refinancing

have had a mortgage with Chase for the last 3 years, never a payment missed, plenty of equity (about 50% even after their bullshit valuation came back at only $1.4m), we are refinancing with a cash out of 150k in order to do some renovations lol kill me now….cant believe the hoops we have had to jump through. now into week 9 of sending them document after document. what a joke. if we didn’t already have an existing mortgage with them I would have walked away and gone with another bank by now. if you are thinking of financing with chase bank and think you might want to refinance at some stage…..might want to reconsider.

deanbh

in Financial Services 11 years and 1 month ago

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skeer126 | 11 years and 1 month ago

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Everyone thinks the bigger banks are the way to go. I am a mortgage broker as well and cant tell you how many clients I take away from the big banks after horror stories like this. Spread the word Dean!!! Adam is right the Qualified Mortgage act didnt help but also it really depends on who the loan officer is at the bank too. Not all loan officer are made equal and the good ones know how to put a file together from the getgo. And if they are doing a CEMA from chase to chase it should be a cinch. Cant imagine what the problem would be.

BenGazi | 11 years and 1 month ago

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After giving money away these bastards want nothing less then a blood test for you to re-fi.THEY ARE ALL FULL OF SHIT!

vthatcher | 11 years and 1 month ago

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HI- If you are interested in changing gears, I would be happy to show you another option. It normally takes me 10 days to close and the Cema with Chase doesn’t take very long. The Bank attorney for Chase Collateral is very good. Vanessa Thatcher Senior Loan Officer NMLS# 41404

http://brownstoner.staging.wpengine.com/vanessathatcher

est | 11 years and 1 month ago

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I feel your pain. Like many lenders, Chase is all sweetness and such until you’re actually knee deep in the underwriting process. My banker on my last loan with them actually gave me a hug when we were approved for a mortgage and had found our house then threw us like a piece of spaghetti at the wall to see if we would stick during the underwriting process. We almost didn’t and had thought we were going to be homeless after selling our place and waiting for them to finalize. I bought a coop through them in 2006, always paid the mortgage on time and at an accelerated rate. Had a harrowing time trying to buy a house five years later with them. Refinanced out of that deal with TD Bank, which I would highly recommend. Michael Lanning was the guy we dealt with, he’s a seasoned mortgage banker. The kicker from Chase was to take one last mortgage payment from me, even though the loan was no longer their’s, draining my bank account entirely and causing me to bounce checks all over, then sending me a letter telling me I owed the entire balance of the loan, even though it was no longer their note. Too big to fail? Too big to manage. It’s laughable. Good luck with your refi.

deanbh | 11 years and 1 month ago

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Yep starting to realize working with your existing lender doesn’t make it any easier at all. Nothing specific just seems to be taking forever eg we are in week 9 since I applied (they locked in at week 2-3 but then came valuation and now lots of back and forth for “underwriting submission”, eg 3 weeks ago on the 11th they said they had everything they needed and now yesterday they came back and said we want a copy of the insurance on your Australian investment property (eg the home we lived in before moving to NY that’s been rented out for 9 years)….uhm its like $600 a year…..doesn’t matter we need to see a copy of every payment for the last 12 months (so had to highlight where the bank autodebitted every month $47.82c for insurance). Its just been little stuff like that for the last 4-6 weeks. First time around with chase on 2012 wasn’t like this but this time its just frustration city. Almost like because we are an existing customer they don’t want to refinance it and allow us to do the cash out.

adam_dahill | 11 years and 1 month ago

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Dean- What are they exactly having issue with? large deposits? documentation issues? Due to the Qualified Mortgage Act which passed in Jan lenders are under even more scrutiny than in years past which is hard to believe. Some loans go through very quickly and other seem to take forever. I’ve had deals close in 3 weeks and others have taken months. It all depends on your unique scenario. Every loan has a story and just because a bank currently services your loan doesn’t mean it will be any easier than working with a different lender. It’s a whole new underwrite. -Adam Dahill Mortgage Master Inc. adahill@mortgagemaster.com NMLS ID: 66099

mortgagepro | 11 years and 1 month ago

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If there will be a NY CEMA (which is usually the case in BK) the time frame may be significantly impacted by the longer turn times the existing lender holding the mortgage will take to process the paperwork. Outside of the CEMA delays from third parties, any experienced mortgage broker can turn around a refinance in 30 days or less. I am obviously biased but the experienced mortgage broker obtains everything up front so they submit a complete loan package through their wholesale conduits and will follow up with the appraisal, title, updated insurance to obtain the final approval and clearance to close. The broker is compensated by the lender and delivers competitive pricing with superior service. Adam Roberts South Shore Mortgage NMLS#1310 P: 631-956-0111 x218 adamr@southshoremortgage.com http://www.zillow.com/profile/user9512449/

daveinbedstuy | 11 years and 1 month ago

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I had a mortgage in PA with Schwab/ US Trust and refinanced it through Scwab/ Quicken and it went very fast and rather effortlessly. I think you have to have a Schwab account to take advantage of that relationship though

Arkady | 11 years and 1 month ago

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It took me over a year w/ Citi some time ago: just wanted to take the exact same loan but at a much lower rate at half the number of years. It worked for me since rates declined even further over the waiting period. Part of my problem was being self-employed/freelance but their exposure would’ve been lessened & I was already w/ them. Very short-sighted on their part.