Profile picture for jhd123

Refinance nightmare

Went to my existing mortgage company to refinance my mortgage in order to take advantage of the lower rates. Locked into a new rate of 4.2% for 90 days. Seemed like plenty of time for a basic refi, right? Wrong! The bank dragged out the process and sure enough my interest rate expired. Now I am forced to take todays rate of 5.18%.(almost not worth it anymore) I've tried to talk to the loan officer and his surpervisor about getting an extension, because I feel that the bank is to blame for all the delays. No luck! Keep saying there is nothing they can do.
 I am furious and frustrated. Does anyone have any advice?
  • February 09 2011 - US
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Answers (15)

Unfortunately this happens with big banks, we get loans closed in 30 days, BIG advantage over going directly to a big bank. I would go as high as you can at the bank, keep asking for supervisors and so on until you get the answer you want. What state is your property in? 
  • February 09 2011
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90 days should have been plenty of time.  What caused such huge delays?
  • February 09 2011
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Profile picture for wetdawgs
I'm hearing the same sad scenario from several of my friends (with WF and BOA).    They all have had "boring" refinances with plenty of equity, steady job, high credit scores, no debts besides mortgage and all have take 4 to 5 months to complete financing.
  • February 09 2011
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I'm located in NJ.
Started the process in October. Gave them all the paperwork they asked for within hours of the request. Would go weeks without seeing any progress. When they would actually return one of my calls, they would tell me  it was still in underwriting!

  • February 09 2011
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You should know within 30 days of submitting the complete package to the lender, whether you are approved or not. I've had rate locks that expired, and have requested 1, 5, and 15 day extensions. Yes, it costs money, but If it wasn't the clients fault, then I paid for the difference, no matter what the cost.
I don't understand why they had you locked in for 90 days in the first place.
  • February 09 2011
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Who are you mad at? It's someone else's fault, right? 

The loan process is the same for all loans. The difference is how well that process is performed. That makes the difference between a timely well-coordinated closing or one which is delayed or denied.

Unfortunately, a lot of folks don't know what other questions to ask besides "What's your best rate?" We hear your type of story all the time here on Zillow. It's sad that so many folks don't invest the time to have better knowledge about the loan process before they submit their application.

Happy funding, Rudi
  • February 09 2011
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jhd..If you would like to go through your situation, I would be happy to help you out.  Just contact me through my profile and we can see if there is anything that can be done to better your situation.
  • February 09 2011
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Call Joe why would you reward the idiots you were working with by closing any loan with them?
  • February 09 2011
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Profile picture for wetdawgs
Holey smokes!   Blame the customer!!!!

While I know that customers have a responsibility to ask the right questions and have some basic background in the process, the bottom line in the people I've seen have the same problem as the OP is the lenders screwed up.   The customers did ask the right questions, the customers did respond in a timely manner, they did follow up routinely to see what was happening.   They did nothing wrong except go to the current provider of their mortgage, but now they are blamed?   That attitude is high and mighty expecting the customer to have the same expertise as an individual who claims to have "lending" as his/her profession.

Isn't the the expertise that we are paying through our teeth for when we get a loan?
  • February 09 2011
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Profile picture for jhd123
Wetdawgs, I couldn't have said it better myself!
How can I not blame the lender? This process was not new to  me. I've refinanced many times through the years.By the way,  I was preapproved before the refi even started. The paperwork that I sent was to confirm that everything I told them (salary, savings, appraisal of home, etc) was correct. Which it was.
They just blatantly dragged out the process. Taking weeks to ask me for additional information. which I would send back within hours.
What else coould I do?
I
  • February 10 2011
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I also feel I am forced to stick with them because they have implied that I would be responsible for the fees that they have incurred. Appraisal, title search,etc. Is this correct?
  • February 10 2011
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I am dissapointed to hear about terrible service.  This happens with a lot of the giant banks. If you are unhappy with the terms, walk away!! 
  • February 10 2011
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You are probably only on the hook for the appraisal which I am guessing you have already paid for.  You should not be on the hook for any title fees.  Any reputable title agent will not charge the lender for their work recognizing that fallout does happen.  Contact me through my profile.  Let's see what we can do for you. 
  • February 10 2011
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I have been trying to refi with Citi Mortgage and am running into HORRIBLE situations, they told me it would take up to 90 days to close due to the amount of loans they are refi ing right now and so we are close to the end and they NEVER return calls, have asked for things over and over to be sent to them which I have sent some of the same documents 3 or 4 times.  They assured me that I qualified for the loan and all I needed was an appraisal to finish the deal.  I paid the $515 for the appraisal and ,I was asking for $72,000 and the Appraisal came out to it was worth $111,000. so no problem there RIGHT?? but now they are telling me there is a few questions threw the loan officers and it is still with the under writer.??? man if they do not finish it up in another couple weeks the rate MAY change and the appraisal will not be any good anymore.  anyone else had to work with these Idiots?  man I would NEVER recommend them to ANYONE!! and PS does anyone know HOW you make them pay you back for the appraisal if they do not finish it up and it is not good for any other bank by the time they tell you about it? please respond with ANY info you have bad or good about Citi Mortgage if you could. I know mine has been NOTHING but BAD experiences with them :(
  • September 17 2013
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  • September 20 2013
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