Mortgage refinance, what a bargain!!

[phylodog]

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.

 

[Ripper]

That's chase for you...

We used a local company for our new construction home. our initial feeling with chase was very uneasy and nowhere near the rate we got at local company... the wife and I are both 800+ scores so we knew they were full of crap!

 

[Suprtek]

If you let them automatically deduct your payment from your bank account, they'll probably give you a toaster.

 

[pjcalla]

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

 

[88GT]

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.

 

[THard6]

I have two different accounds with chase, and I have determined the ONLY reason I like the bank is because of it's location. other than the fact that they are on every other street corner and in every speedway gas station, I hate the bank and the FAKE staff working there. I am slowly switching my accounts over and going to get away from chase.
I have used main source bank for my credit card, and my loans are all through the professional police officers credit union, and they have some awesome rates there..

 

[remauto1187]

This is why I am VERY COMFORTABLE in my $32,500 5acres 2 garages 3 bedroom fixer upper that i got on a contract for deed. Will be paid off in no more than 2 years from now.

PARKE COUNTY is awesome....no inspectors to deal with.....unless you get a septic system removed/rebuilt/etc.

Installed my own 200a service and rewired the whole house. It had the old knob and tube wiring with no ground and 60A service.
Completely replace all water lines and water heater. I installed a brand new 95% furnace and a matching Central Air.

Windows, siding and the last 50% of the roof are next. Gonna be working like a dog this summer....again.

 

[phylodog]

I've put well over $20K into this house since I bought it and I'm nervous about the house appraising for anywhere near what I paid for it in 2007.

 

[Ripper]

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.

Rentals... Ugh!

Did you have to show 6 months of reserve (payment, taxes and insurance) for every property? We are not doing bad, but for us that was a lot of cash they wanted to see!

 

[88GT]

Rentals... Ugh!

Did you have to show 6 months of reserve (payment, taxes and insurance) for every property? We are not doing bad, but for us that was a lot of cash they wanted to see!

Not quite. We would if the closing costs exceeded a particular threshold. Not sure how that magic line in the sand had been drawn, but I stopped trying to figure it out several weeks ago.

The two big issues underwriting wench can't seem to understand is that it is practically impossible to prove that one owns a property free a clear and that double on the corner of two roads can have two different address (1234 Main Street and 5678 Side Street, for example) and yet still be one single property. She thinks that the two different addresses means it's two different properties and wants us to put 5678 Side Street on the Real Estate Schedule even though the property is deeded, taxed, and insured based on the 1234 Main Street address as a multi-family property. 5678 Side Street is just the other half of the property.

The rate lock expires on the 9th. I am about half convinced this was drug out just so they could jack the rate. We'll see how they handle it when we reach that date and are no where near closing.

 

[Indy_Guy_77]

I've put well over $20K into this house since I bought it and I'm nervous about the house appraising for anywhere near what I paid for it in 2007.

If you're in a "vinyl village" type 'hood... Be prepared to be disappointed.

 

[phylodog]

Not a vinyl village but there are plenty of them close by.

 

[pjcalla]

I've put well over $20K into this house since I bought it and I'm nervous about the house appraising for anywhere near what I paid for it in 2007.

I will tell you that we put in all new floors, lighting, painted inside & out, landscaping, Pella windows/doors, new ac/heat pump, etc. We did not appreciate near what we have in it. The windows, ac/heap pump are considered maintenance items, and add no value to the appraisal (per our appraiser). We did appraise high enough for the re-fi, but it was kind of disappointing to see what it came in at. Good luck.

 

[88GT]

Very little actually adds to the value of a home. It's more like moving it up within the bracket rather than into another bracket.

 

[phylodog]

Seems more like flushing money down the toilet. Then again, what isn't these days?

This place is twice as valuable as a pile of ashes.

 

[IndyBeerman]

We refinanced through Citizen's Bank in Mooresville, lowered our rate from 4.875 to 3.375, added a cash out of $21,000.00 to it to get the roof replaced and add additional heating and cooling and still lowered our payment by $220.00.

Going to apply that $220.00 a month to the principle to pay the house off faster.

We're feeling pretty good about it, although it took about 40 days to close the refi because they are fairly stacked up on refi's.

 

[92LX]

Rentals... Ugh!

Did you have to show 6 months of reserve (payment, taxes and insurance) for every property? We are not doing bad, but for us that was a lot of cash they wanted to see!

Yup, and after about 10 explanations with pictures they still are struggling with the concept of a corner lot double/duplex/multi-family home.

We submitted literally (I measured it) a 4.5" tall pile of paperwork. Some of it as many as 4 times.

 

[spec4]

Not quite. We would if the closing costs exceeded a particular threshold. Not sure how that magic line in the sand had been drawn, but I stopped trying to figure it out several weeks ago.

The two big issues underwriting wench can't seem to understand is that it is practically impossible to prove that one owns a property free a clear and that double on the corner of two roads can have two different address (1234 Main Street and 5678 Side Street, for example) and yet still be one single property. She thinks that the two different addresses means it's two different properties and wants us to put 5678 Side Street on the Real Estate Schedule even though the property is deeded, taxed, and insured based on the 1234 Main Street address as a multi-family property. 5678 Side Street is just the other half of the property.

The rate lock expires on the 9th. I am about half convinced this was drug out just so they could jack the rate. We'll see how they handle it when we reach that date and are no where near closing.

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.

 

[woowoo2]

Navy Federal Credit Union did a great job on mine.
I did a streamlined VA refi, from 7 1/4% (30yr) to 3.125% (15yr).
At the time they had a $2500 closing cost credit.
I went from $580 a month to $400 ( including ins and taxes) and cut three years off the loan.

If you qualify to be a member, I would consider them.

 

[hoosierdoc]

We just refinanced from 3.5% to 2.75%. Should recoup the difference in 9 months. Salin bank did well by us though it took awhile to get responses to mailed paperwork.