Re: Refinancing Your Mortgage

VaBelle35 · ‎03-10-2010

My last refi was my last and it was with the biggest team of dopes at Capital One.

They use a team approach, but they don't work as a team. They don't update your record. So someone would call me and leave a message saying I needed to call back. I call back, they don't know why or who called me. They call and leave a message again. Rinse and repeat.

The day before clsoing we had to have a conference call with my insurance company, the title company and Capital One because things were not correct on the closing document. The title and insurance company reps were explaining to the Capital One guy his job. The insurance company rep got really frustrated at one point and was raising her voice because Capital One guy wasn't getting it. I was just sitting back listening to them. I had no input.

On the day of closing, 2 documents and the Hud 1 were still not right, so I signed what I could and had to come back the next day and sign the rest. I think we had about 8 versons of the Hud1.

I had refinanced 4 times previously with the same title company and they said that this was not as bad as some of the ones they deal with.

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QVC Shopper - 1993

# IAMTEAMWEN

haddon9 · ‎03-09-2010

Our first house in 1979 had an interest rate of 13%. After a few years we refinanced to a lower rate but I don't remember what it was. In our current home we refinanced several years ago and the rate is just under 3.5%.

CrazyKittyLvr2 · ‎05-11-2013

@queendiva When we did any closing the attorney always explained the documents.

If the lender was a local bank the closing was held there. If someone used a mortgage company the docs where sent. When I started documents were Fed Ex'd so I had them the day before. Had time to review to make sure the names were correct. You'd be surprised how many times they weren't. Revised ones could be sent.

By the time I retired everything was emailed. Sometimes we got documents 1/2 hr. before the closing. 30 min. to review over 100 pages.

It was fun in the beginning, by the time I quit I should have owned stock in Tums and any headache remedy.

suziebee1 · ‎12-28-2015

@drizzellla wrote:
When we bought our house in May 1980 we were thrilled to pay 16.5% interest. Most banks were hanging up on us when we inquired about a mortgage.

My husband and I were both employed for over 10 years at our respective companies. And were putting more than 20% cash down. And still no one wanted to give us a mortgage. Finally our Real Estate Agent pulled some strings and favors and she got the bank next door to her office to give us a mortgage at 16.5% interest and I forget how many points.

Hope everyone takes advantage of the low mortgage interest rate.

Drizella - the same thing happened to us in 1989. It was about 13% interest and no one would even return our call. Now, they will parachute out of a helicopter to talk to you about a mortgage. We had to have our realtor help us find someone would was willing to even talk to us. How times have changed!!!! Luckily, for the better.