Our closing cost was negated from our current mortgage, as it was a refinance with our existing lender.
Interest Rate
The current rate on my loan is 4.0%, which was among the lowest available at the time of our refinancing.
Loan Officer Service
The loan officer was quick to answer our questions, quick to process our documents, and only called when there was a need.
Overall Rating
Pros
Their solicitations for new refinancing are short and to the point. We can quickly check to see if there is a benefit to another refinance, and if it is not a good product for us, the stop calling.
Cons
Having a local, or at least in-state, presence would be nice.
Date: August 30, 2018 Age: 34 Gender: Female Marital Status: Married
Closing Fee
I have not had to deal with a fee/closing cost because we have not put our house up for sale. However, when we did purchase the property this closing cost was already paid for by the seller.
Interest Rate
I think that we have a low-interest rate on our mortgage compared to other lenders. My husband and I own a three bedroom, two bathroom house with a patio out back and big fenced in yard. These houses are usually 1500 a month or higher, however, because we have a lower interest rate our payment is only 856.46 a month so it came out really cheap.
Loan Officer Service
I really like our loan officer because she takes care of the problems when they arise. One time we had fallen behind on our payments and it was close to being considered bankrupt, however, she took the time to explain to us that the money had to pay all together instead of separate payments. I did not understand at first because I had made a couple of different payments instead of one big payment. She printed out the receipts and stated that the money was in a holding account and would not be paid out until it was put together. Ever since then we have been paying our mortgage a month ahead so no more complications occur in our account.
Overall Rating
Pros
I like the service of our bank and how the tellers treat every customer that comes in with a smile. In a lot of institutions, they are always just focused on the money aspect however, the workers at our bank try to make everyone smile even on a bad day. Also, the service is always fast there may be a little wait however, it turns out fast in the end.
Cons
The one thing that I do not like about my bank is the fact that they charge you for overdraft fees. One time I did not realize that we were so close to having a low number in our bank that I charged something not realizing there was not enough money in the account. After I soon got a letter written by our bank saying that our account balance had a negative number and I would have to add money to fix it.
Date: August 06, 2018 Age: 36 Gender: Male Marital Status: Married
Closing Fee
Closing costs included document fees, appraisal costs, and an attorney fee for completing the closing. Additional costs were the initial escrow deposit and binding of insurance.
Interest Rate
The interest rates offered by my bank are a bit higher compared with competitors. There are larger banks in the area that offer lower rates.
Loan Officer Service
The loan officer has known me for many years. She worked with my schedule to ensure that I could make it in for document signatures. She also explained everything in the loan package very well.
Overall Rating
Pros
The lending institution is a local regional bank but behaves like a community bank. Each decision is made locally and they will call you if there are issues or if they have questions. They offer online banking which includes checking account maintenance, loan maintenance, and they offer the ability to apply for a loan or open a deposit account online.
Cons
The lending institution does not update it's loan pricing models very often, which causes their rates to be higher than competitors. They also have changed management, which has not helped with offering competitive products.
Date: June 11, 2018 Age: 50 to 59 Gender: Male Marital Status: Married
Closing Fee
I was fortunate to have a VA Loan and therefore I did not have any closing costs associated with my new mortgage.
Interest Rate
Considering that I had a bankruptcy on my credit report, I expected to get a higher rate. However, the Money Source was 2 points lower than anyone else at 3.75%.
Loan Officer Service
This was the only downside to my new loan. The loan officer had a pretty bad attitude and did not want to be bothered with any questions.
Overall Rating
Pros
I liked the fact that they were willing to work with me considering that I was getting a mortgage on a mobile home and had a prior bankruptcy on my credit.
Cons
The only dislike I had was dealing with the loan officer. This person had a very bad attitude and I probably would have gone elsewhere if I had other options, but I didn't.