General Area in Redwood City>Question Details

Tim O'leary, Home Owner in Redwood City, CA

nightmare refinance

Asked by Tim O'leary, Redwood City, CA Tue Jul 30, 2013

Who has had a 75 day refinance and has not closed or been funded because of a "barrage of requests" with clients that have 800 credit rating and appraisals at 70% of value! Dealing with the same bank as the existing mortgage too!

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Answers

2
With home purchases it is not uncommon for many requests especially if the borrower moves money. Be sure to talk to your loan agent anytime you do something significant with your money.

The questions normally come from the underwriting department. Many lenders try to build walls between the underwriters and the loan agents so that the underwriting will not be influenced. The "walls" can destroy the ability of the lender to issue any loans in a timely manner.

When picking a lender or a real estate agent look at their past results not just their advertised charges.

Redwood City home values http://julianalee.com/redwood-city/redwood-city-statistics.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650.857.1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Sun Aug 18, 2013
I've heard this before, especially with refi's. I have a pretty good idea who the lender may be too. You need to ride them like a horse and ask to talk with upper management. I would also ask to see the conditions from the underwriter.

Good luck,

Tap

http://www.DavidTapper.com
http://www.TeamTapper.com
0 votes Thank Flag Link Tue Jul 30, 2013
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