Is that a good idea to refinance with the same bank?

Hedgehog000 · Joined: 18 Apr 2010 Posts: 3

We decided to refinance. We called the bank which holds our first mortgage. A loan officer suggested that the cost of refinance with this bank is much lower than the cost of refinance with the other banks. It looked too good to be true, but we decided to refinance with our bank. It was the end of good part of the story. The rest is a nightmare. It looked like the bank is doing everything possible to make this refinance impossible. It looks like we approaching the closing, but problems keep rising. The last example is that 3 days before the estimated closing I look at the closing details at the bank website. The closing details make absolutely no sense. The closing cost is larger than it was suggested. There are some fees we were not informed about and which make no sense. The principal on the webpage does match the current balance. etc, etc, etc... This is a big and well known bank. Is this an exception from the rule or the rule? Will it be better idea to find another bank? Thanks. :(

Cedonulli · Joined: 26 Jan 2005 Posts: 38 Location: Portland OR

You didnt name the bank. I can tell you if its one of the BIG TWO in this country---they are months behind at everything. I worked as a temporary underwriter for the BIG TWO this year and they were starting to process loan applications that had been taken as far as 3 months back. They are not equipped to handle new loans on their own since they stopped taking loans from brokers who helped package everything. Its a MESS. Wells Fargo is the worst. Find a good mortgage broker if there are any left where you live. Tell the bank to go to hades.

paydayloan · Joined: 06 Jan 2011 Posts: 9

Hi,

Refinancing with the same bank is not a bad idea. They may cut you a break on some of the documentation and it little bit easy.

Thanks