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I've been turned down for a refi twice and need advice. Who do I go to for reputable, ethical advice? Someone to analyze my situation, and ell me why and what to do. Thanks.
I've been turned down for a refi twice and need advice. Who do I go to for reputable, ethical advice? Someone to analyze my situation, and ell me why and what to do. Thanks.
The bank or lender that turned you down should give you a reason. You could ask them for advice on how to get qualified if you feel they are knowledgeable. Other than that, do you have a local lender you know like and trust?
There is always CD, so ask away. There are some really smart people here, and I am sure you would get help.
If you were in Boise, Idaho, I know of a great lender I would have you talk to who would tell you in great detail what you need to do in order to be able to qualify. Unfortunately, lenders are local, so you would need a similar referral to someone in YOUR area to talk to. Do you know anyone who has bought a home recently, or who works for a title company, real estate office, etc, in your area who you could ask for a local referral?
Need to understand how different sources of financing work...
In another thread you mentioned you applied for a refi "online". The lenders that operate from the web generally have a process that is based 100% on a computerized formula -- if any of the numbers you put in / authorize the lender to 'look up' are not going to make your refi profitable for the lender with no effort on their part the system rejects you! While this can be a fast and cheap way for folks with good credit and good equity to refi it is TERRIBLE for lots of folks in other situations.
Most of the big banks that have lots of offices are essentially doing the same sort of thing: they have software that a bank employee inputs your info into but the software is still going to reject any loan application that does not meet the profit standards of the bank.
Even local banks are mostly doing the same thing -- the meltdown that happened during the Obama v McCain election wiped out banks that had too much money loaned out on riskier mortgages and now most small banks only want to make loans that can be profitably sold.
Things are only a little bit better for credit unions -- though they don't make big profits neither can they afford to make loans that are too risky. The same regulations that were put in place decades ago after the savings & loan crisis are what the credit unions use to determine mortgage risk. The one advantage is that most credit unions do have "educational offerings" to help explain options. These are designed to help members have a better long term understanding of their total financial options. If members get a car loan and other products like credit cards from the credit union the total interest savings can be substantial and the credit union has long term revenue...
Best of all are traditional mortgage brokers who've been around long enough to adapt to the shifts in the mortgage business. The experienced mortgage broker knows that folks with best credit / easy loan / computer savvy can do fine with online lender so instead they focus on how the connections built up with different credit repair specialists, real estate agents, contractors and others can all help clients. If home needs some freshening up to either be sold for good price or just get good appraisal for refi an experienced mortgage broker knows who does good work at fair price. Similarly the experienced mortgage broker can guide clients with poor credit to the honest credit repair specialists that will help get scores up in the quickest way. Once those scores improve then the broker can get a new loan done.
Ask friends, coworkers, neighbors and relatives that you trust for recommendations for experienced "full service" mortgage broker that has a network of real estate contacts and credit repair specialists --that is smartest move for folks like OP!
BIL turned down refi on low end commercial property in low end area.
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Need to understand how different sources of financing work...
