We talked in a recent video about the difference between Big Banks and your local, friendly Mortgage Broker. These Big Banks are going to ramp up their marketing efforts to retain you as clients as the HARP Revisions take place March 17th.
Here are a few things for you to be prepared for as they solicit you or if you call them:
- On-Hold Time can be excruciating – One of our clients waited over an hour
- Interest Rates with the Banks are substantially higher than what we are offering
- Big Banks claim with them, “The Process will be EASY“
Moral of the story is that there are only a few scenarios where your current mortgage company may be the right choice. Give us a call or forward this to others you know are interested in refinancing. We can get you answers accurately and quickly.
For me and for everyone else I know, completing the refinancing process without any pain and headache is more important than paying some extra dollars. If you are choosing big banks, then you should be ready for their false statements as they often make them to attract their customers.
I know how Lucy and Ethel felt….I applied for a refi with the big bank that was currently holding my mortgage. They called me, I didn’t call them, to offer me a very EASY process that would save us $300 a month. I jumped on the offer, drove a half hour away to sign the application and hear the words “we have everything we need, be sure to skip your next house payment and we’ll call you to let you know what day we can close the loan, in about a week to 10 days…”
Over 8 weeks later and numerous calls, emails, and faxes, I was asked to fax over yet one more thing. That is when I got off my “candy wrapping” trip, rescinded my application, and took my 800 club credit rating to Ken Turkington at First Commerce Financial. No more lies, empty promises, or grinning bobble-heads for me!
What may look easy at the start doesn’t mean it will remain easy. I will never believe a big bank loan department ever again!