Question

Has anyone ever refinanced their mortgage loan? We have a good rate (locked in in early 2016 before the rates went up) and we had a significant down payment so we didn't have to borrow that much. BUT we hate the bank we borrowed from. its a super long story but it comes down to it was too complicated to put our home insurance and taxes in escrow with them so we pay that separately. Not a huge deal in my book. We have no online account with them so we only receive paper statements and we send it a check every month. Again, not a huge deal, but this month has tested my patience. Every month it seems that they sent out the statements later and later. Here it is the 27th of the month and we have not received it yet and our payment is due by the 1st. I have called them twice and they have admitted that they were sent out late, last Tuesday. I don't feel comfortable sending in a check with out a remittance slip nor do i want to call and make a payment for the same reasons. I asked if they could email me a copy of the statement and that was a firm NO. They just keep telling me that hopefully it will come the next day. We almost didn't close on our house because this bank is so inept. So I just feel done. Would you refinance so you could go with another company? Thoughts? I don't want my payment to be late and I even stressed that I don't want to be penalized for something that is THEIR fault. Would love ya'lls feedback. Thanks!  

Answer 1

Not that you’d want to get used to using it, but there should be a 15 day grace period. It can’t hurt to check out to see if there’s something better out there, but I wouldn’t pay new closing fees just for that. I also wouldn’t hesitate to call and make a payment over the phone, as long as you have your loan number.  

Comments

@pang normally i wouldn’t mind the phone payment but I have no way of know it’s correctly applied until next months bill since I have no online access. I just don’t have the confidence it will even go to the correct account ‍♀️

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@baboon437 i saw your comments below, but what about opening an account with them? Just put your mortgage in there. We do that with our mortgage. It gave us an additional quarter of a percent lower to have our mortgage directly withdrawn from that account. So, every month i write a check from my main checking account to my mortgage checking account, deposit it online, and then it comes out automatically. It’s an extra step, but may be worth it.  

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We don’t keep any real extra money in it, and it’s a free account. We just round the checks we write up a tad (our mortgage amount ends in $77 so we round it to the nearest $100 and then when we get over $100 in that account from the leftovers we call and they apply $100 to our principal. )

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@pang it’s not local to us so it would just be more complicated. Nearest branch is 1. 5 hours away.  

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Not a mortgage issue but I do have an issue with a lender we use. I usually get the statements a couple of days before the payment is due. What I did was cut off the payment coupon and then copy it. I whited out the current due date info, etc. and then made a bunch of copies of it. That way I could send in a copy of the coupon where I had written in the correct due date with the check with a handwritten note in red on the copy stating that I didn't receive the current statement on time and please apply the payment to the account. I always check the following month to make sure and it has always been there.  

Answer 2

I have refinanced two homes but I did so because I was able to get better interest rates and I went from 30 year to 15 year loans. You will have some fees involved with a refinance but if you can get a better interest rate than you have now or cut your term to 15 years then it would probably be worth the fees. I can’t wait for one of my properties to see because I hate the bank our mortgage is with for that loan. It is owned by both me and my ex, we are both on the loan and yet only he is allowed to have an online account and I get no access. It is outrageous that I can’t have access to the loan information that I am responsible for. If I don’t pay my ex is 100% responsible and vice versa. Sometimes the peace of mind is worth the change. Just do your homework first.  

Answer 3

We got our mortgage refinanced a few years ago with Quicken/Rocket mortgage company. Rate at 3. 5% fixed. Best company I’ve ever used and they made it easy to do. I would definitely use them again if I had to.  

Comments

We do get our statements later than normal these days. Usually 1 week before it’s due. I pay on their site.  

Answer 4

So a few thoughts - If you have a really good rate, it may not be in your best interest to refinance. And if your rate isn’t Lüscher better AND you aren’t looking to cash out, there are regulations about refinancing that may not allow you to do it. It also costs a few thousand to refinance so if you aren’t getting a better rate or cashing out, that’s a lot if money to spend out. That aside, have you investigated their website? All the companies I have had a mortgage with have had a way to pay it online. And you should also be able to set it up to come directly out of your checking/savings account on autopay even if you don’t have an account with the mortgage company. And finally, as someone else mentioned, there is a 15 day grace period so you aren’t charged a late fee until day 16 and it’s generally reported as late to credit until day 31.  

Comments

@sitology77 nope online is not possible without having a bank account with them and they are not local to us. Same with the escrow stuff and it was completely convoluted. When we asked about those things the branch manager she had no idea how to do it. Like I said inept all the way around ‍♀️ I understand the grace period but I think it’s bs I even have to worry aboit it. Mail your shiz out on time!  

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@baboon437 lol, what company is this? I’m a real estate agent so it would be good to know who to steer clients away from if they are a national lender!  

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@sitology77 they are not a national lender and part of the long story part of the post that I really didn’t go into. It was a local bank in my home town that my dad still banked with. He helped us with your significant down payment and thought we would get better service. we were wrong. our agent pretty much had to instruct them on how to do their job. Closing week my father had to threaten to take our money and go since they were dragging their feet for so long. The lady didn’t lock in our rate when we asked and it went up slightly. We didn’t close until 11pm at night. She didn’t show up until 10pm when it was scheduled for 6pm. It was a nightmare hence why I’d really just like to be done with them!  

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@baboon437 ah. sounds like some of the transactions I’ve been a part of! But good to know I likely won’t encounter them in a professional capacity! My advice then would be to talk to a mortgage broker or your current bank & see what the options are. There are just too many variables to know for sure if it will work without asking a professional. Good luck!  

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@sitology77 thanks! I figured that’s what we would need to do before proceeding. They really need to jump into the 21st century!  

Answer 5

Set up an auto pay through your bank account to just pay them automatically on the first every month. no bill needed

Comments

@forecourt6410 she mentioned that there is no auto pay option or to pay online. It will strictly by check in the mail with an invoice.  

Answer 6

I would definitely reconsider financing. That is quite the hassle! So sorry you’re dealing with that. Is there a manager or anyone higher you can call in the mean time?  

Comments

@setscrew9235 didn’t seem like it when I called. I just don’t understand as why they haven’t offered to send another copy or email me one.  

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@baboon437 that’s absolutely bonkers! I would definitely keep the envelope it came in with the stamped date from the post office in case they late fee you or it ends up getting worse into a court situation.  

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@setscrew9235 oh I plan to. I get the emails from Usps of what mail is coming that day so I will have proof of when they delivered it to me if it gets to that. Like 10 days from send out from an in state Location is crazy

Answer 7

As someone stated above, you should have a 15 day grace period. Most the time we don’t pay our Mortgage until closer to the 15th because that’s just how my fiancé’s pay cycles worked out. We’ve never received a late charge or anything. Refinancing you likely have to play closing costs again, etc. So it really just depends on how big of a deal the frustrations with this bank are to you. Hope you find the perfect solution for you guys!  

Comments

@lilililia we do the same! I’ve paid my mortgage on the 14th or 15th for the last 10 years with no issue!  

Answer 8

I would not refinance. I looked into it and it was going to cost me way too much in the long run. Can you get an account with them to do it online? My bank is in another state but I do everything from my app and online. I've had no issues.  

Comments

@rimester nope not an option. They’re super archaic and online is not very user friendly. Doubt they have an app

Answer 9

Set up automatic payments through your bank. Easy and done.  

Answer 10

Rates are really low right now, I’d consider refinancing.  

Answer 11

The rates are now entering historic lows. Speak to a broker and get your options. We like Wells Fargo but really have nothing to compare it to