[Flamesfanva]

I have been trying to refinance with Citimortgage and had such a terrible time that I wouldn't use them to finance an ant farm. Avoid them at any cost.

What companies have been good or bad for others? I may try USAA since they are military friendly.

[Sly Fox]

Dude, every finance company in the world is begging for business. Pit them against each other and get the best rate. Since it is next to impossible to get a new mortgage on a home these days, refinancing has become the primary source of revenue for bankers.

That said, I am going through the painful process of getting a mortgage as a self-employed applicant on a house I am buying here in Houston. It is MUCH more challenging today than it was just a year or so ago. But it is possible.

[Purple Haize]

Yep, it aint easy. I was looking at refinancing, but found out that I am sitting pretty where I am.
I had GREAT experience when Wells Fargo held our note, but I have heard horror stories about them from others.
Bank of America is about to go under, try them!!
Actually USAA is your best bet by far, IMO. Unfortunately for me, singing the "Im in the LORDS Army" in Sunday school does NOT qualify me for USAA benefits!

[ATrain]

I went through Bank of the James for my mortgage... and my mortgage is now owned by Bank of America.

[Flamesfanva]

I had thought about Bank of the James, being it's a local bank, but I wondered if they would then sell it to someone else. I have been down that road, and it can be very frustrating trying to get anything done when you have to call a call center and get a person you can't even understand to help you.

[ATrain]

Well my mortgage originated through BOTJ, but the actual lender ended up being some bank in Georgia who then sold it to BoA. With a refinance it may be different for you. However, BOTJ has been my bank since I switched from Wachovia my sophomore year of undergrad and I have had nothing but good experiences with them.

[Purple Haize]

There is not enough space here to type the good things I have to say about Bank of The Jame. When it comes to mortgages though, you have to remember in reality there are only a handful of banks who actually carry them. The other banks make the money by selling mortgages to these other banks.

[Sly Fox]

Purple Haize speaks the truth. There are only a handful of underwriters. I could care less what the name of the bank is that I work through for my paperwork because it will likely be sold to another lender before I even make my first payment. My current mortgage is now with Chase ... our 4th company to hold the note since we bought our house just under 8 years ago.

I'd be more concerned about finding a funding agent who could score you the best rate right now. And sometimes it takes a great mortgage banker to even convince an underwriter to play ball.

We are currently sweating bullets waiting to see if our 2010 IRS transcripts will be ready by closing in May. We hadn't filed our 2010 return yet when we got a contract on a house. It used to be enough for self-employed folks to show our returns ... not anymore. It used to be enough to show returns plus refund check ... not anymore. Now lenders are waiting for the IRS to furnish transcripts. Our mortgage broker is telling us the extra step has killed a slew of deals. From the time you e-file, it takes a minimum of 4-6 weeks before the IRS has transcripts available ... we've even heard stories of up to 90 days.

[jenkins]

the vast majority of mortgages are sold to Freddie Mac and Fannie Mae in the secondary market no matter who you go thru. The origination fees are the primary area that most mortgage companies make their money then they sell off the loan (much easier to run a company this way). Savings and loan banks used to carry these in house on their books and look what happened to them. If you do a mortgage today it's almost a given that the mortgage will be sold at some point, and this is usually a good thing for the consumer as it will help to drive the prices down.

[vastrightwinger]

My mortgage was originally with a small bank in Maryland, who told me on the phone that we would never pay them a dime because they were going to sell it as soon as we closed. With that said, sure enough 2 weeks after closing, we got a letter from Wells Fargo telling us they are now the owners of our mortgage. I have had to deal directly with them very little but I have also had no problems with them at all. They are quick and pleasant to deal with. However, they have gotten hit hard by the mortgage crisis as they bought a lot of bad mortgages. I would recommend them though.

[jcmanson]

My mortgage got sold to Citi Mortgage and has been with them for every payment. Never had a problem.

[Cider Jim]

My mortgage is PAID in full.

[ATrain]

My mortgage is PAID in full.

Lets not forget you're also one of these:

[SumItUp]

My mortgage is PAID in full.

Lets not forget you're also one of these:

.....and for each of you young guys/gals, here is something to keep in mind. On a 30-year mortgage, if you make one extra payment each year and apply it directly to principal, you will pay of your mortgage in less than 18 years. You too can be like CiderJim.

[Purple Haize]

My mortgage is PAID in full.

Lets not forget you're also one of these:

.....and for each of you young guys/gals, here is something to keep in mind. On a 30-year mortgage, if you make one extra payment each year and apply it directly to principal, you will pay of your mortgage in less than 18 years. You too can be like CiderJim.

It's a great idea, until you added THIS!!

[Cider Jim]

Got my first mortgage at age 28, refinanced (for 15 years) at age 32, had the Cider Ranch PAID off at age 47.

[ATrain]

I was paying an extra $100/month, then decided to stop. Chances are, after my 3 years owning it are up, I'm going to sell and ask for a transfer to another office.

[PAmedic]

.....and for each of you young guys/gals, here is something to keep in mind. On a 30-year mortgage, if you make one extra payment each year and apply it directly to principal, you will pay of your mortgage in less than 18 years. You too can be like CiderJim.

preach on brother.

we re-fi'd last fall into a 15 year note; do an auto-draft of 1/2 payment every 2 weeks for 26 payments a year, and drew the principle WAY down last year. I mean thousands. Should be done by 2021.

also go thru Wells Fargo (over 5 years now) and they are fantastic.

[Flamesfanva]

The crazies at Citimortgage want to charge me $65 per day for every day it doesn't close beyond the 60 day rate lock, and due to their dragging their feet, it won't close on time. There's no way I pay for late charges due to their lack of processing. Makes me want to drop kick someone in the throat through the phone or by email. Not that it would solve anything, but it would be calming for me

[Sly Fox]

Just curious, what rate did you get locked in that is worth defending?

Our lender didn't want to lock in a rate until 45 days before closing and it has proven a blessing. The messes in Japan & Libya have led the rates to fall while we waited.

[RubberMallet]

i refinanced into a new 30 yr fixed at 4.35%. we dropped our payment by a few hundred bucks. i suspect we'll live here for another 3-4 years before moving. the extra is now getting socked away into our cd ladder.

[JDUB]

I went through First Bank & Trust in Forest. First time buyer and they gave me a conventional and said they are gonna carry it themselves. I didn't do all the paperwork for them to sell to Fannie or freddie, like the extensive questioning of income and all that like some of my friends did. It was relatively easy, a little difficult to get in contact but since they're local I could always just drive over. I'd say if you're having trouble locally to at least talk to them. I used a guy named Bill.

As far as rates, do what Sly said. Get a quote from one company and start bouncing it off other companies. That's what I did to get a rate I was happy with several months ago