Anyone Refi?

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Well, that was 16 days ago.

Beware . . .

I answered every question and sent everything they wanted, twice. I spent beaucoup hours preparing financial records, tax returns, insurance stuff, etc. Then they just stopped answering emails and phone calls.

The guy promised twice there would be no surprises!!!

" 6/2/09 10:35:52 AM Central Daylight Time
Sent from the Internet (Details)
I was in a meeting all morning so sorry about the delay. There will be NO surprises! I am a man of my word."
There hasn't been anything that is not a surprise so far.

The manager is handling it personally now and I just downloaded 29 pages of crap from him . . . and the figures are worse.

But, I'm entertaining the others again, or may just start over.

I don't feel very good about sending our financial records to a bunch of jackoffs.

I delt with a bunch of idiots as well. i got feed up and spoke to supervisor and ended up saving about a grand in closing costs.

[mdurette Senior Member Find all posts View Profile Close mdurette]

Just my professional opinion.

Trying to do a mortgage online can be easy enough - but in the end, you end up with mounds of paperwork - trying to compare can be exhasting because rates can change daily.

At the end of the all the research - you probably could have done the same or very close with just your local bank or credit union. (yes, I have a bias as I work for a community bank - but I clean up enough on-line companies worthless promises to feel ok about saying it).

If you started 16 days ago - rates were awsome - in the 4s across the board. Hope that lender locked you in, because if they didn't you are going to be in for a surprise - rates have increased about 1% in that time period.

So, if they did lock your rate in - no matter what headaches come your way -stick with it - because you won't be able to start over with another place at the rates then.

[3kids4me Super Moderator and Super Mom Find all posts View Profile Close 3kids4me]

We locked our rate in early May...but our refi still hasn't finished "being approved". Apparently (I say this because my husband is dealing with it and I haven't been talking to the bank) they are "waiting for one more approval signature"...but we have been waiting for weeks. Husband is not worried but I am...seems like kind of a scam! He says the bank officer is telling him that it takes a long time because there are so many refis to approve...but I don't like it. Should I be worried? We have a 90 day lock which puts us out until August.

BTW...this is with the same bank we have our current mortage with, so I feel like they don't have much incentive to change our rate...husband says they get some fees so it's worth it to them.

[Luanne Senior Member Find all posts View Profile Close Luanne]

We just signed all the papers for our re-fi today. Got to love those mobile notaries. The whole process was pretty painless. We started towards the end of May and the loan will be funded by the end of June. No payment until August 1. We ended up going through our credit union. The application was done online, I faxed the information they needed. An appraiser came out, and now the notary. Couldn't have been easier. It did seem to be "sitting" for awhile, but I called the loan officer on Monday, and things really moved along after that.

[mdurette Senior Member Find all posts View Profile Close mdurette]

We locked our rate in early May...but our refi still hasn't finished "being approved". Apparently (I say this because my husband is dealing with it and I haven't been talking to the bank) they are "waiting for one more approval signature"...but we have been waiting for weeks. Husband is not worried but I am...seems like kind of a scam! He says the bank officer is telling him that it takes a long time because there are so many refis to approve...but I don't like it. Should I be worried? We have a 90 day lock which puts us out until August.

BTW...this is with the same bank we have our current mortage with, so I feel like they don't have much incentive to change our rate...husband says they get some fees so it's worth it to them.

Volume is tremendous everywhere. If you have a 90 day rate lock, you should be fine. Has an appraiser been out to your house yet? If not, then that warrents a phone call asking why.

I wouldn't worry about being with the same rate. Mortgages are mainly packaged and sold to investors now. Typically the bank collecting your payment is the not the investor earning the interest. Thus, they really don't care if you refinance to a lower rate. They will make some money on this refinance and then collect their small portion for servicing it over the upcoming years.

[3kids4me Super Moderator and Super Mom Find all posts View Profile Close 3kids4me]

Volume is tremendous everywhere. If you have a 90 day rate lock, you should be fine. Has an appraiser been out to your house yet? If not, then that warrents a phone call asking why.

I wouldn't worry about being with the same rate. Mortgages are mainly packaged and sold to investors now. Typically the bank collecting your payment is the not the investor earning the interest. Thus, they really don't care if you refinance to a lower rate. They will make some money on this refinance and then collect their small portion for servicing it over the upcoming years.

We already received the appraisal in the mail, so I guess the appraiser has been here. (He obviously didn't come in though. Although the appraisal is fine for our purposes so I don't need to question that.)

[Luanne Senior Member Find all posts View Profile Close Luanne]

Sharon, it was after we had the appraisal done that things seem to bog down for awhile. But, after the one call to the loan officer it went very quickly after that.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I am now dealing with the manager and he has assured me he will cut all the costs he can. He called again and said that again.

I'm sensing we may actually wind up better.

We're in no hurry and if things aren't right, then we won't do it.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I have sent another 30-some pages of stuff. The manager says that is the way it is now, that the lending business has changed since the meltdown.

I told him that the entire application process for the loan we are refinancing was, "Will you lend us the money to buy that lot?" "Yes."

Have others of y'all had to do a lot more stuff to refi recently?

[Luanne Senior Member Find all posts View Profile Close Luanne]

I have sent another 30-some pages of stuff. The manager says that is the way it is now, that the lending business has changed since the meltdown.

I told him that the entire application process for the loan we are refinancing was, "Will you lend us the money to buy that lot?" "Yes."

Have others of y'all had to do a lot more stuff to refi recently?

No.

We were pre-approved online, sent some "stuff" like a few forms, then sent things like paycheck stubbs, W-2s, home owner's insurance declaration page, bank statements, that was about it. The most time consuming was signing off on everything with the notary.

[Pat H Senior Member Find all posts View Profile Close Pat H]

Have others of y'all had to do a lot more stuff to refi recently?

Nope. It was a piece of cake.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

Have others of y'all had to do a lot more stuff to refi recently?

We completed a refi last month, and I thought the bank asked for a bit more information than last time (2 yrs W-2s, recent paystubs, bank statements). However, I have never done a "no doc" loan, so I can't compare to the "give me money -- OK" type of loan.

The biggest difference I noticed was in the appraisal. For my refi, the appraiser made an appointment to come to the house, he took full perimeter measurements of the house and the lot, went through the whole house taking lots of pictures and notes about everything from the upgraded woodwork, built-ins, etc. all the way to the type of furnace. In total, he was here a good hour and a half.

Every other appraisal I have had done was only a drive-by at best -- never inside the house. In fact, for one appraisal I had done several years back on a previous residence, the appraiser called and asked what value I was expecting. I gave him a number, and lo and behold, that was the exact value that came back! I suspect that they are clamping down on inflated appraisals these days, which is a good thing, IMO.

Kurt

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Nope. It was a piece of cake.

Which of the following did you have to provide:

1. Last two years's tax returns or W2s
2. recent pay stubs or some proof of employment
3. Details of financial accounts
4. Liabilities
5. Sign off on about 10-15 disclosures

[Pat H Senior Member Find all posts View Profile Close Pat H]

Which of the following did you have to provide:

1. Last two years's tax returns or W2s No
2. recent pay stubs or some proof of employment No
3. Details of financial accounts No
4. Liabilities Not sure what you mean.
5. Sign off on about 10-15 disclosures No, only a few.

[3kids4me Super Moderator and Super Mom Find all posts View Profile Close 3kids4me]

Ours is finally moving along again...although we were asked to sign something which reduced our home equity line to the amount we already have out...which isn't a big deal since it has been frozen anyway since last year.

We did have to provide pay stubs, but that was it.