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Not an ad, as I’m not a lender, but I am a subject matter expert (SME, in my business slang). Mortgages can be confusing and intimidating, and currently, rates are quite literally at all time lows the likes of which I never expected to see in my lifetime. As a point of reference, we just bought a house and I managed to secure a 2.75% interest rate. If you are interested in purchasing or refinancing, I can answer the common questions.

 

If you have a question related to the industry, to your own circumstance, or just how everything works, this is the thread to post those. I’ll answer what I can, provide guidance where applicable, and redirect as necessary. My specific expertise is in origination (getting a loan) and Servicing (the process of receiving remitted payment and what happens when payments aren’t made).

 

 

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I'm in the process of refinancing our mortgage (adding in our HELOC and a loan we took out to cover some basement work).  Also got a 2.75% interest rate (which is a full percentage point lower than our current mortgage).  They've run our credit reports (pretty good), done a house assessment (higher than I expected), and are requesting the title commitment, so hopefully we're in the home stretch.  

 

How conversant are you on land contracts?  

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We have been trying to get our mortgage refinanced for several months now.  

 

Both my wife and I have 725+ credit scores (hers hovers around 800)

 

We've made 13 mortgage payments a year since inception, so a lot of bonus principal paid off

 

She's had the same job for 10 years, whereas I switched to being self employed 4 years ago, a year after first getting the mortgage

 

We have reasonably substantial retirement savings

 

Our home value has increased by over 20%

 

Admittedly, I treat my company as more of a 'gig' than a job, as it allows me to spend lots of time with my 3 kids 11,8, and 1, but I still paid myself 20k in salary last year

 

What the heck is wrong with Wells Fargo?

 

 

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9 hours ago, BoloOfEarth said:

I'm in the process of refinancing our mortgage (adding in our HELOC and a loan we took out to cover some basement work).  Also got a 2.75% interest rate (which is a full percentage point lower than our current mortgage).  They've run our credit reports (pretty good), done a house assessment (higher than I expected), and are requesting the title commitment, so hopefully we're in the home stretch.  

 

How conversant are you on land contracts?  


The lease to own option directly between buyer and seller? Moderately, but not extensively. Ask me anyway and we’ll see if we can’t find your answer though. 

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5 hours ago, Nekkidcarpenter said:

We have been trying to get our mortgage refinanced for several months now.  

 

Both my wife and I have 725+ credit scores (hers hovers around 800)

 

We've made 13 mortgage payments a year since inception, so a lot of bonus principal paid off

 

She's had the same job for 10 years, whereas I switched to being self employed 4 years ago, a year after first getting the mortgage

 

We have reasonably substantial retirement savings

 

Our home value has increased by over 20%

 

Admittedly, I treat my company as more of a 'gig' than a job, as it allows me to spend lots of time with my 3 kids 11,8, and 1, but I still paid myself 20k in salary last year

 

What the heck is wrong with Wells Fargo?

 

 


Is Wells your Servicer? Have you spoken to a loan officer directly? (Two separate but equally important questions). If all else fails you have two basic options:

 

1) Walk into a branch office (mask on, please) and make them take the application on the spot. They have to, under those circumstances. 
 

2) Find a different lender. I generally recommend a mid-size lender, local to you, but your bank may give you a better deal. 
 

As to what’s wrong with Wells? Top five banking institution currently swamped with requests, most likely. No matter how agile you are, enough marbles will eventually trip you up. And there’s a lot of marbles right now. Nothing “wrong” as much as overwhelmed. 

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