need a lot of loans.

 

[skol asylum]

Refi last year with same local broker I had original loan with in 2010. Assigned immediately to same mortgage lender Provident Funding. Fairly smooth process and would do again.

 

[Chadstroma]

and paying your loan on time doesn't get you any extra points either........you are supposed to pay on time. that's the whole point of a loan.

What kind of behavior do I need to do to get my golden chariot treatment?

pay early? send flowers with payment? overpay?

pay early doesn't help, we don't collect full interest, unless we charge you a prepay fee. flowers don't help, they die. overpay only creates more work, cause the dopes in accounting wont know how to apply funds, they will contact me and then i need to decide how to refund you the money, which creates more work for me.

you can overdraft a few times so i can bang you for $35- per. maybe pay a bit slow so i can institute a default rate around, say 18%. honestly, maybe you should shoot for the private banking side of a regional bank. you could get hooked up with a banker that will fawn over you....of course the fawning will be fake, since he only wants to make money off of you, but, you might get some perks like tickets to events, etc. maybe even wind up on a yacht with a HO.

This was going to be my suggestion too. You don't even need to go regional...you would qualify easily for JPMChase's services.

Geez, if you are going to do private banking there are a billion better options than Chase. The only reason anyone should ever use Chase for banking is that they like having a lot of branches.... other than that, Chase is worthless and almost always the worst option available.

 

[snore]

Been trying to refi as my rate is 6.75. Got the appraisal back and it is way under what I need it to be. The appraisal valued at about the total of my first and second mortgage however is about 60k short of what it needed to appraise at so I could refi and combine them both. In talking to the broker he suggested that I pay off the second and then he can probably refi the first. Or the most feasible option would be for me to sell my house so I can buy one that is similar in size and location simply so I can take advantage of the better rates. This seems counter intuitive...we wont let you refi to a lower rate however we will give you a mortgage for a new home with lower rates. Does this make sense? I also went to a big bank, would I have a better shot at a credit union? I could rebutt the appraisal but doubt it helps enough.

 

[Chadstroma]

Been trying to refi as my rate is 6.75. Got the appraisal back and it is way under what I need it to be. The appraisal valued at about the total of my first and second mortgage however is about 60k short of what it needed to appraise at so I could refi and combine them both. In talking to the broker he suggested that I pay off the second and then he can probably refi the first. Or the most feasible option would be for me to sell my house so I can buy one that is similar in size and location simply so I can take advantage of the better rates. This seems counter intuitive...we wont let you refi to a lower rate however we will give you a mortgage for a new home with lower rates. Does this make sense? I also went to a big bank, would I have a better shot at a credit union? I could rebutt the appraisal but doubt it helps enough.

In buying a new home you will have to put something down. Do you have cash on hand? If not, I am not seeing how selling the home will help you as you will end up with costs in selling/buying and still need to put money down. Sounds like to me the guy you are dealing with may not be the best out there in giving advice.

As for re-fi's a different lender may have different options available but typically what I have seen from Credit Unions is that they may have good terms for your run of the mill loans but they don't get into too much of the more 'creative' loans that would be what you may need to get something done. A CU out there may but the ones I see are usually plain vanilla 30/15 yr mortgages and maybe some ARM's.

You can always PM me and I can get into more details with you to see if I can think of options- either with my institution or otherwise. Feel free to do so.

 

[towney]

Been trying to refi as my rate is 6.75. Got the appraisal back and it is way under what I need it to be. The appraisal valued at about the total of my first and second mortgage however is about 60k short of what it needed to appraise at so I could refi and combine them both. In talking to the broker he suggested that I pay off the second and then he can probably refi the first. Or the most feasible option would be for me to sell my house so I can buy one that is similar in size and location simply so I can take advantage of the better rates. This seems counter intuitive...we wont let you refi to a lower rate however we will give you a mortgage for a new home with lower rates. Does this make sense? I also went to a big bank, would I have a better shot at a credit union? I could rebutt the appraisal but doubt it helps enough.

