Refinance - has anyone else had luck lately?

Joined
Apr 27, 2012
Messages
13,471
Location
MA
Talked a forecasted it too.... issued warning and help saved lives... a little more than just talked about it...
I didn't mean that as a dig against your old profession. Just adding an old joke I'm sure you heard many times before and also in reference to your complaint about the debt. Talk about it, but nothing to be done about it. People have been warning about the debt for decades.
 
  • Like
Reactions: hrv

hrv

Joined
Sep 14, 2021
Messages
863
N
I didn't mean that as a dig against your old profession. Just adding an old joke I'm sure you heard many times before and also in reference to your complaint about the debt. Talk about it, but nothing to be done about it. People have been warning about the debt for decades.
No problem... I always say being a weatherman is great....You can be wrong some of the time and still get paid and not fired...But I would like to ask....since I see you are in the real estate biz....You dont see an issue with all the debt that people get into??? Way overspending on a house or car and putting everything on credit...I guess I was brought up old school...I am 67...my Mom and Dad did not use credit much at all.and I try to also...I have seen people in your line of work....not saying you...that sell no mater what...meaning the person they are selling to is just a sales...It seems that today some want all of the latest things no matter how much it costs...just pull the plastic out...That is what worries me about the gov. They are spending money that is not there own and really dont care about if it is really needed or not....Way to many politicians come into office just making it and then years later retire being a millionaire....they sure did not get that from there salary...O well thats enough babling...I am just worried about all of the spending and giving freebies out and not thinking down the road to what that might do...
 

GON

$50 Site Donor 2022
Joined
Nov 28, 2014
Messages
2,728
Location
Steilacoom, WA
I love Navy Federal, but they were unwilling to refinance my VA loan late last year (was with Wells Fargo), simply because they were too busy doing refi with existing VA loans they had originated.

I fully agree with your Wife wanting NAVFED or USAA, even at a slightly higher rate. Lots of bait and switch in the mortgage business, something NAVFED and USAA likely not doing as much of.

Of note, our mortgage is now with Freedom Mortgage. We locked in a 2.25 (2,34 APR) 30 year last November. At the time 15 year was higher than a 30 year- we had wanted a 15 year. Their rate was a half percent less than the next lowest rate. I think they are trying to build their mortgage servicing portfolio and were simply offering rates so much lower than NAVFED, PENFED, and USAA. I went with a rinky dink mortgage broker out of Nebraska, very low overhead meant they wee able to offer rock bottom pricing.

Should also note Freedom Mortgage does market me quite a bit. "We can get you lower homeowner insurance" " You have equity- lets do a HELCO", etc. I did not get this marketing from Wells Fargo. They call and e-mail me.....
 
Joined
Apr 27, 2012
Messages
13,471
Location
MA
N

No problem... I always say being a weatherman is great....You can be wrong some of the time and still get paid and not fired...But I would like to ask....since I see you are in the real estate biz....You dont see an issue with all the debt that people get into??? Way overspending on a house or car and putting everything on credit...I guess I was brought up old school...I am 67...my Mom and Dad did not use credit much at all.and I try to also...I have seen people in your line of work....not saying you...that sell no mater what...meaning the person they are selling to is just a sales...It seems that today some want all of the latest things no matter how much it costs...just pull the plastic out...That is what worries me about the gov. They are spending money that is not there own and really dont care about if it is really needed or not....Way to many politicians come into office just making it and then years later retire being a millionaire....they sure did not get that from there salary...O well thats enough babling...I am just worried about all of the spending and giving freebies out and not thinking down the road to what that might do...
In real estate, all the debt my clients get into they can handle. Many don't spend up to the limit of what they're qualified for and they've lowered those limits since the mortgage meltdown in 2008. And I don't have a problem with their debt as that's really their affair that I don't meddle in. Do you think that in sales any salesperson gets involved in a person's debt? They're just interested in making the sale. Does anyone at Best Buy care if you can afford that TV or not? Used or new car? Is it really an issue for the salesperson or should it be?

I'm not sure you picked up on the Werner Heisenberg quote. It's the uncertainty principle out there. It's hard to say what will lead to what due to uncertainty about the future and maybe with Heisenberg, it can't be nailed down.

As for the subject of this post, I did refi my properties earlier this year. I think I started last year in October trying to get it done before the end of the year but had problems closing on time and had to redo everything once as paying for rate lock extensions would have been too high. They finally closed in July! I tried to shop around but I was trying to refi non owner occupied multifamilies with cash out and I remember talking to one bank and going on for an hour after they pulled my credit only for them to say we don't have that product available right now. Ended up with the credit union that I'm already at. I was doing 3 at the time so I guess the broker there did ok.
 
  • Like
Reactions: hrv

CKN

Joined
Oct 14, 2014
Messages
9,088
Location
Utah
Our current loan is through Navy Federal Credit Union. The original process four years ago went very well, no complaints. NFCU can be fickle, though. We tried early this year to refinance our VA loan and were summarily rejected without a reason, early in the process; just a letter in the mail stating they couldn't offer us a loan. No one would pick up our calls or return our emails from then on...weird. A friend of ours had a similarly bad experience in that every time they called or received new estimates the numbers changed. He said they had to literally have them go through the number five times, and in the end, he just didn't feel comfortable moving forward.

Fast forward to today and they're willing to play ball and have been very attentive (likely because our house is worth substantially more than it was earlier this year). We did mention that we had quotes from other providers and were genuinely ready to jump on a much lower rate, which seemed to help. We sent them what Rocket Mortgage offered and they came very close, with lower closing costs. We just locked in a 2.411% APR (from 3.25% four years ago). We had an offer closer to 2.25% from Rocket Mortgage (rate, not including closing costs - I don't recall what the APR was). I tried to talk my wife into going with RM, but she refused if we could get even close with USAA or NFCU, which we did...so I conceded. We're still going to be saving around $200/month (keep in mind, we're resetting to 30 years from the 26 we still owed, so some of it isn't REAL savings. The real number, 26 mo. for 26 mo. is more like $180, IIRC (don't have the spread sheet at the moment))

The point: if you had issues refinancing earlier this year or last year now's the time to take advantage of rates before they go up. Who knows whether this housing bubble will be sustained, also.
In many parts of the country the demand exceeds the supply by many times-that IS NOT a fundamental of a bubble. Congrats on the low rate!
 
Joined
Dec 12, 2002
Messages
43,656
Location
'Stralia
I've had to for the poroperty separation aspect...got a loan 5 years ago for the place, and they were throwing money at me...Paid it off...then this.

This time, smaller loan, credit rating of 1240, couple of promotions (and 570/wk child support), and there were a LOT more hoops and difficulty.

2.15%,, a drop of 1.7% from my last mortgage.
 
Top