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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.
I just applied at Lending Tree but does anyone have any better ideas?
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.
I just applied at Lending Tree but does anyone have any better ideas?
You might get more responses to this on either the Mortgage or Personal Finances threads.
If you've accrued the level of assets that you have stated - then I would assume that you have some established relationships with financial experts in your community already. I ALWAYS recommend that people work with mortgage professionals they like and trust...and that are LOCAL.
In the process of doing a refinance you will be giving over a great deal of personal financial information - much of which makes you susceptible to identify theft...trusting the person you are giving this information to is (in my opinion) extremely important. ** I am making absolutely NO derogatory statements about Lendingtree - I have no experience with them...I'm just saying that you should be working with someone you know and trust. If you don't have an established relationship, then talk to some financial professionals you DO trust for a solid recommendation.
I suggest avoiding places like the lending tree/quicken/etc. They typically take advantage of people and don't have local face to face people. Go to a local lender so if you have issues you can go talk about it "face to face". Tends to get better results when someone knows they'll have to answer to you in person rather than by phone.
*I experimented with Quicken to see what they had because I heard their commercials all the time. Never told them I was a Realtor (said self employed) or had any financing knowledge (taken a 40 hr. finance course), 10% down, 750 credit score, stated income/showed assets. They tried to charge a bunch of junk fees and 3 points plus an origination point. Got very defensive and yelled at me over the phone when I brought it up. Definition of predatory lending...I always recommend avoiding those type of lenders because they're all about the same.
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