Thinking of refinancing our home, we could drop the rate 1.5%.
We have had enough dealings with home loan officers over the years that most of them give me a shady used car salesperson vibe. Its questionable if it would be worth it to refinance depending on our future here, however we are exploring the idea.
Dealing with the different companies usually has the same outcome, you have to talk to a person, in this day and age why is this? Why cant I just put my information in and they give me an offer subject to all the hoops you jump thru? I get the feeling the way they call you back right away they are desperate like a shady car dealer.
We bought our house before the housing crash, getting the mortgage was very easy, they were giving loans out to anyone for anything it seemed.
Our house is assessed by the county at 225k, we owe 115 on it. It ticks me off that an appraisal is necessary with some lenders when we clearly have some equity in it. The land and garage are almost worth would be new loan value. The lender we spoke with requires an appraisal.
They told my wife they were not doing cash out refi's due to covid... Seems some lenders are, some are not. We are not really looking to do a cash out, I want to pay this thing off eventually not prolong it.
I just dont know what to think, over the years we dealt with several frustrations when getting a home loan.
Years ago we bought a house and were going to put down 40k, that would have brought the loan down to 90k or so, the mortgage broker told us that the rate would be higher if the loan was under 100k.....I didn't quite believe that at the time, however In the end I trusted him and we took a loan for 101k. I assume he got a better commission or something.
We refinanced this home a few years after the crash to get rid of the PMI and get the better rates available (long story on why we had pmi, involved owning two houses at once, I suggest everyone do this at least once in life, lol) and the appraiser came out and started measuring our knee walls in our bedrooms stating if they were not 5 foot tall they wouldn't count as bedrooms, I about blew my top. Things like this are never an issue when I buy something, but when I go to sell it or in this case refinance gets nitpicked to death. The appraiser got out a tape measure and had me hold it while she took a picture to document they were over 5 ft tall. Anyway we were ok there and all we got a new mortgage and everything was wonderful.
Have you ever successfully negotiated lower fees, appraisal price ect... I mean the whole game reeks of used car sales so why not play the game?
I am going to contact a local bank we have used before, see what they say, I am just looking for advice I guess.
I always get done with the home loan process feeling ripped off.
We have had enough dealings with home loan officers over the years that most of them give me a shady used car salesperson vibe. Its questionable if it would be worth it to refinance depending on our future here, however we are exploring the idea.
Dealing with the different companies usually has the same outcome, you have to talk to a person, in this day and age why is this? Why cant I just put my information in and they give me an offer subject to all the hoops you jump thru? I get the feeling the way they call you back right away they are desperate like a shady car dealer.
We bought our house before the housing crash, getting the mortgage was very easy, they were giving loans out to anyone for anything it seemed.
Our house is assessed by the county at 225k, we owe 115 on it. It ticks me off that an appraisal is necessary with some lenders when we clearly have some equity in it. The land and garage are almost worth would be new loan value. The lender we spoke with requires an appraisal.
They told my wife they were not doing cash out refi's due to covid... Seems some lenders are, some are not. We are not really looking to do a cash out, I want to pay this thing off eventually not prolong it.
I just dont know what to think, over the years we dealt with several frustrations when getting a home loan.
Years ago we bought a house and were going to put down 40k, that would have brought the loan down to 90k or so, the mortgage broker told us that the rate would be higher if the loan was under 100k.....I didn't quite believe that at the time, however In the end I trusted him and we took a loan for 101k. I assume he got a better commission or something.
We refinanced this home a few years after the crash to get rid of the PMI and get the better rates available (long story on why we had pmi, involved owning two houses at once, I suggest everyone do this at least once in life, lol) and the appraiser came out and started measuring our knee walls in our bedrooms stating if they were not 5 foot tall they wouldn't count as bedrooms, I about blew my top. Things like this are never an issue when I buy something, but when I go to sell it or in this case refinance gets nitpicked to death. The appraiser got out a tape measure and had me hold it while she took a picture to document they were over 5 ft tall. Anyway we were ok there and all we got a new mortgage and everything was wonderful.
Have you ever successfully negotiated lower fees, appraisal price ect... I mean the whole game reeks of used car sales so why not play the game?
I am going to contact a local bank we have used before, see what they say, I am just looking for advice I guess.
I always get done with the home loan process feeling ripped off.