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Home Mortgage Refinance

Discussion in 'Financing' started by Steve Frazier, Sep 23, 2014.

  1. Steve Frazier

    Steve Frazier Founder

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    Location:
    LaGrangeville, N.Y.
    I'm looking to refinance my home and need recommendations for mortgage companies. I was formerly with Countrywide who I had nothing but praise for but they sold to Bank of America. My experience with BOA has been a nightmare!! Their customer service is horrendous. I'd like to deal with a company where I can talk to someone instead of clicking through a computer generated menu for 10 minutes before I can talk to someone if I'm lucky. Can I get your recommendations?
     
  2. mitch504

    mitch504 Senior Member

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    Location:
    Andrews SC
    My father was also with Countrywide, then BOA, they then sold it to Greentree. Greentree is worse than BOA.

    My father died in May, and I as administrator of his estate have been trying since then to get some sense out of them. I got another letter from them yesterday, insisting on talking to him, before they could talk to me! I told them if they figured out how to communicate with him, let me know before they did it, and I would give them a list of questions to ask him for me.
     
  3. lumberjack

    lumberjack Senior Member

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    Location:
    Columbus, MS
    My first stop would be meeting with my banker. I would shy away from national companies and focus on my local connections.
     
  4. mitch504

    mitch504 Senior Member

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    That's what we did, but they immediately sold it to Countrywide.
     
  5. CM1995

    CM1995 Super Moderator

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    Occupation:
    Running what I brung and taking what I win
    Location:
    Alabama
    I am sorry your having to go through such BS Mitch, that just adds insult to injury. :(

    I hate banks and bankers.:mad:
     
  6. clintm

    clintm Senior Member

    Joined:
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    Occupation:
    trucking,concrete recycling,grading, demolition
    Location:
    charlotte nc
    when you find a bank that you can talk to and call back tomorrow and get the same person pleeeeeeeaaaaaaaasssssseee let us know Iv'e been with BB&T since the local branch opened in the mid 80's every time I go in to wire money for my auction addiction some body different and they try to explain how much they can do for me and they are new here I say I know they wasn't here last week and won't be here next week the day's of a local hometown banker are gone my laywer does a lot of real estate and tell's me that at times he will have 14 million in his local branch in escrow accounts and can walk in and nobody knows him
     
  7. Randy88

    Randy88 Senior Member

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    Location:
    iowa
    Shop local, stay local and keep moving when people in the bank change and you don't get along, or they sell out to a larger firm, keep your options open and always be on the lookout for your next lender.
     
  8. SchuLace

    SchuLace Well-Known Member

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    Location:
    USA
    My loan got sold to Franklin American and I haven't had any issues with them. I started at a local credit union and they were upfront about passing it off to someone else.
     
  9. Steve Frazier

    Steve Frazier Founder

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    LaGrangeville, N.Y.
    I'm generally opposed to government regulation but in my opinion Bank of America should not be permitted to remain in business the way they treat their customers. And as several have mentioned most of their customers had no choice in the matter, their loans were bought up without their consent.

    Locally owned and operated banks were popular here through the mid 90s but most have all been bought up by the bigger banks. The ones that remain have super stringent requirements that I'll probably have trouble meeting. When the economy tanked here in '07 I got caught up in some financial problems which I have since resolved but those issues still haunt me. From what I'm reading here seems one outfit is as bad as another.
     
  10. overworked

    overworked Senior Member

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    Location:
    northeast Pa.
    Here in north east Pa, with all the natural gas money going through the lighted signs outside the banks flash on and off like those electronic bill boards, my mortgage was with a bank that said they never sold a mortgage in 100 year span, but now there is a new name on the sign,
     
  11. pburress

    pburress Well-Known Member

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    Occupation:
    field service technician
    Location:
    Indinapolis, IN
    I've had good luck with Stonegate mortgage
     
  12. oceanobob

    oceanobob Senior Member

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    Occupation:
    general contractor
    Location:
    oceano california
    Newspaper reported Ben B tried to refy his house and was unsuccessful. A bit of background: http://www.bubbleinfo.com/2014/10/03/helicopter-bens-refi/

    *************

    We have good contacts in this industry ... here is my take on the present situation: if everything aligns, it can be accomplished and achieved with a low rate and with that no doubt there will be a lot of paperwork and quite a bit of detailed reviews will be endured.

