familynj on Zillow
8 years ago
02/11/2012, 00:50 AM
We used the MS 4 times to refi and once for a mortgage to purchase our current home.They drove us a little crazy sometimes, but I am a loyal customer because, they have consistently offered a much lower rate/apr compared to amerisave, quicken and lending tree (I wouldn't trust any fly by night that I haven't heard of), closing costs come as quoted ever time and they close quickly.I believe one reason for their low cost and quicker closing is their underwriting and title company are tied together somehow and it makes a big impact when it's bundled.Our 2002 refi closed in 11 days from the day I paid for the appraisal and locked in. Other refi companies were calling me to follow up on their sal... more>>
We used the MS 4 times to refi and once for a mortgage to purchase our current home.They drove us a little crazy sometimes, but I am a loyal customer because, they have consistently offered a much lower rate/apr compared to amerisave, quicken and lending tree (I wouldn't trust any fly by night that I haven't heard of), closing costs come as quoted ever time and they close quickly.I believe one reason for their low cost and quicker closing is their underwriting and title company are tied together somehow and it makes a big impact when it's bundled.Our 2002 refi closed in 11 days from the day I paid for the appraisal and locked in. Other refi companies were calling me to follow up on their sales leads and couldn't believe we closed. Now restrictions are much tougher, houses appraise much lower and closing takes longer. It also depends how quick you move with docs and appraisal appt, We try to have appraisal done and docs in within 48 hours, but not always possible.There is always that back and forth, so try to get paperwork into review ASAP. Now a days (2012), I believe they close in 25 days or less but it depends a lot on you. My last mortgage (not refi) probably took closer to 45 days due to the circumstance we had to document my husband's two periods of not being paid for medical leave and a couple of other things.Understandable, but an odd situation can definitely cause delays. They did extend their rate lock without cost, so again they took care of us. Some of the larger companies probably would of charged us due to their required guidelines. Their cost is definitely the lowest to the point where Quicken told me that it was impossible and each and every time our closing cost came out exactly as promised. So if you want the lowest rate, a company that keeps to the costs quoted and as good, if not better chance as any company in this market/regulations to close fairly quickly - this is a great company. Don't expect it to be headache free, but the savings are worth it. We paid around $700 more for what we thought was a better company and the service wasn't any better. We also used a company that was, I'm not sure maybe $1500-2000 more and I think it felt more smooth, calls were returned a little quicker on a more consistent basis, but it wasn't possible for them to close as fast and definitely wasn't worth the extra $. They didn't have their own Title company which caused a delay and a higher cost. This was when the market was booming and everything appraised so high and refi's closed so easily, yet, they moved at a slow pace. Remember when getting rates from anyone - your credit score makes a big difference. My husband's credit was good - not excellent, I think the number was right under 750 - no matter who I called for a quote, we had to pay a minimum of $1500 upcharge for his good, not excellent credit compared to the rates shown on the internet. This was the first time out of maybe 7 refi's we experienced that, but I believe we probably had excellent credit in the past or maybe the regulations weren't as tough. I guess if you haven't had the best of credit this is nothing new to you, but it was shocking to us and I got on the phone to numerous companies, but the MS actually provided the lowest fee on this as well. Even the cheapest company we were willing to consider was $300 higher just on this fee alone. A good place to check rates is bankrate.com, but be careful of fly by night numbers and realize a lot of the rates out there do not apply for cash out (debt consol) or for less than perfect credit. Not sure what excellent credit is, maybe over 800, but it makes a difference so if you can clean it up before applying you can save yourself a lot of money. Keep in mind that it would take a minimum of 30 days to come off you credit report. This process stinks, but I would recommend the MS due to the several hundred, to a couple of thousand savings is a lot to us and the fact that I know they keep their closing costs as quoted is one less thing for me to worry about. I think they also are one of the quickest closers if you move quickly and don't have any odd financial issues. Be careful, because from all the reviews I read (no personal experience) Loan depot takes your appraisal money, and even when the house appraises high enough and after waiting weeks if not months they tell you they can't offer a loan. You are out the money, lost all that time and lost your rate lock and rates may have gone up. Read reviews before considering a company and don't just go for the cheapest rate because it can cost you in the long run. The Money Store came through on price, trustworthy closing costs, and usually the quickest closings. My only complaint which varied depending on who we dealt with was getting calls returned quickly. Some were great, others laid back, complacent, and one didn't seem to usually work a full day on Friday, but overall, still highly recommend and we've had a lot of experience in refi'