Don't get screwed by your mortgage broker like I did. Securing a good interest rate is probably one of the most important financial decisions of your life, so be careful who you work with.
Like most people, I attempted to refinance in January when rates were at an all time low, 5.5% on a 30 year fixed conforming loan, no closing costs or points! My mortgage broker submitted my paperwork and got an appraiser to stop by my house, all within a couple of days. I was happy with the progress. I was told that lenders were swamped handling the flood of refi applications and that they probably wouldn't be in touch with me for about 2 months. So I waited and waited. I called my broker almost every week, who told me to wait some more, and so I waited some more. Here I am 3 months later and still not refinanced as rates have increased. If I hadn't been nagging my broker, she probably would have let my application completely fall through the cracks. My friends who refinanced at roughly the same time, some even later, have already completed their refinance and are sitting pretty on a shiny new interest rate.
I've given up on my mortgage broker altogether and am working with several other more proactive brokers now. I missed the boat, I really missed the boat. If only I was as choosy about selecting my mortgage broker as I was about shopping for my new couch, I'd be in good shape! Please folks, make sure to select a responsive, knowledgeable broker, who will actually work for you. I should have dropped her like a hot potato them moment I realized that she wasn't meeting expectations. Should of dropped her like it's hot.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment