Refinancing home, Who is best mortgage company?

Question by imagineves: Refinancing home, Who is best mortgage company?
Some people say to go with Countrywide,has anyone used them. I live in Ohio.

Best answer:

Answer by Angel W
Choose a local bank. Don’t call any of those t.v. commerical lenders. Alot of them offer you these too good to be true deals but what you are doing is only making payments on your interest. After 30 years you will still owe the entire balance on your home.

What do you think? Answer below!

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8 Responses to Refinancing home, Who is best mortgage company?

  1. wi_mortgage_guru says:

    Work with a mortgage banker or broker who can provide you with wholesale rates and programs.

  2. J O says:

    Honestly you should shop around.

    I always tell my clients to feel free to shop me if they don’t think that they are getting the best deal. As a mortgage BANKER not broker, I can lend my bank’s own money meaning that I can control the rate and many of the fees. My clients usually come back and tell me that my rates are the best and even if they are a bit higher many come back because of my service. I do not want to sound too much like I am stroking my ego, or advertising for myself, but the moral of the story is to shop around. Any credit pulls within 14 days of each other for mortgages won’t effect your credit so feel free to shop around as much as you want.

    Don’t get me wrong CW is a fine company and very competitive on many mortgage options but they stink in certain areas. Feel free to email me if you have any more questions or want to run a specific scenario past me. I have a referral available from someone else that I met through YAHOO Answers

  3. Le_Roche says:

    If your credit and income are good, I wouldn’t go with a mortgage broker. Their fees are too high. Contact a couple of local banks and see what they have to offer. You might also contact Wells Fargo Home Mortgage.

    Most banks and lenders have their loan products on their websites.

  4. foreclosurefish says:

    We hear of untold numbers of mortgage brokers who promise to help clients in foreclosure, but then string the clients along for months or nearly a year without telling the clients that they were turned down months ago.

    One of the main questions we should ask is “Why do mortgage brokers have a hard time turning down clients who they have promised to help out of foreclosure?” There may be a number of reasons for this. The broker may be afraid of losing your trust or creating an enemy; no one wants to tell a customer that they are in danger of losing their home due to foreclosure. Also, most brokers know that their foreclosure clients put all their eggs in one basket and know that if they can not help, the foreclosure victim will have lost valuable time. Because of this, turning down a client who is in foreclosure becomes very tough for these brokers, many of whom have gained your trust.

    These brokers use a number of tactics to string along their clients so that they do not have to turn them down. One of the main ones is to keep telling the clients that he is waiting on a particular piece of information. It may be from your lender, an underwriter, an attorney, or one of his managers or another broker. While some things do tend to move slowly in the mortgage industry, you should assume something is wrong if you can not get a straight answer from your mortgage broker.

    Another tactic that brokers use is to not answer your calls or respond to your voicemails or emails. They may say they are out of the office or have been busy. Obviously, if a mortgage broker does not have enough time to work on your foreclosure loan, then you should seriously consider using another broker. In addition, you should wonder why your broker does not have the time to work on your file; it may very well be that you are not approved, and that since the broker will not make any money on the loan, he does not have the time work on your case any longer.

    Here are some general guidelines on how to pick a mortgage broker who has helped clients in foreclosure refinance their homes.

    -Give your broker a set period of time to approve you, and then move on if nothing is resolved. Don’t just let your broker work on your loan forever; you know how much time you have before foreclosure, so don’t let the broker keep working on the file. You should be able to get a pre-approval from a foreclosure lender within 3-5 business days after submitting a complete loan application.

    -Don’t rely just on a mortgage broker to help you out of foreclosure. If you’re in danger of foreclosure, you need to examine every option possible to stop the foreclosure and save your home. You can’t rely on any single option to help you. Call several brokers and shop around for the company that you think fits your situation and will best serve your needs.

    -If you can no longer get in touch with your broker, then assume things have taken a turn for the worse. Most companies that can not help you will not take the time to tell you that they have turned your file down. Instead, they will stop taking your calls, send you to voicemail, and ignore your emails. If you do finally get through to someone, the news is usually not very good. So, if the lines of communication fail with your broker, then assume they have been unable to approve your foreclosure loan. Allow the possibility of being approved if they call you back, but you always have cause for concern if you can not get in touch with anyone.

    -Do research on the brokers you choose; look up their parent company, check where they are licensed to do business, and ask for references.

    We know that working with a broker can be difficult, but the rewards of getting a refinance out of foreclosure can be very great. A brand new loan to stop foreclosure that gives you a fresh start to rebuild credit can be the perfect solution for your situation. We only recommend First National Mortgage Sources as a trusted source of loans to stop foreclosure, but you should do research on your own and pick a broker to work with very carefully.


  5. Steve D says:

    The best way to shop for the best rate is to use a web site that gets you comparative quotes from several companies. Those services are free and there’s no obligation. I recommend the ones I’ve listed in Sources. Good luck!

  6. jenngiraldi says:

    I would stay away from the millions of e-lenders. They are never exact on there taxes and fees and always delay closings at the last minute. I would shop some local mortgage brokers. Good Luck!

  7. Dave C says:

    Well I would seek a referral to a local broker. Brokers do not have higher fees,broker must disclose ALL fees that is why they can appear higher in cost vs. a bank. A bank can control rate and fees you see as they are not subject to the same disclosure laws, it is very rare that a bank can beat an honest broker on a mortgage.

  8. gtofinancial.tomvoli says:

    Countrywide has a good selection of product, however, I have found that the general wholesale mortgage brokers can uaually beat Countrywides retail division.

    I see many suggestions that say shop around. Be careful with this. A truly competent loan officer requires a credit report to make an accurate assessment and quote an acurate rate. Too many brokers will sell you on one rate (they’ll say anything to win the business form someone else)…get you to sign the application…and change things in the 11th hour. If they don’t require a report and have a rate to quote…something is fishy to begin with. Shopping around can create it’s own opportunity for you to be taken advantage of by these types.

    Also, each time your credit report is run there are potential negative score reprocussions. There are alottments for looking for a mortgage but when they see multiple reports ending up with no new credit established it has negative impact. I see it all the time.

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