jvenice Posted January 14, 2011 Share Posted January 14, 2011 We are thinking of refinancing to a 15 year loan b/c rates are low. If anyone has had a good/bad experience I would like to hear about it and the bank you used. Quote Link to comment Share on other sites More sharing options...
plansrme Posted January 14, 2011 Share Posted January 14, 2011 Yes. We refinanced about 2 months ago. It was our second experience with USAA. I would not use them again. Hear that, USAA? I WOULD NOT USE YOU AGAIN UNDER ANY CIRCUMSTANCES. Well, maybe if they fired our customer service rep and told him it was because of my feedback, I would consider using them again, but otherwise, no. The parts our rep. had nothing to do with went well; our rate was good, closing costs were low; we got negative points; no appraisal was required; and there were no ridiculous requests about items on our credit score (we started the process with a local bank that wanted a letter explaining why AT&T had run a credit check on my husband--ummm, maybe because we added a phone to our plan, morons). Terri (who hopes our rep., Johnny Testa, Googles himself one day and finds this) Quote Link to comment Share on other sites More sharing options...
AFwife Claire Posted January 14, 2011 Share Posted January 14, 2011 Yes. We refinanced about 2 months ago. It was our second experience with USAA. I would not use them again. Hear that, USAA? I WOULD NOT USE YOU AGAIN UNDER ANY CIRCUMSTANCES. Well, maybe if they fired our customer service rep and told him it was because of my feedback, I would consider using them again, but otherwise, no. The parts our rep. had nothing to do with went well; our rate was good, closing costs were low; we got negative points; no appraisal was required; and there were no ridiculous requests about items on our credit score (we started the process with a local bank that wanted a letter explaining why AT&T had run a credit check on my husband--ummm, maybe because we added a phone to our plan, morons). Terri (who hopes our rep., Johnny Testa, Googles himself one day and finds this) LOL!! I once wrote a scathing blog post about a base hospital commander, using his full name and rank, because I also hoped he would google himself someday and find it! We jsut refinanced our house to a 30 year loan. We have never had a 30 year loan before, so that just feels weird--so . . . permanent. We have refinanced several times before on various houses, including this one, but this time was not our smoothest. We got an amazingly low rate through Pentagon Federal Credit Union (credit unions usually ahve lower rates, if there is one you are eligible to join), and we sort of felt like they were slow-rolling us so that we couldn't close on time. It was close--about 4-5 days before our rate ran out--that we closed, and we've never had it be that close before. Our rep. was not very helpful either. I'm not sure if she was just not very bright, or what, but she would not really read our emails, or write back responding to one very small point, and none others, and then we wouldn't hear from her for weeks. Drove my husband bananas. Quote Link to comment Share on other sites More sharing options...
Peela Posted January 14, 2011 Share Posted January 14, 2011 We are refinancing right now (2 investment properties) and had it approved- hasnt gone through yet. (Australia though- not much help with companies) I talked to the broker about getting a shorter loan and he advised against it. He said, if you get a 30 year loan, you can always pay it off sooner by putting more money on it every month- as much as you like. However, if you get a 15year loan, or 20 year, or whatever...and you hit hard times...you will be stuck with higher repayments and would need to refinance again to bring them down- and who knows if you would be able to refinance if you are stuck in hard times? That made a lot of sense to me....so much sense that I wonder why people like Dave Ramsey actually encourage 15y mortgages. I suppose it is to encourage people to pay it off quickly, since most poeple dont have the discipline to pay off extra each month, but in these times, it doesnt seem so sensible to corner yourself into that spot. I am willing to be enlightened about it, though! Quote Link to comment Share on other sites More sharing options...
Margo out of lurking Posted January 14, 2011 Share Posted January 14, 2011 We went through Quicken Loans, and dh was happy with them. There were a few delays because the underwriters kept asking for a couple of things, but our situation was unusual. We signed the papers this morning! Quote Link to comment Share on other sites More sharing options...
Bootsie Posted January 14, 2011 Share Posted January 14, 2011 We just refinanced through Wells Fargo and were very pleased. We had tried USAA and had nothing but trouble. I got the feeling that USAA didn't really want to make mortgage loans. Quote Link to comment Share on other sites More sharing options...
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