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Message
Cash out mortgage refi suggestions
Posted on 10/18/17 at 9:36 am
Posted on 10/18/17 at 9:36 am
Anyone done a cash-out mortgage refi lately? I'm attempting to do one with USAA, and I'm aboiut 2 minutes from walking away from this deal. Nothing but problems--lost documents repeatedly sent, a blown closing date due to the processor being out of the office last Friday and no one following up on the file....now they're trying to charge me for a rate lock extension when it's been their foot-dragging that has prolonged this process.
If you're a mortgage broker, I'd love to hear from you. Or if you've re-fi'ed with someone recently & had a GOOD experience, tell me about it. USAA is offering me a 3.7% rate on a 20 year loan.
If you're a mortgage broker, I'd love to hear from you. Or if you've re-fi'ed with someone recently & had a GOOD experience, tell me about it. USAA is offering me a 3.7% rate on a 20 year loan.
6
Posted on 10/18/17 at 9:41 am to hungryone
that's a damn good rate. damn good. make them pay the re lock fee and close your loan. starting the process over will require a new appraisal unless it's a VA or FHA loan . FYI i am a mortgage loan officer not speaking out of left field.
Posted on 10/18/17 at 9:43 am to hungryone
I'm surprised to hear this as I have only had positive experiences with USAA
Posted on 10/18/17 at 9:58 am to hungryone
USAA mortgage service sucks. It's outsourced, or at least it was. When we purchased in Arkansas 10 years ago, it was ok. When we purchased in Nola 7 years ago, it was awful. Multiple requests for same docs. Follow up non-existent. Etc. Basically same as you. We have multiple USAA products, but I wouldn't recommend them for mortgages unless you have a great deal and lots of patience, or the ability to give them a swift kick in the arse to do what they need to do.
When we bought a 2nd property in Nola, we used Iberia and everything was smooth.
When we bought a 2nd property in Nola, we used Iberia and everything was smooth.
Posted on 10/18/17 at 10:57 am to hawkeye007
Thanks for the feedback...I'm working on making them eat the re-lock fee. Problem is customer service--multiple calls end up in voice mail, shoddy email follow up, multiple missed documents that had to be sent repeatedly, crappy "secure" email platform that doesn't thread messages or allow you the sender to see a copy of what you've already sent....so you have no way of documenting what you've sent to the person who claims that he/she is not receiving it.
Posted on 10/18/17 at 11:10 am to hungryone
I've recently closed a few cash out refinances and that's an outstanding rate. I went with a local bank and had great customer service and experience. I do 5/20 arm and received 5.75%.
Posted on 10/18/17 at 11:54 am to hungryone
Need to work out with them. Rates have recently gone.
Posted on 10/19/17 at 10:03 am to hungryone
Call Jude Bridwell at Assurance Financial. He is great. I don't have his number right off hand, but I'm sure you can google his name and company.
Posted on 10/19/17 at 11:12 pm to jkb531
Stay the course as long as they offer to eat the re lock the rate. Starting over makes no sense at this point if you like the terms and the product itself accomplishes your goals. Keep in mind that the experience of ISAA servicing of the loan =/= the origination experience of the Loan. I am surprised you don’t have some centralized person to guide you through the process*
*Have zero experience working with USAA
*Have zero experience working with USAA
This post was edited on 10/19/17 at 11:13 pm
Posted on 10/20/17 at 8:14 pm to hungryone
As said, its not fair to say its USAA because as far as I know they still outsource their mortgages.
If the rate is good, there's no reason to go elsewhere because its going to take you at least 20 days to close elsewhere most likely.
FWIW, I have USAA insurance and banking and I don't use their loan service because it was terrible in the past. So yeah this is by no means abnormal in their mortgage outsourcing.
If the rate is good, there's no reason to go elsewhere because its going to take you at least 20 days to close elsewhere most likely.
FWIW, I have USAA insurance and banking and I don't use their loan service because it was terrible in the past. So yeah this is by no means abnormal in their mortgage outsourcing.
This post was edited on 10/20/17 at 8:15 pm
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