Any mortgage types here?

M

Miner

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My wife and I are in the process of refinancing one of our houses with the JP Morgan Chase empire, and after 60+ days am about ready to cut bait and find another lending institution. Any personal or professional recommendations? I'm not sure I'm going to jump ship, but on after getting two "last bits of info required" e-mails today, I'm somewhat convinced Chase is populated by a bunch of poorly trained monkeys.

Both my wife and I have 800+ credit scores, the LTV is less than 60%, and whilst it is investment property, it has a 99% rental history, including a current 2 year lease.

The only thing that may keep me with Chase is wanting to get this done, and not starting what should have been 30 day evolution all over again.

Mark
 
Miner said:
My wife and I are in the process of refinancing one of our houses with the JP Morgan Chase empire, and after 60+ days am about ready to cut bait and find another lending institution. Any personal or professional recommendations? I'm not sure I'm going to jump ship, but on after getting two "last bits of info required" e-mails today, I'm somewhat convinced Chase is populated by a bunch of poorly trained monkeys.

Both my wife and I have 800+ credit scores, the LTV is less than 60%, and whilst it is investment property, it has a 99% rental history, including a current 2 year lease.

The only thing that may keep me with Chase is wanting to get this done, and not starting what should have been 30 day evolution all over again.

Mark
Click to expand...

Par for the course for everyone, I too am an 800+ plus and am putting 30% down. LTV is a joke and I too have my place rented till 2019. Sucks but the banking industry did this to themselves. Stick with it.
 
I don't usually speak negative about my former employers, I had a great experience working for JPMC as a licensed banker but the biggest complaints we received was about the Mortgage department. My app took 45 days and they turned me down (740+ score and employed by JPMC). I refinanced with one of the wholesalers within 15 days of application submission, received a better rate than what JPMC and BoA offered.

I would give them a deadline, either get it together or you are looking at other options. Nothing makes people move like loss of commission.
 
I think the big banks are so gun-shy of making any loan that doesn't fall into the "conventional" category.

I don't recommend lying, but you would have a better chance if it was your primary residence.
 
Heavymetals said:
I think the big banks are so gun-shy of making any loan that doesn't fall into the "conventional" category.

I don't recommend lying, but you would have a better chance if it was your primary residence.
Click to expand...

With all my tax records showing it is rental property, I don't think I could ever get away calling it a primary (or even vacation) residence.

I have a sit down with the manager of the mortgage dept and supposedly will close tomorrow or Wednesday. The most closterphobic experience in banking.
 
what rate and terms?
 
Miner said:
With all my tax records showing it is rental property, I don't think I could ever get away calling it a primary (or even vacation) residence.

I have a sit down with the manager of the mortgage dept and supposedly will close tomorrow or Wednesday. The most closterphobic experience in banking.
Click to expand...

I have never bought a house and had it not be a freaking nightmare and I have done it 4 times.

One would think that when you spend the most money you will probably ever on one item it would be a party, like when you buy a car (unless you have to!).

Instead it ends up being one big PITA.

And that is when everything is in order!

I had a major beef with CHASE as they insisted on documents on my IRA and retirement stuff.

I told the gal they were not getting that info as there is nothing they could do about it as IRA's and pensions are not attachable (this is why OJ could live large in Florida) so quit acting like they were.

If my credit rating and other assets were not enough (I own my condo), I would take my business elsewhere and I did.

My credit union was excellent.

Good luck to you.
 
^I am going through this right now. Due to move in 2 days and loan hasn't even closed yet. Lender is asking for blood and every single proof of penny under the sun. It is nerve racking.
 
I agree the big national banks are a pita....and if you are moving you have no regional bank friends or track record to help...so many reasons why renters are as plentiful as they are..
 
Anyone who is going thru this please message me. I work with a broker who is a good friend and can get things done. We have an office in Orange County and in Sacramento. I'll even get you guys a NSX discount :)
 
I used a broker who won many awards recently in south east Florida and what a roller coaster ride it was. Finally due to close tomorrow. Rest assured we won't be doing this shit again anytime soon.
 

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