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Hey all, I have a question about a guarantee when the refi is kept or sold... Before you say "guarantee" is hilarious, I figured I would ask...
Bank A has stellar great reviews all over the place form Zillow, Yelp, Glassdoor etc... Well, reviews are just that, and a certain amount are fake no matter what.
The problem is, they say they keep their VA loans, but when I asked the loan officer to type "Bank A will keep Customer A's loan in house", she wouldn't do that. I wanted that guarantee.
Now, the problem with getting sold is who they sell to... Wells, Citi, and CENLAR that I know of... Good luck finding any good reviews about those three.
So, because Bank A doesn't need me, and I don't need Bank A because they are all the same, how do I get it in writing that they either keep the loan or they don't sell to horrible banks like I mentioned?
So, because Bank A doesn't need me, and I don't need Bank A because they are all the same, how do I get it in writing that they either keep the loan or they don't sell to horrible banks like I mentioned?
You don't get it in writing. No bank is going to do it.
And yes, you do need Bank A, or any other bank for that matter, otherwise you would pay cash for the house and wouldn't need to borrow money.
It's the golden rule. The bank with the gold makes the rules.
By the way, I've read that credit unions tend to keep their loans in house. But I can't guarantee that and I don't imagine they will either.
It's not hilarious, but you won't get a guarantee in writing. Sometimes credit unions do their own servicing, but not always. Even if on your loan estimate they've marked that they will service your loan and you'll make your payments to them, that doesn't mean they won't sell it down the road.
Sorry that isn't what you wanted to hear, but it's the way of mortgages.
You don't get it in writing. No bank is going to do it.
And yes, you do need Bank A, or any other bank for that matter, otherwise you would pay cash for the house and wouldn't need to borrow money.
It's the golden rule. The bank with the gold makes the rules.
By the way, I've read that credit unions tend to keep their loans in house. But I can't guarantee that and I don't imagine they will either.
Thanks, that sucks because I would like to pay the local joint, not the banks I mentioned.
I should have clarified... I don't need Bank A, I need financing from someone, be it Bank A though Z or from Frankie Two Times that sells me slacks from his trunk.
I tried with a CU with the original loan, but they wanted 1% more than the local bank before any points or anything, so I didn't go back.
Now, besides a handful of banks, I have only checked out Navy Federal CU for the Refi, and they only seem interested if I'm buying points. When I said I wanted 4%, no points, no origination, (Their chart) they stopped talking. I get why they want to sell points, and if I was going to be here for 30 years, I would buy as many as possible, but I'm going to build a shop and play in it for a few years max and split.
It's not hilarious, but you won't get a guarantee in writing. Sometimes credit unions do their own servicing, but not always. Even if on your loan estimate they've marked that they will service your loan and you'll make your payments to them, that doesn't mean they won't sell it down the road.
Sorry that isn't what you wanted to hear, but it's the way of mortgages.
Now, besides a handful of banks, I have only checked out Navy Federal CU for the Refi, and they only seem interested if I'm buying points. When I said I wanted 4%, no points, no origination, (Their chart) they stopped talking. I get why they want to sell points, and if I was going to be here for 30 years, I would buy as many as possible, but I'm going to build a shop and play in it for a few years max and split.
That's because there is no 4% loan with no points and origination. Your originator would be losing money. If you're only going to hold this loan for a few years, have you considered an ARM?
That's because there is no 4% loan with no points and origination. Your originator would be losing money. If you're only going to hold this loan for a few years, have you considered an ARM?
No ARM, I wouldn't sleep well.
Navy Federal is 1% Origination for 3.375%, 3.5, 3.625, and 3.75. on a 30 year VA fixed.
No Origination at 4%, then it goes into Negative Origination from there.
If they lose money at 4% no origination, then why do the Banks do business with Costco? None of them have origination fees.
Hey all, I have a question about a guarantee when the refi is kept or sold... Before you say "guarantee" is hilarious, I figured I would ask...
Bank A has stellar great reviews all over the place form Zillow, Yelp, Glassdoor etc... Well, reviews are just that, and a certain amount are fake no matter what.
The problem is, they say they keep their VA loans, but when I asked the loan officer to type "Bank A will keep Customer A's loan in house", she wouldn't do that. I wanted that guarantee.
Now, the problem with getting sold is who they sell to... Wells, Citi, and CENLAR that I know of... Good luck finding any good reviews about those three.
So, because Bank A doesn't need me, and I don't need Bank A because they are all the same, how do I get it in writing that they either keep the loan or they don't sell to horrible banks like I mentioned?
Thanks for any help.
Why? It doesn’t matter. My old mortgage was bought three times. Wells, B Of A and now Chase. My payment never changed
My current mortgage is with a credit union. I just make my payment to them. I don’t give a cr who holds the loan
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