The company is in TX, so you could call and ask if they can do loans in TN?
i will pm their website, number, names.
I'm looking into refinancing an investment property in Texas. Can you send me the info as well? Company name, person of contact, and.. well, the contact (lol)? Thanks much!
Just to add my experiences to this long, long thread:
I reluctantly chose to go with Provident, as their deal (including the "perks" website") beat BHL by a few hundred dollars. Provident has a lot of negative online reviews, so I was very reluctant. But other posters here have mentioned that if your numbers look good and there are no "surprises" for the lender, Provident would work fine. We have great credit and a decent LTV, so I took a shot.
The whole process took 23 days (I'm still in shock). No glitches, no last-minute phone calls and no dragging of feet. The only hassle was a mistake made by the notary who came to our house, which cost us an extra couple days as we submitted corrected documents.
We did a 30-year, 3.25% with no closing costs. I was concerned that Provident only gave us a 30-day lock, as I've never had a re-fi close in 30 days. But they managed to pull it off with a week to spare. Considering how worried I was at the beginning, it's amazing how flawless the whole experience turned out to be.
Also, with Provident, we were not penalized for declining an escrow account. At BHL, it would've cost us a few hundred extra in closing costs to decline the escrow account, but Provident was fine with it.
I would agree with most people who've already posted: the people I interacted with at Provident seemed young and somewhat over-worked. However, my e-mails and phone calls were returned in a timely fashion.
I've looked around a few places and it's been pretty tough for investment properties. My primary choice (more or less only cheap/low % available) is Provident. I'm hoping if it comes down to using them, I would get 2.875% for 15 year loan with no closing after the 0.25% discount.
Question for you though: Did you have to include an Escrow account for your property taxes and insurances? I have not gone anywhere with them yet, so I'm concerned opting-out would increase my fees. What about no pre-payment penalties? When did you find that info out in the loan process, and did you get a fee hike if you didn't want pre-payment penalties? Thanks!
Is "zero due" or "no close" the same meaning: no loaner fee, no appraisal, no title insurance fee?
I have $135k wanted for refi with credit score ~770. best rate I can get is 15year, 3%, closing cost $2000~$2500. what is the problem here?
Sorry for the mis-phrase, I meant zero fees. I will have some cash needed at close for escrow for prop taxes and homeowners insurance however. The negative points more than covers the $149 lender fee, appraisal, and gov't filing fees.
I just got my loan funded from BHL for a refi, so thought I'd post my experience.
It was a frustrating process, but I'm going from 4.125 to 3.25 30y fixed, so fairly substantial savings and in the end worth it.
I think it would have been a much smoother process if I didn't have a property in a foreign country. I'm originally from Scotland and have a mortgage on an apartment there. The loan officer was very helpful, but the underwriters (who you don't get to speak to) kept asking for more and more documentation on my other property and mortgage. Even after I had closed, but before I was funded, they were still asking for more.
I realize this was a little bit of an unusual case, but I don't understand why the underwriters couldn't figure out all the documentation they required rather than asking for it in bits and pieces leaving a lot until the last minute.
If this was for a purchase rather than a refi I would have been a lot more stressed out and probably just gone with someone else.
I would use BHL again and recommend for a refi, but all the last minute requests would put me off using them for a purchase.
They said I might not know who they sell the loan to until early next year, so will see what happens.
I locked yesterday at Penfed for 3.25 for a 30 year, 0 points and 0 originiation.
Today, they have 3.125% for a 30 year with .125 points, 0 origination =(
Rate can go either way. A little fluctuation during rate locking period is expected. 10 years from now, looking at today's rate (at any given month in the past 12 months), we all will ask ourselves "When will this good stuff ever happen ever again in our lives?"
Is owners title insurance necessary for a standard sale that the person just bought home 2 1/2 years ago?
Unless it's your own home being refinanced, it's critical and wise to obtain an "OWNER" title insurance policy when buying a home from someone else, even when the previous owner just bought that home a short period of time ago. Lots of things can happen (like a pending lawsuit against that home owner)
Wanted to chime in and say I bought a home using Box Home Loans; it was a simple process, easy and they were communicative. Because it was a short-sale it got dragged out by the banks and various third parties (not Box Home Loan's fault), but they were always on-top of it and helpful.
I had an issue where I originally applied with a co-borrower, and mid-process decided to try it on my own. They were able to do this, but there was a bug in their system, so eventually even one of the founders personally stepped in to help fix it.
All in all, great rates, good service. Eventually my loan was sold to Penny Mac.
The personal views and opinions expressed in this post are exactly that and do not necessarily represent an official opinion or stance of Slickdeals and this is a disclaimer in case I say something stupid. In fact, anything I say should not be taken seriously.
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