Going to another broker, CU or Bank you will most likely get into the same situation with the lower appraisal value. Now a days you won't find a different appraisal yielding a much higher value, especially 60K. I have disputed many appraisals of my clients and 98% of the time no adjustment and the 2% only minor. Are there other options out there, sure but the rates are typically higher and after these loan level price adjustments it might not be worth your while to refi. I know this is not what you want to here but unfortunately this is the nature of the beast for now. My suggestion is to see what other options are out there and see if it benefits you and not the person doing your refi. HTH

 

[RUSF18]

and paying your loan on time doesn't get you any extra points either........you are supposed to pay on time. that's the whole point of a loan.

What kind of behavior do I need to do to get my golden chariot treatment?

pay early? send flowers with payment? overpay?

pay early doesn't help, we don't collect full interest, unless we charge you a prepay fee. flowers don't help, they die. overpay only creates more work, cause the dopes in accounting wont know how to apply funds, they will contact me and then i need to decide how to refund you the money, which creates more work for me.

you can overdraft a few times so i can bang you for $35- per. maybe pay a bit slow so i can institute a default rate around, say 18%. honestly, maybe you should shoot for the private banking side of a regional bank. you could get hooked up with a banker that will fawn over you....of course the fawning will be fake, since he only wants to make money off of you, but, you might get some perks like tickets to events, etc. maybe even wind up on a yacht with a HO.

This was going to be my suggestion too. You don't even need to go regional...you would qualify easily for JPMChase's services.

Geez, if you are going to do private banking there are a billion better options than Chase. The only reason anyone should ever use Chase for banking is that they like having a lot of branches.... other than that, Chase is worthless and almost always the worst option available.

You're way too quick to play the "big banks are the devil" card. It wasn't a recommendation, just pointing out that with his supposed assets, he didn't need to confine himself to a smaller regional bank.

 

[Chadstroma]

and paying your loan on time doesn't get you any extra points either........you are supposed to pay on time. that's the whole point of a loan.

What kind of behavior do I need to do to get my golden chariot treatment?

pay early? send flowers with payment? overpay?

pay early doesn't help, we don't collect full interest, unless we charge you a prepay fee. flowers don't help, they die. overpay only creates more work, cause the dopes in accounting wont know how to apply funds, they will contact me and then i need to decide how to refund you the money, which creates more work for me.

you can overdraft a few times so i can bang you for $35- per. maybe pay a bit slow so i can institute a default rate around, say 18%. honestly, maybe you should shoot for the private banking side of a regional bank. you could get hooked up with a banker that will fawn over you....of course the fawning will be fake, since he only wants to make money off of you, but, you might get some perks like tickets to events, etc. maybe even wind up on a yacht with a HO.

This was going to be my suggestion too. You don't even need to go regional...you would qualify easily for JPMChase's services.

Geez, if you are going to do private banking there are a billion better options than Chase. The only reason anyone should ever use Chase for banking is that they like having a lot of branches.... other than that, Chase is worthless and almost always the worst option available.

You're way too quick to play the "big banks are the devil" card. It wasn't a recommendation, just pointing out that with his supposed assets, he didn't need to confine himself to a smaller regional bank.

Never said anything about big banks. Big banks can offer value in many different ways and depending on which bank we are talking about they can be very good overall. Oh, by the way, I work for a large bank.

I said Chase. Chase is horrible.

 

[James Daulton]

Speaking of banks, I moved to PNC about 4 years ago and love them. I hated all prior banks and CU's.

 

[johnnycakes]

I've never had a single "good" refinance or loan experience and I've used a different company each time in hopes I would get a better experience... If anything its gotten much worse since the credit meltdown.

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

My most recent was with Wells Fargo.. but i've also used BoA and i've used smaller local mortgage houses.

If it wasn't worth so much money to refinance, the hassle would steer me away from it.

