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Wow - just random vent...
so Sami and I are thinking of refinancing as his rate is pretty high (he bought 6 years ago) - so i call a local chain bank and in 20 mins i have every question i need, a lady who asks for my name so when the app comes thru SHE will check it and remember, and only one automated system with zero wait time.
- insert 2nd call to Bank of america here -
it's been almost an hour, i'm on my 2nd phone number and 4th live person. still have no real info as all i'm looking for is basic info like appraisal rate and time from to start. so it's 10 mins later and i finally get thru to a human who sounds ridiculously bored and doesn't give a crap. i've heard more ummm and uhhh's then i have all day. ok - just hung up. the connection was so wonderful i thought i was talking to a 20 something year old male but in reality "his" name is Delores. really? wow - what a vastly different experience...
have any of you guys refinanced recently? we are just worried about throwing $400 - $500 into the wind if it doesn't appraise high enough. And it's tricky as Sami bought the house 6 years ago and owes less than he paid, but he sunk all this money into it and now the market sucks. Zillow puts it's estimate about 60k less than what we need it to appraise for which is crazy!
thoughts?
TIA!!
Re: Wow - just random vent...
Does Delores know Peggy? You know from the Discover card commercials? That guy cracks me up!
Anyway, it doesn't hurt to check around. I suggest sticking to a local bank or credit union to see what their thoughts are. You'll get more personal service and know for sure where exactly your mortgage is.
The last time we refinanced I was prepared to pay out of pocket for the expenses, etc but the bank actually added them into the new mortgage. I was not happy about it and in hindsight wished we had them fix it.
Good luck!
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This is the exact same situation DH and I are in right now.
We refinanced a couple years ago when rates started to drop, but they're so much lower now that we'd love to refinance again and go from a 30 year mortgage to a 15 year mortgage.
Unfortunately all the houses around us have sold for super low and our finance guy isn't sure our house will appraise for what we need it to. We would have to come out of pocket $300 for an appraisal. If it appraises for what we need, then we would get reimbursed that money. If it doesn't, then we basically just spent $300 for nothing.
We've done a lot of work on our house since refinancing (finishing out the basement and remodeling the kitchen) so we think it would appraise for what we want. But as of right now, we haven't placed that bet and are still just waiting.
I'm sorry I'm not a ton of help. Good luck with what you decide!