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chase refinance mortgage process (am I getting scammed?)

248 84 December 28, 2017 at 02:41 PM
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Chase has rates that can be negotiated.

I negotiated a fairly DECENT rate and apr, submitted all my documents and got a loan estimate with rate lock, etc...

I'm reading thru the docs and there is a huge origination fee that we did not talk about, thus bringing the APR alot higher than what I was quoted.

I called my banker and he said its the way chase system is setup, don't worry just sign the documents and we'll get the origination fee adjusted before closing. This would be a complete waste of time for me to lie to you about this.

I'm not comfortable signing the 1003 and rate lock and everything else at this point.

I tell my banker revise and update the paper work. He says ok but it will take some time.

Finally after 3 weeks I call the chase resolution team to find out where I am and they tell me all paperwork has been resubmitted and it's in the pre-underwriting process.

How can it be in the pre-underwriting process?

I haven't signed any paper work, I haven't paid any application fees. YET they have already ran two credit checks on me. How is all this possible?

any input is greatly appreciated.

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Joined Jan 2004
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#2
My magic 8 ball has great insight on everything happening with Chase and says that strange things may be afoot at the Circle K.

Seems kinda sketchy to me but then again I have had some sketchy refis and all but one worked out exactly as it was supposed to.
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#3
Quote from LivninSC
:
My magic 8 ball has great insight on everything happening with Chase and says that strange things may be afoot at the Circle K.

Seems kinda sketchy to me but then again I have had some sketchy refis and all but one worked out exactly as it was supposed to.
what do you mean by circle K? should i believe things will work out?
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#4
Underwriting is simply the approval process; and as long as they have a signed application the loan can be underwritten for approval. Nothing is binding until closing so do not sweat it.
Also, rates/pricing have improved from 3 weeks ago, so check current rates/pricing. Locking 3 weeks ago may not have been the best move (unless you locked something very good and now they can deliver it).

A locked Loan Estimate (LE) on a refi should not have the origination fee(s) (Box A) change when getting to the Closing Disclosure prior to closing. If there are significant changes this would trigger a Change Of Circumstance (COC) and redisclosure, which can also be done at the time of the CD.

If this was an unlocked Loan Estimate I would be less concerned, but I am with you, on a Locked LE show it to me in writing and I would be uncomfortable otherwise.
.
A refi should not take more than 3 weeks in general. The time frames here do feel a bit extended due to initial disclosure issues.
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-Adam
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#5
Quote from tiedyed1
:
Underwriting is simply the approval process; and as long as they have a signed application the loan can be underwritten for approval. Nothing is binding until closing so do not sweat it.
Also, rates/pricing have improved from 3 weeks ago, so check current rates/pricing. Locking 3 weeks ago may not have been the best move (unless you locked something very good and now they can deliver it).

A locked Loan Estimate (LE) on a refi should not have the origination fee(s) (Box A) change when getting to the Closing Disclosure prior to closing. If there are significant changes this would trigger a Change Of Circumstance (COC) and redisclosure, which can also be done at the time of the CD.

If this was an unlocked Loan Estimate I would be less concerned, but I am with you, on a Locked LE show it to me in writing and I would be uncomfortable otherwise.
.
A refi should not take more than 3 weeks in general. The time frames here do feel a bit extended due to initial disclosure issues.

I haven't signed an application or anything yet, I haven't even signed anything that allows them to run a credit check on me, yet they have already ran two credit checks on me.

Per Chase resolution team I am already in a "pre-underwriting" process but I have nothing in my hands besides an e-mail that confirms the rate and apr that we agreed on.

Do I have anything to worry or should I move on to a different bank?
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#6
Them running credit 2X and you are stating you have not given any authorization is not making any sense to me. In order for your file to go into Underwriting you must at least electronically sign acknowledgement of receipt of the Loan Estimate and an Intent To Proceed with your application.
Maybe 'preunderwriting' simply means a processor is putting together your Loan Application Disclosure Package? That should take 1-2 business days and not weeks though.

As a broker I make it a practice never to knock others; but perhaps you should consult a mortgage broker who can provide you immediate and reliable answers. (I am admittedly biased, but in my opinion an experienced mortgage broker can deliver competitive rates for lower than average lender fees along with superior and reliable service.)
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#7
Quote from tiedyed1
:
Them running credit 2X and you are stating you have not given any authorization is not making any sense to me. In order for your file to go into Underwriting you must at least electronically sign acknowledgement of receipt of the Loan Estimate and an Intent To Proceed with your application.
Maybe 'preunderwriting' simply means a processor is putting together your Loan Application Disclosure Package? That should take 1-2 business days and not weeks though.

As a broker I make it a practice never to knock others; but perhaps you should consult a mortgage broker who can provide you immediate and reliable answers. (I am admittedly biased, but in my opinion an experienced mortgage broker can deliver competitive rates for lower than average lender fees along with superior and reliable service.)

All I have done is meet with the chase mortgage banker, give him supporting documents and he said he can fill out my app from the supporting docs. I did NOT sign the app nor pay an app fee. I tried paying him an app fee but he said no need he will call me for a credit card number. Next day the app is ready to go with the loan estimate and rate lock thru the chase portal. A few days later I get two letters in the mail saying chase ran my credit check twice.

I am confused...
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#8
Quote from bimmerboy
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All I have done is meet with the chase mortgage banker, give him supporting documents and he said he can fill out my app from the supporting docs. I did NOT sign the app nor pay an app fee. I tried paying him an app fee but he said no need he will call me for a credit card number. Next day the app is ready to go with the loan estimate and rate lock thru the chase portal. A few days later I get two letters in the mail saying chase ran my credit check twice.

I am confused...
You did then receive the Loan Estimate and most likely acknowledged receipt and from sending your documentation and answering a few questions they can complete your application.
There should be no application fee and if an appraisal is required that would be the only fee to be paid once you sign (electronically or physically) an Intent To Proceed, which confirms you have read the Loan Estimate and want to proceed.

I am not sure how to advise you with your Chase experience but there is obvious lack of communication and/or understanding here between you and Chase and this is simply unacceptable and not the level of service you should have.
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#9
i would avoid chase. i went to them for refinance info. ended up not doing it. but a few months later i get an email and a few calls from the mortgage broker. turns out he wasn't with chase anymore. he had taken all his old inquiries to his new job. chase didn't care when i brought it to their attention. who knows what the guy lifted from them.
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Stick a milk bone us ur ass, and let the dog eat it. Works like a charm! http://i.slickdeals.net/images/smilies/emot-LMAO.gif
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#10
What is good source for obtaining real-time market interest rates ?
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#11
Quote from corrado85
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What is good source for obtaining real-time market interest rates ?
Finance.yahoo.com
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