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Old 07-22-2012, 09:29 PM
 
835 posts, read 2,740,023 times
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Because of the drop in mortgage rates this week, we have been looking into refinancing. I went online and filled out some info to get a few quotes. One of the companies that called back was Citi Mortgage. When I told him we were interested in lowering our rate and finding out how Citi compared with some of the rates we had seen online with another company, he became very irate and combative. I could not believe how rude he was - he was literally yelling at me! I told him I hoped the call was recorded and that I did not appreciate his combative attitude and was ending the call, at which point I hung up on him. Where is customer service anymore? Unbelievable!
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Old 07-23-2012, 04:49 AM
 
Location: MID ATLANTIC
8,296 posts, read 21,099,793 times
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Rudeness should never be tolerated......but I'm curious, did you go to individual bank sites, or, did you go to a generic, "get mortgage quotes now?" If the latter, you probably authorized an unlimited number of companies to pull your credit in order to provide you that quote.
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Old 07-23-2012, 06:48 AM
 
835 posts, read 2,740,023 times
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Quote:
Originally Posted by SmartMoney View Post
Rudeness should never be tolerated......but I'm curious, did you go to individual bank sites, or, did you go to a generic, "get mortgage quotes now?" If the latter, you probably authorized an unlimited number of companies to pull your credit in order to provide you that quote.
I visited a site like that but just to get the best rates and then contacted the companies individually myself.
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Old 07-25-2012, 02:48 PM
 
Location: New York
2,251 posts, read 4,637,563 times
Reputation: 1612
Refinancing going to another mortgage bank, the closing costs are going to be added to your loan (making it bigger).

Do you self a favor - speak to your existing mortgage company and do an in-house refinance. Same low interest rates your being quoted, minimal closing costs if any added to your loan.



.
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Old 07-25-2012, 07:45 PM
 
Location: Kansas City North
5,458 posts, read 9,170,171 times
Reputation: 10758
Or try a local bank or credit union.

I had mortgages with Citi for several years (spotless payment record). We sold our house and went into an apartment for about 4 months before buying another house. Called Citi to get quote on new house, the guy on the phone told me he could not give me a rate quote without me paying an application fee and running my credit. I'd have been happy with just a number and a disclaimer "subject to your credit score" or something like that. Guess who didn't get my business??
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Old 07-25-2012, 08:00 PM
 
Location: Up above the world so high!
45,246 posts, read 94,422,644 times
Reputation: 40085
Quote:
Originally Posted by Strongasabear View Post
Because of the drop in mortgage rates this week, we have been looking into refinancing. I went online and filled out some info to get a few quotes. One of the companies that called back was Citi Mortgage. When I told him we were interested in lowering our rate and finding out how Citi compared with some of the rates we had seen online with another company, he became very irate and combative. I could not believe how rude he was - he was literally yelling at me! I told him I hoped the call was recorded and that I did not appreciate his combative attitude and was ending the call, at which point I hung up on him. Where is customer service anymore? Unbelievable!
Was he with Bank of America by any chance???
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Old 07-26-2012, 05:53 PM
 
835 posts, read 2,740,023 times
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Quote:
Originally Posted by Modification Specialist View Post
Refinancing going to another mortgage bank, the closing costs are going to be added to your loan (making it bigger).

Do you self a favor - speak to your existing mortgage company and do an in-house refinance. Same low interest rates your being quoted, minimal closing costs if any added to your loan.



.
We are doing a refi with our existing mortgage company. The rates are great, but an additional 4K is being added onto our loan amount. I was hoping to be ahead not go backwards with our balance. I see that they added in our homeowners insurance, which is scheduled to be paid on 8/29. They also added in the real estate tax amount, but there is plenty in escrow to cover it. Any advice?
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Old 07-26-2012, 05:58 PM
 
Location: Austin
7,238 posts, read 19,977,482 times
Reputation: 9967
Quote:
Originally Posted by Strongasabear View Post
We are doing a refi with our existing mortgage company. The rates are great, but an additional 4K is being added onto our loan amount. I was hoping to be ahead not go backwards with our balance. I see that they added in our homeowners insurance, which is scheduled to be paid on 8/29. They also added in the real estate tax amount, but there is plenty in escrow to cover it. Any advice?
Ask for a higher interest rate and a lender credit to pay the fees instead of increasing your loan amount.
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Old 07-26-2012, 07:23 PM
 
835 posts, read 2,740,023 times
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Quote:
Originally Posted by FalconheadWest View Post
Ask for a higher interest rate and a lender credit to pay the fees instead of increasing your loan amount.
The point of the refi was to lower the rate. Our rate is already good though at 4.25 for a 15 year fixed. Wondering if we should stay with what we have. Can you cancel if you've already signed papers?
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Old 07-26-2012, 08:13 PM
 
198 posts, read 452,491 times
Reputation: 227
That doesn't make sense. perhaps they are funding your new escrow account with the new loan and you are going to end up with a check for your old escrow amount. I doubt they would do that unless you requested it.

4.25% 15 years is not a good rate in today's environment. Can't you just pay cash to fund your new escrow account for a few days until your old escrow account is refunded to you? That way your loan balance doesn't increase. You can get a 15 year in the low 3's with a credit that should cover all your closing costs.
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