Preach it, brother! I'm trying to buy a house right now, and the underwriters have been an absolute nightmare. They don't want to count my bonus income (I get substantial bonuses every year), they don't want to count my self-employment income (have reported substantial SE income ever since 1990)... my separation agreement stipulates alimony ended on July 18, 2014, but they continue to throw those payments into the equation...

ETA: Oh, and there has been a never-ending list of requests for documentation of all sorts. And I mean NEVER ending. Last Thursday they called me to tell me verbally we were good to go, only to get a phone call yesterday at 4:30pm saying "not so fast... we need more..."

Various people on their end have spend hours and hours sorting through all the crap they have requested, still, they obviously aren't very eager to make the loan. Lucky for us we had a mortgage contingency clause in our offer. Deadline (extended once already) is this Friday, August 8, and it looks like i'm going to have to cancel the deal just because the underwriters don't want to count all my income.

 

[Dentist]

I've never had a single "good" refinance or loan experience and I've used a different company each time in hopes I would get a better experience... If anything its gotten much worse since the credit meltdown.

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

My most recent was with Wells Fargo.. but i've also used BoA and i've used smaller local mortgage houses.

If it wasn't worth so much money to refinance, the hassle would steer me away from it.

Preach it, brother! I'm trying to buy a house right now, and the underwriters have been an absolute nightmare. They don't want to count my bonus income (I get substantial bonuses every year), they don't want to count my self-employment income (have reported substantial SE income ever since 1990)... my separation agreement stipulates alimony ended on July 18, 2014, but they continue to throw those payments into the equation...

ETA: Oh, and there has been a never-ending list of requests for documentation of all sorts. And I mean NEVER ending. Last Thursday they called me to tell me verbally we were good to go, only to get a phone call yesterday at 4:30pm saying "not so fast... we need more..."

Various people on their end have spend hours and hours sorting through all the crap they have requested, still, they obviously aren't very eager to make the loan. Lucky for us we had a mortgage contingency clause in our offer. Deadline (extended once already) is this Friday, August 8, and it looks like i'm going to have to cancel the deal just because the underwriters don't want to count all my income.

i can't even imagine trying to get a loan if I had complicated finances.

My stuff is just about as straightforward as it can be and there were still hassles.

if people are really looking and combing through all this stuff just to make these loans then I am guessing their profit margin on this stuff is starting to really suck nuts

 

[Chadstroma]

I've never had a single "good" refinance or loan experience and I've used a different company each time in hopes I would get a better experience... If anything its gotten much worse since the credit meltdown.

They treat people with impeccable finances like me as if I'm about to steal rather than lend their money.

It's humiliating.

My most recent was with Wells Fargo.. but i've also used BoA and i've used smaller local mortgage houses.

If it wasn't worth so much money to refinance, the hassle would steer me away from it.

Preach it, brother! I'm trying to buy a house right now, and the underwriters have been an absolute nightmare. They don't want to count my bonus income (I get substantial bonuses every year), they don't want to count my self-employment income (have reported substantial SE income ever since 1990)... my separation agreement stipulates alimony ended on July 18, 2014, but they continue to throw those payments into the equation...

ETA: Oh, and there has been a never-ending list of requests for documentation of all sorts. And I mean NEVER ending. Last Thursday they called me to tell me verbally we were good to go, only to get a phone call yesterday at 4:30pm saying "not so fast... we need more..."

Various people on their end have spend hours and hours sorting through all the crap they have requested, still, they obviously aren't very eager to make the loan. Lucky for us we had a mortgage contingency clause in our offer. Deadline (extended once already) is this Friday, August 8, and it looks like i'm going to have to cancel the deal just because the underwriters don't want to count all my income.

There are other factors for being super crazy conservative now but one of the major ones is Dodd-Frank and how that impacted mortgage lending. The short of it is that unless banks go out of their way (which means they don't accept this as income and make you provide every document known to man) to make sure that they are giving a good mortgage- they will get sued for BILLIONS later on. Thank your congressman the next time you see him for 'fixing' banks for you.

