Best Refinancing Company

[ATLien]

I, like many on here, have a 30 year fixed 4.625% 30 year fixed loan. I get flooded with VA loan refinancing offers, and in an attempt to not reinvent the wheel, or worse, go with a bad company, wanted to see which companies others have refinanced.

Is there a common company that most people go with for the best (and most secure) rate?

 

[Brett327]

I'm in the process of doing mine again with USAA. Relatively painless and good customer service. If you haven't done a mortgage/refi since all this sub-prime nonsense happened, stand by for some ass pain in the documentation phase. The pendulum has definitely swung the other way and they will ask you for ridiculous things, but those are the underwriter's requirements, not USAA.

Brett

 

[phrogpilot73]

We're doing ours with NFCU, and it has been an ass pain to say the least. From incompetent loan officers, to closing being cancelled without calling us, to them redoing the entire loan with the intent of closing within 2 weeks.

 

[HAL Pilot]

You need do the comparison shopping. I recentlly refinanced from 4.87% (5.15% APR) to 3.75% with my new APR at 3.6% because I actually got PAID money at closing. It just so happened that the broker I finally found had an exclusive contract with my current mortgage company where the mortage copmpany paid all the closing costs and fees plus they paid points to the buyer. So I have a lower monthly payment, no increase to my loan, and I got a $1300 check at closing as well as having my interest pre-paid covered. I talked to at least 20 brokers before I found this one. This broker said the mortgage companies have these arrangements with brokers but will not tell you which ones and the brokers can not advertise about them. You have to find the right broker on your own. The mortgage companies then make their money back by selling your mortgage (a common practice).

 

[Pugs]

We're doing ours with NFCU, and it has been an ass pain to say the least. From incompetent loan officers, to closing being cancelled without calling us, to them redoing the entire loan with the intent of closing within 2 weeks.

I'd rather hit my crank with a hammer a lot than ever deal with NFCU on a mortgage again. My wife and I bought a cabin this year and put 50% down and it was still a pain in the ass. Communication and process were miserable. Never again and I only finished it with them because of the time expended vs the closing date we wanted.

 

[phrogpilot73]

Communication and process were miserable. Never again and I only finished it with them because of the time expended vs the closing date we wanted.

The only reason we're doing it as well. After they cancelled the loan application (after deducting the fee), because there was an error with the Special POA (PSW was on the boat for the original anticipated closing date) - an error that they never notified us of and cancelled it without telling us, it took a threat to take all of our business (and PSW has 10's of thousands of dollars in NFCU accounts) to USAA that they unfucked themselves (seemingly). We still haven't ruled out moving everything over to USAA. Almost all my accounts are already there...

 

[Pugs]

We still haven't ruled out moving everything over to USAA. Almost all my accounts are already there...

Yep, on my way that way myself.

 

[squorch2]

My 2nd loan wish USAA was AFU - shades of stinky's "2 weeks before closing" shitshow. I got their twitter account involved, which got some high level muckety mucks involved and some people fired/reassigned due to the sheer incompetence of it all. Things worked out okay in the end, but wow, was that a side of USAA I don't want to see again. Heard good things about quicken loans, looking into them for the refi.

 

[Jim123]

I think it's hit and miss with almost any of those companies' mortgage divisions...

I have a USAA mortgage, several years old, that was subcontracted to GMAC. Almost from day one any time I've dealt with the mortgage customer service it was like having a conversation with those two guards from Monty Python and the Holy Grail; a few times I just called USAA proper to complain about it (and they usually got it squared away). I also have an NFCU mortgage and I've been nothing but happy with it, but... at the same time and same loan office a good friend got a mortgage from them and his experience was like mine with my other mortgage. And I have friend who are completely satisfied with both companies' mortgages...

<shrug> Go figure.

 

[phrogpilot73]

We started by calling the company that currently has our mortgage. Fedex overnighted us forms to sign, and we would be done. NFCU gave us a much better deal, so we decided to go with them... I wish we had just signed the forms from our current bank...

 

[FlyBoyd]

I think it's hit and miss with almost any of those companies' mortgage divisions...

I have a USAA mortgage, several years old, that was subcontracted to GMAC. Almost from day one any time I've dealt with the mortgage customer service it was like having a conversation with those two guards from Monty Python and the Holy Grail; a few times I just called USAA proper to complain about it (and they usually got it squared away). I also have an NFCU mortgage and I've been nothing but happy with it, but... at the same time and same loan office a good friend got a mortgage from them and his experience was like mine with my other mortgage. And I have friend who are completely satisfied with both companies' mortgages...

<shrug> Go figure.

I was going to mulit-quote some posts to make my point but this one sums it up.

I have had two mortgages with USAA (sub'ed to PH&H mortgage) and two with NFCU. Hands down NFCU was better...and cheaper at closing. I did learn more about the process each time and I was able to predict what the speed bumps could be and keep the pain to a minimum.

Keep in mind my entire investment portfolio (minus TSP) is with USAA...but they won't see a penny of my money towards a mortgage unless they fire PH&H and carry the mortgages themselves...and only after I stop hearing so many complaints about them.

This thread pissed me off....more Crown to follow.

Happy New Year Bitches!