    When you don't have good alignment with the 'epitome' conditions/criteria, expect to do a lot of legwork with a lot of turn-downs. Appraisals will also be conservative as well. The process will likely be tiresome in the sense it wont be similar to previous experience(s). Turndowns may very well be tracked so I suggest this consideration play into the process, ie perhaps don't continue to try for the similar category at varying organizations ....

    It is possible commercial / business lending and equipment lending may fall into another category prolly due to different rule framework - perhaps somehow this approach to your situation could involve these methods until there is relief in the other category(ies).
     
  13. bobbyreyes

    bobbyreyes New Member

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    Oct 14, 2014
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    Occupation:
    Mortgage Agent
    Location:
    Canada
    You should contact persons like your relatives or neighbors who have refinance experience with company or broker. You can also check mortgage companies website but first take a look at reviews given by customers. Instead of providing many offers, a good mortgage broker is one who actually give priority to your problem.

    Thanks,
    Canadalend.com
     
  14. oceanobob

    oceanobob Senior Member

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    Occupation:
    general contractor
    Location:
    oceano california
    Beware of a practice called redlining - this is fishing on a grand scale by "pulling in applications", but only obtaining the mortgage for the picture perfect situation* thus bundling same for a resale and a nice transaction fee.... keep in mind the word originally did not mean this. Now there are such things as qualified mortgages* and plenty of rules....
    If your personal circumstances differ from referral sources friends family etc, you could be spinning wheels.

    Now for a different tactic suggestion instead of rewriting the same story.
    *
    An article in American Banker (that I quick searched on google) shows the govt rule hammer dropping in Jan 2014....but the writer indicates there is opportunity in these non qual'd loans: article is how to make non qualified mortgages bulletproof. I am adding these details in here since many of us may be self employed and also could fall out of the qualified loan category.
     
  15. Hardline

    Hardline Senior Member

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    Nov 29, 2009
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    Occupation:
    Small business owner
    Location:
    Waxahachie Texas
    My small bank sold my first loan to Countrywide. Then it went to BOA. My second home was a small mortgage company and it sold to Wells Fargo. I think all small banks sell once its closed. JJ
     
  16. clintm

    clintm Senior Member

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    Occupation:
    trucking,concrete recycling,grading, demolition
    Location:
    charlotte nc
    thats they way they treat us don't want to talk to us send us away to the smaller guys but when they figure us dumb old construction people pay our bills they buy us back like I've always said they only want to loan money to the people with more in the bank than they want to borrow
     
  17. LowBoy

    LowBoy Senior Member

    Joined:
    Nov 23, 2006
    Messages:
    1,075
    Occupation:
    Owner, Iron Mountain Iron & Equipment (Transport)
    Location:
    Southern Vt. on the Mass./NH borders
    I'm generally opposed to large corporate banking. The best option I have found is our local CREDIT UNION. They do not have to abide by the same stringent government guidelines as a typical corporate bank, therefore they tend to be much more lenient.

    We recently sold our previous home (Sept. 2014,) that had a mortgage with this credit union...paid that one off. Applied for the next one for this current home with them, even during a little turbulent situation of having a secure job abruptly ending (merger/discontinued business in my area,) and me scrambling to start up another business all at the same time I needed another home mortgage. They listened to us, agreed and wrote another note immediately and we couldn't be happier.

    They keep the notes in-house too. I also have a business LOC with them, and the same women we dealt with 4 years ago are still calling me by my first name.

    Try to find a local credit union....you'll be amazed at the difference.

    BTW: My son (26 years old, not BAD credit, just NO credit,) just got a used commercial truck loan on his own from a local CU as well...with a dirt cheap interest rate.
     
  18. pafarmer

    pafarmer Senior Member

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    Occupation:
    Land clearing, demo, site prep etc. Ex Pro Motocro
    Location:
    Somewhere in the woods !
    Stay local and build a repor if at all possible..big business, big BS! small business, smaller BS has been my experience...