 

[snore]

Been trying to refi as my rate is 6.75. Got the appraisal back and it is way under what I need it to be. The appraisal valued at about the total of my first and second mortgage however is about 60k short of what it needed to appraise at so I could refi and combine them both. In talking to the broker he suggested that I pay off the second and then he can probably refi the first. Or the most feasible option would be for me to sell my house so I can buy one that is similar in size and location simply so I can take advantage of the better rates. This seems counter intuitive...we wont let you refi to a lower rate however we will give you a mortgage for a new home with lower rates. Does this make sense? I also went to a big bank, would I have a better shot at a credit union? I could rebutt the appraisal but doubt it helps enough.

Going to another broker, CU or Bank you will most likely get into the same situation with the lower appraisal value. Now a days you won't find a different appraisal yielding a much higher value, especially 60K. I have disputed many appraisals of my clients and 98% of the time no adjustment and the 2% only minor. Are there other options out there, sure but the rates are typically higher and after these loan level price adjustments it might not be worth your while to refi. I know this is not what you want to here but unfortunately this is the nature of the beast for now. My suggestion is to see what other options are out there and see if it benefits you and not the person doing your refi. HTH

Been trying to refi as my rate is 6.75. Got the appraisal back and it is way under what I need it to be. The appraisal valued at about the total of my first and second mortgage however is about 60k short of what it needed to appraise at so I could refi and combine them both. In talking to the broker he suggested that I pay off the second and then he can probably refi the first. Or the most feasible option would be for me to sell my house so I can buy one that is similar in size and location simply so I can take advantage of the better rates. This seems counter intuitive...we wont let you refi to a lower rate however we will give you a mortgage for a new home with lower rates. Does this make sense? I also went to a big bank, would I have a better shot at a credit union? I could rebutt the appraisal but doubt it helps enough.

In buying a new home you will have to put something down. Do you have cash on hand? If not, I am not seeing how selling the home will help you as you will end up with costs in selling/buying and still need to put money down. Sounds like to me the guy you are dealing with may not be the best out there in giving advice.

As for re-fi's a different lender may have different options available but typically what I have seen from Credit Unions is that they may have good terms for your run of the mill loans but they don't get into too much of the more 'creative' loans that would be what you may need to get something done. A CU out there may but the ones I see are usually plain vanilla 30/15 yr mortgages and maybe some ARM's.

You can always PM me and I can get into more details with you to see if I can think of options- either with my institution or otherwise. Feel free to do so.

Thanks for the feedback and the offer for help. I do have some cash I'll be able to access (dependent upon how generous my folks will be with this), which is where the thought of using that money for a downpayment on a new house might make more sense than trying to stay in the same place but refinancing with mortgage insurance. Chadstroma, I'm going to take you up on your offer (PM sent) as I'm not sure the guy at Wells was giving me good advice.

 

[17seconds]

I've used aimloan a couple of times and it was just fine.

 

[Ignoramus]

Ive refinanced with Quicken twice and had great experiences both times.

Same here. Quicken has been great for both the refi of an old loan and the purchase of a new home. Very happy with their service. In fact, when we closed on our purchase the title company and both REALTORS commented on how great they were to work with during my transaction.

 

[dancingbones]

Currently looking at refinancing a home I bought 1 yr ago & rehabbed to get out of paying PMI.

Best options so far seem to be PenFed (who I have used in the past and they have always been easy to work with), and Aimloan (I like all the info they have on their site, and good rates it seems).

Will let y'all know how it goes if we do all the math & pull the trigger on the refi. Problem for us is that our mortgage from 1 year ago is at 3.625% for a 30 yr & the only way we can get a lower rate (aimloan) is going to a 15 year @ 3%. Tempted to do it just to get away from Wells Fargo - but may have to suck it up & try to get the PMI removed after we've had the loan for 2 years (that is when they will take market value appreciation into the equation for PMI removal, rather than strictly "structural" improvements).

At any rate. AImloan looking like the best rates that I've seen so far.