Mortgage refinance, what a bargain!!

[PistolBob]

Our current effort with Wells Fargo is going no better. Granted, ours always take longer because we have so much additional crap with the rentals that must be included, but the level of ridiculous with this is pegging. I've seen all kinds of mortgage transactions in the 10 years of real estate sales and I can honestly say that my own personal re-fi effort has been the worst. H&R Block is running a close second, but they just kept jerking the buyer around and refusing to acknowledge they couldn't close the deal due to underwriting issues. WF can't even seem to get our loan through underwriting despite asking for the same documentation no less than 4 times. Everything they've asked for was submitted in the initial stack of stuff.

You need to get out of Wells Fargo and fast.

Wells Fargo in Mortgage Fraud Scam

Feds Sue Wells Fargo - Mortgage Fraud

$10B Mortgage Fraud Settlement in Works at Wells Fargo


RUN AWAY!!

 

[88GT]

Unlikely the rate enters into this. Your underwriter is afraid of making a mistake and apparently she has not asked her supervisor for help. If your loan officer is competent I would push him/her to resolve this. Or, contact the underwriters supervisor. You seem to be savvy enough with the process to speak the same language.

I've been through this process a few times (10 year real estate veteran). I'm pretty sure I know the process. I also know that underwriters think they are God and no amount of pressuring can move the process forward faster or better than it already is.

 

[churchmouse]

So I went into Chase bank a couple of months ago to sign some signature cards for my Mother's accounts. While I was there they sent one of their mortgage guys in to talk to me. He made it sound like I had some decent options available to me. I told him I needed to finish the work in my bathroom before I had the house appraised and I'd touch base once that was done.

Fast forward to today. I set up an appointment with him for this afternoon and gathered the info he requested. I sit down with him and he runs my credit score first, "774, you can pretty much do whatever you want" he says.

He leaves me with two different options; refinance or streamline. Both options leave me borrowing more than $6,000 more than my current payoff, require money out of my pocket between $500 - $2000 and would lower my monthly payment by a whopping $100.

Now I'm sitting here just trying to figure out why I didn't just sign away while I was in there.

To do anything with Chase is like dealing with a sleezy used car salesman.....nothing is free. They are after fees and bonuses....period.
If you wish to re-finance go to a broker or smaller Company. They get the same deals as the banks and are not as greedy if you find the right people. My wife was in the Mortgage industry for 20 years. The banks are no real deal. Too many people standing in line to get a piece of you as you are shuffled through their process.

 

[88GT]

Don't use a broker. Unnecessary middle man fees. Biggest waste of money for credit-worthy buyers on the planet. Possible value for poor credit buyers who can't get financing through traditional means.

 

[88GT]

You need to get out of Wells Fargo and fast.

Wells Fargo in Mortgage Fraud Scam

Feds Sue Wells Fargo - Mortgage Fraud

$10B Mortgage Fraud Settlement in Works at Wells Fargo


RUN AWAY!!

That has nothing to do with me. Im not purchasing a government-backed loan. And frankly little to do with WF IMO other than they have the deepest pockets. So WF is being sued for making the loans it was told to make and the .gov is ticked because now it has to pay for the guarantee it promised.

 

[phylodog]

To do anything with Chase is like dealing with a sleezy used car salesman.....nothing is free. They are after fees and bonuses....period.
If you wish to re-finance go to a broker or smaller Company. They get the same deals as the banks and are not as greedy if you find the right people. My wife was in the Mortgage industry for 20 years. The banks are no real deal. Too many people standing in line to get a piece of you as you are shuffled through their process.

Appreciate the advice. They seemed anxious to work with me, unfortunately they thought I was a big juicy steak on a platter rather than a reliable customer who pays his bills on time come hell or high water. They won't be getting my business.

 

[spec4]

I've been through this process a few times (10 year real estate veteran). I'm pretty sure I know the process. I also know that underwriters think they are God and no amount of pressuring can move the process forward faster or better than it already is.

I used to supervise underwriters and for the most part they just wanted to do their job. They also didn't want to have a loan bounced back to them by the investor. They knew if they were stuck on a file they were to bring it to me and we would work through it. A lot of times the LO was incompetent and didn't know what to ask for or in many cases was afraid to ask for something from the borrower. When the borrower became upset, the LO would blame (unfairly) the underwriter. Bottom line, somebody's not doing their job with your file.

 

[churchmouse]

Don't use a broker. Unnecessary middle man fees. Biggest waste of money for credit-worthy buyers on the planet. Possible value for poor credit buyers who can't get financing through traditional means.

Yes, with some brokers but there are always fees. Up front, in the middle or out the back side there are always fees. No free lunch when you are "Purchasing" money.
Get with the right people and it is a much easier process.

 

[churchmouse]

That has nothing to do with me. Im not purchasing a government-backed loan. And frankly little to do with WF IMO other than they have the deepest pockets. So WF is being sued for making the loans it was told to make and the .gov is ticked because now it has to pay for the guarantee it promised.

This is so true. Many do not understand this concept. It was part of the ruination of the Mortgage industry.

 

[spec4]

The banks may have looked at these fines as cheaper than dragging out litigation with the feds.

 

[looney2ns]

Two Words: Credit Union
Listen to Clark Howard and all the nightmares about the monster mega banks he hears each day.
Run away from the banks.
Our credit union can have you refi'ed over and done with in 7 days or less.

 

[Ripper]

Our rate lock on our 98% completed new home was up yesterday. We were set to close on December 28th but since it is not complete the underwriter will not clear us for close, Fortunately the mortgage company is willing to honor the rate without issue for another couple weeks if needed. We're only waiting on columns for the front and the marble counter for the master. I can only assume that those two items are connected to black rifles and thus not available either?

 

[Hohn]

Try Union Savings Bank. My whole family uses them. $350 closing costs, no bullspit, etc. PM me if you want a name.

Bingo. Just re-fi'd with them in December. Locked in 2.75% for 15yrs with <$300 closing!

Awesome.

 

[pjcalla]

Bingo. Just re-fi'd with them in December. Locked in 2.75% for 15yrs with <$300 closing!

Awesome.

Damn, they're down to 2.75%? I jusy refied a few months ago and I'm just under 4% on a 15 year. Looks like I'm making a phone call on Monday. Thanks for the headsup.

 

[Ripper]

Damn, they're down to 2.75%? I jusy refied a few months ago and I'm just under 4% on a 15 year. Looks like I'm making a phone call on Monday. Thanks for the headsup.

I believe you have to wait a year between refi's?

edit: maybe that was after you've listed your home for sale, then you have to wait a year if you end up keeping it and want to refi?