We are scheduled to close on our refinance today. I can't say that I have been particularly pleased with the level of service we have received from either the mortgage broker or the title company. But, I keep reminding myself that we are getting a great rate and term. I further remind myself that Wells Fargo, which gave us great service when we originally got the loan (it was Wachovia then) and when we refinanced in 2009 could not match the rate we are getting.
I know/suspect/expect that as soon as we close, the loan will likely be reassigned to one of the bigger banks. And I hope that we will get better service from the servicing institution.
Wish us luck.
Hope your mortgage refinance went off well!!
ReplyDeleteIn today’s market, refinance has gained immense popularity. The rates have been at an all time low which has encouraged quite a large number of people to consider refinancing and lowering their existing high rates into lower ones. Though they have to pay the closing costs initially, they will be able to save quite a large sum in the long run. But in order to get qualified for a mortgage refinancing, you will have to meet certain criteria for the lenders. You should have equity in your property. Normally, lenders will want you to have 20% equity in your property. Apart from this, like qualifying for a new mortgage, you should have good credit scores. Conventional lenders will require 720 credit score whereas FHA loans will require 620 credit score.