House Refinance

[jack daniels dog]

My god has anyone had as much trouble refinancing as I have. If I ever get through this the rates would have to drop to 1% for me to try again. They want to know information on items I forgot I owned***

Has anyone experienced a difficult refinance or am I just unlucky

 

[opusdawg]

Is it a VA loan or are you self-employed? It shouldn’t be difficult if you are a W2 employee

 

[Jeffreauxdawg]

Are you using a bank or credit union? I bought and refinanced my first home through a bank... It was like that.

Now I will only use a mortgage broker or direct mortgage lender (Rocket Mortgage, Mr. Cooper.) Way, way, way easier. I just got my closing disclosure yesterday from a purchase through Rocket Mortgage. Easiest process ever. Upload a few documents (paystubs and taxes) and they pulled all of my bank records. Never going back to banks or credit unions.

My last few before that was a mortgage broker buddy from a few office suites down the hall. He told me what all to get, I handed it to him a couple days later. His staff made the copies and handed the originals back. A few weeks later we were closing.

With the bank it was one document at a time and they never had the courtesy to give a heads up... It was always we need this today, or there will be delays in your closing.

 

[johnson86-1]

My god has anyone had as much trouble refinancing as I have. If I ever get through this the rates would have to drop to 1% for me to try again. They want to know information on items I forgot I owned***

Has anyone experienced a difficult refinance or am I just unlucky

Dealing with the same thing. Just non-responsive. If rates had gone up, I'd be going ballistic at this point.

 

[Cooterpoot]

Most larger banks are trying to move to the Rocket Mortgage model. But, turnover with MLOs is insane in banks and the training is non-existent.

 

[Go Budaw]

I went through an online re fi company about 6-7 years ago and it was a pain in the ***. Had to get my rate lock extended 3 or 4 times due to delays on their end, had them tell me that, per the appraisal, I had to repair the torn vinyl in my laundry room floor and repair my pool liner (my laundry room was tile and I didn’t even have a pool). But, it was dirt cheap and I paid zero out of pocket at closing.

 

[Car Ramrod.sixpack]

We refinanced back at the first of the year with a local bank. They were very informative and responsive, possibly the easiest closing I have ever done. When I bought my first house back in 2009 I felt like I was being interrogated for borrowing money to buy a house.

 

[Msubulldogfan1]

I just refinanced, and Jesus there are some shady/dishonest people in that field.

 

[turkish]

+1. I went thru a mortgage broker earlier this year, and it was almost scary how simple it was.

 

[mstateglfr]

We refinanced last summer during the drop in rates. I spoke with a major lender, my credit union, and also a local bank thats owned by a large local grocery store. The local grocery store bank won out easily. If anything, I was the reason for the process taking longer than necessary.

Everything was online, I just entered info and/or uploaded info. A few weeks later we met with some guy to sign papers at a rented office space and it was done.


I have a strong feeling that if I had gone thru a large mortgage lender/broker at that point in time(pandemic plus lots of refi requests) it would have been a big hassle.

 

[greenbean.sixpack]

I just refinanced, and Jesus there are some shady/dishonest people in that field.

Found this too, especially those who advertise on Jxn radio.

 

[aTotal360]

Yup. I'm in real estate and everyone thinks realtors are the scallywags in that industry. It's the frickin lenders. I've worked with 100s of them and I only trust 1 or 2. I'm to the point where I will not take on a client unless they have been verified by underwriting because a lender will not tell someone "no" because they know how easy it is to find another lender. They'll string you along until the 11th hour because they don't want to be honest up front. Makes me sick. And don't get me started on some of the big box VA lenders. My God they do a disservice to our vets. Especially Navy Federal. Those families deserve better.

 

[greenbean.sixpack]

We just refied with the same mortgage company, it was a huge PITA. The rep changed in the middle, so it was like starting over. Gonna save about $30k over 15 years, but it was a very frustrating experience, submitting the same docs over and over. My wife is self employed and we own several other properties, so that add difficulty to it.

 

[o_Hot Rock]

I was buying a 2nd vacation Lake house and got the run around from Banks. I just said screw it and got the money somewhere else. The interest rate was not the issue anyway. I paid it off in less than a year. I know this, people that want to lend money, find a way to do it quickly. The banks I know, don't seem to want to lend money.

 

[Car Ramrod.sixpack]

I just refinanced, and Jesus there are some shady/dishonest people in that field.

Tell me about it. A guy I work with refinanced using his online bank (Ally I think) from a 30 year to a 15. He said it was easy and they even sent someone to his house to close. Before he made his first payment his mortgage was sold and his payment went up $300 with the new bank. Come to find out his online bank did not include property taxes. I feel like it was partly his fault for not having an attorney look over the paperwork but I can't help but think it was intentional to get that payment number down knowing they would sell it off ASAP.

 

[Smoked Toag]

Supply/Demand. These lenders are up to their eyeballs in work right now, they don't need you/us/anybody. They have the power. Such is life.