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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Refinancing rate question
I spent 45min on the phone with my mortgage company on a refi app. The loan officer told me at the end of call that the rate would be locked at 4%. I asked if I had to lock today. He said no. He calls back 1/2 hour later to say I have to lock the day I do app it cannot be floated. I complained and said why that doesn't make sense and you should have told me before we started the app. He said the reason is that .25 is only going to save me a few dollars (its a co-op). He was being a **** and said "I'm just trying to help you out here". I said "no you're not you need to close this before you go home and just doing your job". I asked what would happen if I didn't answer the phone and he said he would have left a message with bad news that I would have to cancel my mortgage app. I said well give me a few minutes to think about it I will call you back. He then said I am only here for 15 min.
So is it true that I have to lock in at time of app? Will rates change a bit?
Should i search around with other companies? My goal of refi is to get exDHs name off. I will be saving about $30 a month even after closing fees are rolled in. It's more the principle that I felt pressured by this guy.
Message edited 5/7/2013 8:02:53 PM.
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Posted 5/7/13 8:00 PM  |
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LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
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Refinancing rate question
what is your current rate?
he probably thinks it isn't worth his time for a $30 a month savings.
plus, 4% is kind of high for right now. you could def get lower.
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| Posted 5/7/13 8:12 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Refinancing rate question
Posted by LL514
what is your current rate?
he probably thinks it isn't worth his time for a $30 a month savings.
plus, 4% is kind of high for right now. you could def get lower.
That's what I thought it sounds a little high. He said even if it goes to 3.75 I'm only saving a few $ but that was my point that shouldn't that be up to me to decide? Current from 10 years ago is 5.38
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| Posted 5/7/13 8:13 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Refinancing rate question
I can't find the answer online if I must lock in at time of app.
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| Posted 5/7/13 9:06 PM |
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sunnyflies
LIF Adult
Member since 9/09 1757 total posts
Name:
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Refinancing rate question
Call another bank.
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| Posted 5/8/13 12:08 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Refinancing rate question
Guy sounds like a jerk who is pressuring you. Shop around. Also ask about closing costs so you can compare. Would be happy to give you some referrals
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| Posted 5/8/13 7:57 AM |
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LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
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Refinancing rate question
yea i would call around and not deal with this guy
we recently used Jim Walsh at Bethpage Federal Credit Union and he was fantastic to work with. We got 3.5% and I think it's even lower now.
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| Posted 5/8/13 6:59 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Refinancing rate question
Posted by LL514
yea i would call around and not deal with this guy
we recently used Jim Walsh at Bethpage Federal Credit Union and he was fantastic to work with. We got 3.5% and I think it's even lower now.
I called several large banks, one broker and Bethpage had the lowest rates. I'm very glad I didn't go with PNC the original guy had the highest rates ridiculous!
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| Posted 5/8/13 7:17 PM |
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Re: Refinancing rate question
I agree that you should not work with someone who you are not comfortable with; so if you felt pressured, or like the loan officer wasn't being upfront, then I think you should continue shopping.
But as far as competitive rates and other people quoting lower rates - Just keep in mind that banks generally don't like financing co-op purchases, and therefore the interest rates are usually a little higher than what they would be for a single family home (or even a condo). Also it depends on the type of loan you are getting - - conventional loans have a little higher interest rates than FHA, and FHA doesn't give loans on co-ops. So taking into account all of that, I don't think the 4% sounds that high.
Good luck!
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| Posted 5/8/13 8:12 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Refinancing rate question
Posted by Century 21 Dallow - Christine Braun
I agree that you should not work with someone who you are not comfortable with; so if you felt pressured, or like the loan officer wasn't being upfront, then I think you should continue shopping.
But as far as competitive rates and other people quoting lower rates - Just keep in mind that banks generally don't like financing co-op purchases, and therefore the interest rates are usually a little higher than what they would be for a single family home (or even a condo). Also it depends on the type of loan you are getting - - conventional loans have a little higher interest rates than FHA, and FHA doesn't give loans on co-ops. So taking into account all of that, I don't think the 4% sounds that high.
Good luck!
But they all quoted me much lower. From 3.125 to 3.75. Plus my original bank said almost double closing fees compared to rest. I did check with each about working with co-ops which are more esp in NYC. The original loan is a Fannie Mae so the guy I didn't like said its a HARP loan. I looked that up and I don't know why he was putting me on a HARP. It's for people who are in trouble and the rates are higher.
Message edited 5/8/2013 8:43:23 PM.
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| Posted 5/8/13 8:38 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Refinancing rate question
Posted by stinger
Posted by Century 21 Dallow - Christine Braun
I agree that you should not work with someone who you are not comfortable with; so if you felt pressured, or like the loan officer wasn't being upfront, then I think you should continue shopping.
But as far as competitive rates and other people quoting lower rates - Just keep in mind that banks generally don't like financing co-op purchases, and therefore the interest rates are usually a little higher than what they would be for a single family home (or even a condo). Also it depends on the type of loan you are getting - - conventional loans have a little higher interest rates than FHA, and FHA doesn't give loans on co-ops. So taking into account all of that, I don't think the 4% sounds that high.
Good luck!
But they all quoted me much lower. From 3.125 to 3.75. Plus my original bank said almost double closing fees compared to rest. I did check with each about working with co-ops which are more esp in NYC. The original loan is a Fannie Mae so the guy I didn't like said its a HARP loan. I looked that up and I don't know why he was putting me on a HARP. It's for people who are in trouble and the rates are higher.
No HARP is for people who's home has declined in value and is <80% LTV... is that the case?
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| Posted 5/9/13 9:56 AM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Refinancing rate question
Posted by Salason
Posted by stinger
Posted by Century 21 Dallow - Christine Braun
I agree that you should not work with someone who you are not comfortable with; so if you felt pressured, or like the loan officer wasn't being upfront, then I think you should continue shopping.
But as far as competitive rates and other people quoting lower rates - Just keep in mind that banks generally don't like financing co-op purchases, and therefore the interest rates are usually a little higher than what they would be for a single family home (or even a condo). Also it depends on the type of loan you are getting - - conventional loans have a little higher interest rates than FHA, and FHA doesn't give loans on co-ops. So taking into account all of that, I don't think the 4% sounds that high.
Good luck!
But they all quoted me much lower. From 3.125 to 3.75. Plus my original bank said almost double closing fees compared to rest. I did check with each about working with co-ops which are more esp in NYC. The original loan is a Fannie Mae so the guy I didn't like said its a HARP loan. I looked that up and I don't know why he was putting me on a HARP. It's for people who are in trouble and the rates are higher.
No HARP is for people who's home has declined in value and is <80% LTV... is that the case?
Not at all!! I have so much equity!! I should call and complain.
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| Posted 5/9/13 10:44 AM |
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