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I only owe $91k on a house the county assesses at $650k which approximates market value. My interest rate isn't bad 5.87% but need some cash to pay for real estate taxes on land I acquired. Total assets about $3 million total debt $260k. Credit score 798.
My house is in Rockport Texas a nice coastal town that continues to grow although real estate sales have slowed.
I just applied at Lending Tree but does anyone have any better ideas?
You have a strong loan to value and a strong credit score. Any bumps for "cash out" should be minimal (if any), so you should be able to command the best rate out there.
I am not a big fan of Lending Tree, but only for the reason there is no big stick if they screw up. Meaning, if Realtor Joe Yoohoo refers you to a local lender and he or she screws up, you are going to go back and itch and moan to Joe. If you are a valued customer of Joe, he's going to get involved, call that lender and use the stick. "Make this right or I will have no choice but to stop with recommending you." (This is where many are convinced there are kickbacks involved, but it's not, it's a control issue). As a lender, if Joe is sending me a good portion of my annual business, guess what? If it is my fault, or even my bank or investor's fault, I'll do everything to make that deal right........eat my commisssion, ask my company to take part in the annual snack.....but that is a business decision - not so much for your business, but to keep Joe's.
If I were Lending Tree and someone in the middle of Texas was screaming, "but we will never use you again," I really wouldn't care. It's a big country.
My suggestion? Take your Lending Tree quote and go to a local bank or broker. Support your local businesses and citizens.
I agree. The big companies like Lending Tree don't look out for your interest. Here in Austin there are a ton of mortgage brokers, I've done business with a few and I like the personal service I receive from them. I would ask around for referrals. Second choice would be a local bank.
Agree with the above posters. I'm in the middle of a refi and having to deal with my lender's corporate. I would much rather deal with the local office. I pick up the phone and call a LO, and she calls me right back. I call the national number and am still waiting for a callback five days later. In-market people make things happen. Good luck to you!
Well I went to my local WELLS FARGO and I should add never paid my mortgage late in the 11 years I've had it. I underestimated my house its assessed at $728k and Wells Fargo said probably worth $850k.
I had to produce over 100 pages of documents and finally they offered me a loan. They would refinance the $90k I have in my house currently at 5.87% with a new 8.63% loan and then lend me the rest at the same 8.63% $1500 in fees and 1/2 point.
I asked him if he could honestly recommend such a lousy deal and he had some integrity and said "no".
I am going to see the manager tomorrow. Part of the reason I need this is because I was upset with the schools and ran for school board. I devote too much time to this and I had let my law practice go pretty much. I also had contracts on two pieces of land I owned for $1.8 million and $250k both free and clear and BOTH fell through.
This is really depressing. Not so much for me because I won't lose my house (its the only one my little girl ever knew and my son was 4 when we got it) but what happens when the average American needs help?
Try a local bank or CU. I refinanced my mortgage just recently. My original was with JPMorgan and the best they could do was 6.75% just 2 weeks ago. My local CU gave me 4.875% so I jumped on it. I did tell the loan officer at JPMorgan what the CU was offering and he said he could not match that.
And JPMorgan Chase was one of the banks to receive bailout money for loans.
I would stay away from the big national banks..they are all offering high rate loans because they need the money.
Apparently, there is more to your story and I can only assume many of the 100's of pages had to do with 1040's and business returns. Self employed, where the returns reflect time taken off recently can certainly be problematic. Another quirk, what is the total loan amount you are seeking?
Not knowing any more information, I can only ask, is there anyone in the family that can co-sign for you?
You quite possibly could be chasing loan programs that are on their way to being discontinued, No Ratio, No Document, and the loans in the Stated family. When found, they are far from cheap and not unlike the quotes you received from Wells.
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Get out the "Magic 8 Ball"
